Parsad

Berkshire's HomeServices of America CEO, Ron Peltier, interviewed on CNBC. He's quite optimistic about real estate. Cheers! http://finance.yahoo.com/video/cnbc-29093777/buffett-s-real-estate-man-sees-housing-hope-31159078.html;_ylt=AmbhMiLoYOFiHloZy6JyD6eiuYdG;_ylu=X3oDMTIzdmNtdHE1BG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwMzMTE1OTA3OARwb3MDNQRzZWMDTWVkaWFCTGlzdE1peGVkTFBDQVRlbXA-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3#crsl=%252Fvideo%252Fcnbc-29093777%252Fbuffett-s-real-estate-man-sees-housing-hope-31159078.html

I don't think they should anything, and just leave the dividend payment to when they do it normally every year. The fiscal cliff at worst is only going to affect tax planning for one year...this year's dividend...after that you will pay regardless. By catering to U.S. shareholders, and only those in taxable accounts, they would be penalizing shareholders in every other jurisdiction (especially Canadian), as they would have received two dividend payments this year. So some people may be pushed over thresholds that claw back on their Old-Age Security or other benefits...even Pharmacare. Fairfax is in the investment business, and you could go so far as to say they are in the tax planning business for shareholders to the extent their ownership is based around the company. But they are not in the tax planning business for their shareholders personal income taxes. Cheers!

Yes, but it might be the foreign stocks that don't show up in his 13-F. Prem in my opinion is the one who fits the bill, but I'm not sure that was the one he referred to. Cheers!

I've thought that Hostess brands would be a terrific buy at the right price for Berkshire or a number of other companies, like Weston Foods. I was never a fan of Twinkies, but I sure like the occasional Ho Ho or Zinger...especially the Zinger. That pink, syrupy cake, covered in shredded coconut and the same Twinkie's vanilla filling inside...mmmmm! Gonna miss them unless Berkshire saves the day! Cheers!

Actually, I had to rescue him that night just before midnight. The ballroom was completely empty, even the tables were bare, and there were 50 people still in a circle around Francis. He would have stood there till 3 am if no one came to get him. That once-in-a-lifetime CDS investment was also Francis and Brian Bradstreet's idea. He had to get regulatory approval to buy them for the Chou Funds and then amend the fund bylaws. By the time he received approval, prices had started to rise and he could never buy them for his fund. Otherwise, the Chou Funds may have been up 100% that year too! Cheers!

He's also the nicest person you will ever meet. It's why Prem and everyone at Fairfax views him so highly. There is no ego around Francis whatsoever, and he has all the time in the world for people. As many of you who surrounded him at last year's dinner till nearly midnight know! ;D Honestly, not only a great investor, but the nicest person I know in the industry. Cheers!

My numbers were what I thought the bare minimum would be. I don't want to get expectations too high because the Fed does what the Fed does. If they treat BAC like the other banks then the payout will be higher. But if they treat BAC based on legacy issues, then my numbers are what I think they will be around. Many of you thought they would be able to return capital last year and I said I didn't think so...another year. Well, that year has past and they've overshot my expectations. Let's hope the Fed sees it that way too! Cheers!

http://www.slate.com/blogs/future_tense/2012/11/12/elon_musk_s_tesla_model_s_is_first_all_electric_car_to_win_motor_trend_car.html Well actually, Romney was the loser...both objectively and subjectively. ;D Cheers!

Also now named Motortrend Car of the Year. Cheers! http://money.cnn.com/2012/11/12/autos/tesla-model-s-motor-trend-car-of-the-year/index.html?source=cnn_bin

It will probably be around 5-7 cents a quarter. Big jump, but only about 2-2.5% yield. I would think they would try to buy back $3-5B of stock as well. Cheers!

No I think the show is much longer...maybe half an hour. This was just their promo clip. Cheers!

Article on the new stress test standards. More details will be released by the government on the 15th of November. Cheers! http://blogs.barrons.com/stockstowatchtoday/2012/11/12/for-dividend-hungry-bank-investors-3-important-stress-test-development/?mod=yahoobarrons

Clip of Buffett from Becky Quick's new interview show "Off The Cuff". Cheers! http://finance.yahoo.com/blogs/off-the-cuff/warren-buffett-213923494.html

I would not be surprised if it was BYD, as Munger also has a huge portion of his wealth invested in it. But I still don't understand BYD and cannot fathom putting that much into it. Cheers!

LOL! Nice. By the way, I don't think it's DELL either, because he told me I'm going to take it up the butt on that one...to put it nicely! ;D Cheers!

$700M deal...$5.40 per common, and $4.40 per warrant. Will work out very well for Fairfax! http://www.reuters.com/article/2012/11/12/thebrick-leonsfurnishing-idUSL3E8MC0Z720121112?feedType=RSS&feedName=mergersNews&rpc=43 Cheers!

Both Indirectinvestor and I tried to pry it out of him over dinner, but to no avail. Indirect thinks it is a company that some of you would be familiar with, and in fact it has been discussed in the "Investment Ideas" board...yes, I know that doesn't really narrow it...but he's pretty confident that is it. I on the other hand can't see that being the idea, but have no idea what it is...I don't think it is BAC, even though BAC makes up a very significant portion of the Pabrai Funds. Go to work my minions! ;D Try and give it a guess, and eventually we'll see who had the correct answer. Cheers!

The bulk of his net worth, and pretty much all of the incentive fees he has earned over the years, is in the funds, but Mohnish had money before starting the funds too. Also, I believe he and his wife have retirement accounts outside of the funds, and any college funds/trusts for his children are outside of the funds. So that is probably the capital he refers to when he talks about his family's investments. But for all intents and purposes, I would guess at least 80% of his money is tied up in the funds...interests are definitely aligned with partners. Cheers!

Jaime Dimon interview on CNBC. Cheers! http://www.cnbc.com/id/49762930

So a couple of updates regarding the events around Fairfax's AGM next April. First, many of you will be happy to know that Dr. George Athanassakos is doing his conference again this year. It will the morning and afternoon before the Fairfax AGM, and is tentatively set of the Fairmont Royal York. George will release details later, and you will be able to find them on the Ivey site: http://www.bengrahaminvesting.ca/Outreach/conferences.htm Second, NormR's pre-dinner event will be held also at the Royal York. We have the Railcar Bar set aside specifically for his event, and the new name of the annual pre-dinner going forward is "Norm's Fairfax Cocktail"! Details will follow as we get closer to the event. Lastly, our Fairfax Financial Shareholder's Dinner has moved from the Tudor Rooms to the Ballroom on the Mezzanine Level, as the Royal York was able to create space and fit us into that room. Tickets are selling quick, so make sure you get yours. Cheers!

Thanks to Shai for the link to the article: http://blogs.wsj.com/totalreturn/2012/11/08/warren-buffett-read-all-about-him/ [amazonsearch]Tap Dancing to Work[/amazonsearch] [amazonsearch]The Oracle Speaks: Warren Buffett in His Own Words[/amazonsearch] Cheers!

It wasn't the short-selling or being wrong. I couldn't care about that. It was the unethical way he went around spreading misinformation in the media, calling large shareholders, feeding information to hedge funds, etc...60 negative articles by Peter Eavis in a 9-month span? Herb Greenberg, Fabrice Taylor and others he pushed to write stories? John Gwynn releasing analyst reports early to shorts? It was coordinated and he was the prime individual in the whole thing...initiated, instigated and fueled. Cheers!

You're probably correct. Notice the change in tone of both parties already. Cheers!

He was also calling large shareholders telling them to sell their shares, feeding information to numerous journalists who would write hack stories, and was alledgedly dismissed from one of the firms he worked for. http://www.deepcapture.com/introducing-john-hempton-the-plunderer-from-down-under/ http://www.deepcapture.com/the-word-on-thestreetcom/ Peter Eavis features prominently in several documents acquired through discovery in the Fairfax case. The earliest mention of him appears in an email dated July 10, 2002, in which John Hempton told Rocker employee Monty Montgomery “I have Peter interested” in his belief that Fairfax Financial was a fraud. Later, short selling hedge fund manager Jim Chanos refers to Eavis as John Hempton’s “guy”. I guess it's ok to just excuse someone's unethical, borderline criminal activites, if he writes a great blog and has great returns on his fund for two years. Cheers!

Fairfax is going into the real estate business with some flair! I think they should just acquire all of KW and bring Bill McMorrow in house. I hope Bill comes to our dinner this year, because I think our guests are going to have plenty of questions. Cheers!