Parsad

Why 3-5 years if you expect it to hit book value by the end of the year? Never said book by year-end. Said tangible book by year-end. Cheers!

Guess who were the lowest: BAC was lowest, then Citi and finally US Bank. Cheers! http://www.bloomberg.com/news/2012-07-24/wells-fargo-ranks-no-1-in-hard-to-value-assets-s-p-says.html?cmpid=yhoo

See's Candies created the world's largest lollipop. Cheers! http://news.yahoo.com/blogs/sideshow/see-candies-creates-7-000-pound-lollypop-world-210921788.html

Yup! They are further along than I expected at this point after reading the 2nd Q report. But the stock is doing laps like it's still going to go under, and the market perceives it as the worst capitalized out of all major and regional banks. If Bank of America goes down from some cataclysmic event in the world, then Wells Fargo & JP Morgan won't be far behind...probably days at best...and I doubt if Citigroup would last as long as BAC. The markets are counting the broken branches on the tree, but not examining exactly how strong the trunk is and all of the other branches where leaves will still sprout. Cheers!

We've bet a good chunk of the farm on BAC now. I think it's one of the cheapest companies I've seen since I bought Steak'n Shake at $3.50, and that company was in rough shape at the time. The last time I saw something this good, this cheap, was Fairfax at $80...and even that was in rough shape! I think our partners will be very happy 3-5 years from now! Cheers!

Fairfax averages in and out of positions. They probably doubled down to bring their cost down, while Prem works with the board and management to try and right the ship. I don't think it means anything one way or the other...just that he has a very significant vested interest in RIMM's future and they've reduced their average cost. Cheers!

DCG, you know as well as anyone that measuring over the short-term means virtually nothing. Fairfax's shareholder equity in 1999 was $155...at the end of 2011 it was $364...or about 8.2% annualized compared to the S&P500, which was down about -1.3% annualized, but with dividends broke about even. During that time, Fairfax also paid dividends in half of those years, so their return is closer to 9.5%. So, let's not focus on the short-term, and worry only if Prem and Fairfax can stay ahead of the indices over the long-term. Cheers! Understood, and I haven't sold a single share of Fairfax, but large investments in companies like RIMM are a cause of the stock sliding (or not moving). I agree. I think it's mainly a lack of catalysts...holding pattern on investments with the hedges...and investments in things that would be counterintuitive...RIMM, Resolute, private companies, etc. Spain is getting incredibly close to a full-scale bailout...Greece is essentially in a Depression. Much of what Fairfax is concerned about is slowly coming to fruition, and it is likely some of their longer terms hedges will pay some dividends over the next couple of years. Cheers!

DCG, you know as well as anyone that measuring over the short-term means virtually nothing. Fairfax's shareholder equity in 1999 was $155...at the end of 2011 it was $364...or about 8.2% annualized compared to the S&P500, which was down about -1.3% annualized, but with dividends broke about even. During that time, Fairfax also paid dividends in half of those years, so their return is closer to 9.5%. So, let's not focus on the short-term, and worry only if Prem and Fairfax can stay ahead of the indices over the long-term. Cheers!

Goes on to say Tilson will keep a lower public profile. Yeah, we'll see about that. Not sure what the heck is going on then at T2 according to their letter: http://www.businessinsider.com/whitney-tilson-and-glenn-tongue-part-ways-at-t2-partners-2012-7 Tilson is going back to focusing on investment management instead of his other activities, and Glenn is managing their SPAC vehicle. The general long-short component isn't really different on either side and they will be relatively focused, with Glenn targeting frauds, failed business models, etc. Beats the hell out of me! Cheers!

Great introduction, you could be a salesman for a FOF; lol. Geez, could you lump me in with anything lower? ;D Cheers! Whitney Tilson? Ppphhhttt! I just spat out my coffee. LOL! That was funny. Cheers!

Great introduction, you could be a salesman for a FOF; lol. Geez, could you lump me in with anything lower? ;D Cheers!

Article on Nebraska and municipal Chapter 9 filings. Cheers! http://www.bloomberg.com/news/2012-07-16/nebraska-not-california-is-king-of-municipal-collapse.html

Hedge fund pioneer Barton Biggs passes. Cheers! http://www.bloomberg.com/news/2012-07-16/traxis-partners-founder-barton-biggs-dies-at-age-79.html

No, I don't think he's selling it for any reason to do with SNPK. It looks like he's making better than $5K a month in profit, so $60K a year. He could easily get 2 times that for his site and maybe as high as 4 times. In the comments section he says he has children and that he is interested in pursuing another degree, so he probably would like the money put away while he studies. I'm pretty sure Valuewalk takes a ton of time for him to run as well. Cheers!

This idiot's excuse for forging bank statements for 20 years was because he "had no access to needed capital". Couldn't every young fund manager use an excuse like that? This guy is a piece of s**t and hopefully he gets 20 years! Cheers! http://www.cnbc.com/id/48177543

Discusses deteriorating conditions in Europe. Cheers! http://www.cnbc.com/id/48159304

Terrific post! Cheers!

There's probably a few others as well yet to show. Cheers! http://www.cnbc.com/id/48143974

And then you have these comments by Ballmer: http://www.forbes.com/sites/connieguglielmo/2012/07/10/microsoft-aims-to-take-down-apples-ipad-and-maybe-iphone-too-ballmer-says/?partner=yahootix "Not going to happen. Not on our watch"...it's already friggin' happened on your damn watch! He should just shut up and build. Cheers!

What I love is watching the journalists on CNBC, Bloomberg, etc asking the "experts"..."So, how do you play this?" I love that line...how do you play this? Not invest, but let's treat this as a poker game. Cheers!

Liberty, Take a photograph of you holding that thing up to your ear and post it on here. That would be pretty funny! Yes, yes, I know you probably use headphones or a headset...I'm stupid, but not that stupid! Cheers!

For the most part, the answer is yes. Client accounts, both margin and cash only, are to be segregated from the institutions own assets. The problem arises with margin accounts. Institutions can lend out shares in your margin account without your permission during normal trading operations, and of course their intent is always to make good on returning those shares to you. But if those shares are lent out during a crisis, and the institution does not have the ability to make good on returning those shares, the liabilities are comingled with the institutions own assets and liabilities when the trustees take over. Usually, they will make good over a period of time after the trustees have taken over, but there is no guarantee...especially if the losses for the institution are so large, that it would be difficult to make all investors whole. Cheers!

I suspect that over time, all these hedge funds now entering the reinsurance business...today it was announced that Steve Cohen is joining Loeb and Einhorn...will have some impact on premium pricing. Just like hedge funds and private equity were paying too much for acquisitions that normally would have been in Berkshire's realm. Cheers! http://www.bloomberg.com/news/2012-07-09/sac-s-cohen-joins-loeb-starting-reinsurer-for-capital.html?cmpid=yhoo

Oh thanks Gokou, I thought it was this one...great phone...I love the screen size on it! Cheers!

A colleague just got the new Samsung and it's a really nice phone. Enormous screen and much thinner than the iPhone. The interface is very intuitive and looks great. Powerful and fast as well. Interesting how Apple got the injunction banning its sales in the U.S. Cheers!