Parsad

This old article from October 2003 should bring back some memories. Not only did the National Post rip into Fairfax and accuse it of being the next HIH, they even took a shot at the only analyst firm that called it a buy...Ferris Baker & Watts. http://www.citronresearch.com/wp-content/uploads/2007/03/hih_and_fairfax.pdf I wonder who the "overseas shortseller" source was for the article! I believe he currently runs a blog that many people actually admire. Twat! Maybe Prem should talk to Ian Karleff who wrote the article back then, and is now the managing editor for the National Post. Perhaps Diane Francis should write a story about what happened to Fairfax, as she now gets an expose from time to time interviewing Prem for the Post. Thanks to Shai for sending me the link! Cheers!

I would not be surprised at all if he added, and he probably added below $6! I think you'll see a handful of other value managers who probably added in the upcoming filings. And you'll probably see a bunch of other managers jump on board once it hits nine bucks! I remember so many people jumping on board of Fairfax's wagon once it was over $300. Reading the recent article on Biglari Holdings, I couldn't but smile a bit reading Zeke Ashton's comments on Sardar. No one wanted to touch the thing at $3 or $60 post-split. Now people are happy owning BH at $400! I'm far happier looking for the most hated, villified stock out there, and seeing if there is any value to be had. Cheers!

Ok Al, I'll bite! Why April 9th? Is that your birthday or something? ;D Cheers!

Yup, he's not talking about Fairfax's stake in Overstock, because you can't force them to sell. But if you get enough of Francis' unitholders to worry, especially institutional clients, then you could get some redemptions going. This guy is a piece of shit! Normally I don't get this aggravated, but Francis is one of the most ethical people I know. Buffett would easily hire Francis...without hesitation! I love Prem, Mohnish, Tim et al, but the nicest person I know in the financial industry is Francis. Hands down I would trust him with my money, my family's money, you name it. The guy gave up all compensation while working as vice-president at Fairfax, because he thought it did not look good he was being paid to work there and Fairfax had investments in the Chou funds. He didn't want anyone to ever think he was double-dipping. He's loyal to a fault. Never sold a single share of Fairfax since he bought them at $3! If Prem ever needed him to help out at Hamblin-Watsa, Francis would be there in a second. Never discusses the big score Fairfax made in credit-default swaps. Never says a word, even after Brian Bradstreet and Prem said it was his idea. Never seeks out credit, has incredible humility and goes out of his way every year to attend our dinner. I remember the very first dinner, he just sort of poppped on by, and then Uccmal yelled at me and said "Sanj, Francis is here!" We had no idea he was going to come. Just nine of us for dinner, and here he was just showing up to hang out with us and answer questions. Every year, he never misses our dinner, and then he hangs around for another hour and a half surrounded by shareholders answering all sorts of investment questions. Never complains or says a bad word about anyone. Simply a great guy and role model! I know he's not going to respond to anything Antar says, so that's why I'm venting! ;D Cheers!

Keep the cash. While BAC is still very cheap, the markets in general have gone up quite quickly, and the world's problems haven't suddenly disappeared. Things will get cheaper again, be it the entire market or an individual stock...just wait for the fat pitch. While we are digging for ideas as usual, we cannot find as much that interests us and cash is once again building up. We have plenty of exposure to areas that we thought were cheap, and don't want to go much over where we are. So we'll wait once again! Cheers!

Looks like things are picking up a bit after the post-Christmas slowdown. Cheers! http://www.bloomberg.com/news/2012-02-09/north-american-rail-freight-carloads-for-feb-4-table-.html?cmpid=yhoo

Ok, now you're going over the top. Even I can't join this! Cheers!

He also never comments on how he funded his friend Barry Minkow's exploits, and Minkow is now in the klink for a second term at the University of Life! Take a look at the shit that Antar hangs around with and how they conduct themselves, and take a look at who Francis associates with and how they conduct themselves. Not hard to figure out what's going on. Cheers!

I figure that tangible book will be $14+ by then. I have lots and lots of $15 strike 2014 and $10 2013 (and 2014). They were just so cheap! My thinking is to wait until this coming January and then write a deep-in-the-money 2014 call for every $15 strike call I have. Then take the cash proceeds from writing the calls and use it to exercise the 2013 strike $10 calls (defer the taxes another year while also holding for more gains). Oh my goodness! What a problem to have. ;D Cheers!

In Sam's latest bash (re: article) on Overstock.com, his new target seems to be Francis, as the Chou Funds has been accumulating a significant position in the last little while. Antar is always looking for any target associated with Overstock.com or Patrick Byrne. I would rather just see the two of them go at in a ring and get it over with, but I doubt if Antar wants to take on an ornery Irishman with a black belt, who is just seething and ready to take a bite out of him. Cheers! http://seekingalpha.com/article/352721-francis-chou-s-fund-takes-a-bath-on-overstock-holdings?source=yahoo

Yup, no material cost to BAC for the settlements today. It's all good! ;D Tangible book by Christmas as I said earlier. Cheers! http://finance.yahoo.com/news/Bank-America-Announces-bw-3721419165.html?x=0

So, the House passes the bill to ban insider trading by members of Congress, which is just plain stupid in itself that it hasn't been done already. But then they remove a provision in the bill that now does not require those collecting information from members of the house, and who resell that information, to disclose their activities by making public filings. This is just plain retarded! Cheers! http://www.cnbc.com/id/46326833

I'm pretty sure BAC has accrued for most, if not all, of that settlement. What they don't tell you about Wells or JPM is exactly how much did they acrue. I can assure you that Wells is going to be able to release some of that reserve over time, because they never under fund a liability. Cheers!

Phil Falcone is paying a pretty penny keeping his fund afloat. Cheers! http://www.bloomberg.com/news/2012-02-08/falcone-s-harbinger-said-to-borrow-190-million-from-jefferies-at-15-rate.html

Looks like California and New York have joined, and this thing will get done soon. Some relief for some homeowners, while the banks put the biggest suit behind them. Cheers! http://www.cnbc.com/id/46319978

If it wasn't to be seen by shareholders, I would have already heard about it from Fairfax, so I don't think there is an issue. Maybe Prem made it convoluted to find, just to see exactly how many die-hard followers there are out there! ;D Cheers!

The date on the link I put up says February 7th, so I think it may be a new one. Cheers!

I guess this was on last night and I missed it, but apparently Warren and his son, Howard, were on 60 Minutes last night. The video link isn't ready yet, but probably should be soon enough. Cheers! http://www.cnbc.com/id/40795923

No, you're probably right there. He might have a huge poster of Aerosmith on his other wall, so that probably wouldn't be the right choice. ;D Cheers!

Did you guys take a close look at the bookshelf? It's got all of his books on Buffett on there, including a copy of Securities Analysis and a couple of copies of "Of Permanent Value". The fact that he's got some leatherbound books on there means nothing, except that he's bought some leatherbound books and keeps them on his bookshelf in his office, and values them the same as his investing books...more admirable than anything else. Regardless, the presentation is what people should pay attention to. Cheers!

...a 20% cut to minimum wage! Yup, that's not going to lead to riots. What a mess. Cheers! http://www.bloomberg.com/news/2012-02-08/greece-to-pledge-20-cut-in-minimum-wage-pension-cut-draft-accord-shows.html

Bond sales for Maiden Lane II are almost complete, and AIG should get it's one billion dollars that was deferred. Cheers! http://finance.yahoo.com/blogs/daniel-gross/sale-bonds-component-aig-rescue-winds-down-200121719.html;_ylt=AvEoAPN0CjrLfI.IQi4fk.uiuYdG;_ylu=X3oDMTQ0dWExNmtrBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDNjIxZjZhMGQtZGQ4Zi0zMTJmLWJkMTctZjdmZDFjNjhiYmQwBHBvcwMyBHNlYwN0b3Bfc3RvcnkEdmVyA2U1YTBkYTIwLTUyOWUtMTFlMS1iZjRmLTE5ZGRiNzQ0ZTY0Mw--;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Never judge a book by its cover...no matter how nice the cover! Article on Kathy Ireland and her burdgeoning retail empire, as well as her links to Buffett and NFM. Cheers! http://www.forbes.com/forbes/2012/0227/feature-swimsuit-model-empire-kathy-ireland-supermogul.html

Really good article about Don Graham and Washington Post. Cheers! http://www.forbes.com/forbes/2012/0227/feature-washington-post-don-graham-trouble-company-nice-guy-finish-last.html

How much is he up already this year? Several of his positions have already risen 30%+ YTD, with AIG and MBIA holding him back in the two funds respectively. Berkowitz has wittled the fund down to incredibly concentrated positions. If he gets any traction on AIG and MBIA, it would be easy to see the funds rise 30% plus in 2012. Cheers! Great, 30% rise. Now that leaves you "only" 17% more to go just to break even. I think the point is that those investors who sold anywhere near the bottom, just cost themselves 30%+ in returns to get them back up to break even. It's not Berkowitz's returns you should concern yourself with. Feel bad for the investor who sold out of fear and probably kept the funds in cash! Berkowitz will make his money and more over time. Cheers!