Parsad

Sorry Alertmepip, what is the problem? I don't understand from the post. Cheers!

Why does he go on that show? Just so stupid. Cheers!

Just a bunch of his major holdings got hammered...Grupo Prisa, Resource America, Citigroup, General Growth, Iridium warrants, Winn-Dixie, Seagate, JC Penny, British Petroleum, Delias, Sears Holding, CIT Group, Howard Hughes, etc. Cheers!

Own. But all the eggs were in one basket, so you cannot compare the end result to the fund result, where the consequences, risk mitigation, limitations, etc are completely different. And that was my point to Moore, that you cannot look at results in a vacuum. So called "alpha" only cares about the final number, not how it was derived or the risk involved. Cheers!

I think when you get guys like Grantham saying things like that, it simply means they are as confused as everyone else about what they see. It's been a tough five years for investors, and maybe even a tough twelve years, and so people are rightly puzzled. Again, this just goes back to Ben Graham. Nothing that he taught would have been fundamentally different in either that five year or twelve year period. It would have worked for both, just like the last 75 years. Cheers!

I would like to see them increase it by 25% a year for the next few years. I would much rather see a large, consistent quarterly dividend, rather than a special dividend. I would also like to see share buyback like they've been doing over the last few years, as long as they are buying them back cheap. Other than that, some of the things they are trying are very appealing to me. I think Windows 8 may be a bit of a game changer, and the recent slew of patent acquisitions and deals with cellphone makers looks to be promising. Growth in their gaming business, along with the acquisition of Skype create some interesting synergies in what Microsoft's service offerings will be going forward. They won't dominate Google or Apple, but it seems as though Ballmer is giving Microsoft some longevity and the ability to steal market share from the non-Googles and Apples. Cheers!

Hi Ross, Great find! Thanks! I'll talk to Paul at Watermelon Webworks and see what we have to do from our end. It looks pretty good. Cheers!

Once I hear the word "alpha", I know I'm dealing with an ass, so I usually realize that there is no point arguing. My own investment in my company is up 4,000% over the last five years, so does that mean I'm suddenly a better investor than Buffett and provide more "alpha" than anyone else on the planet? Whatever Tilson is, and I've never liked the guy, he doesn't hide behind an anonymous blog username, posting on here and talking about how he knows so many guys who provide more "alpha." On the weekend, somebody asked Mohnish a question about "alpha", and he said "I've never bothered to learn much about the Greek alphabet". Say what you want about Tilson, McElvaine or whoever else. It doesn't matter at all. They live their life and run their businesses. They are in the public domain and accept any and all criticism. That's more than I can say about you Moore. How someone can compare the results of message board users, who aren't held in check by the same restrictions as fund managers, audit standards, redemption risk, frictional costs, etc and say that it is the same thing, just shows how little you know about comparative analysis. But hey, you know the guys with the most "alpha". Cheers!

Microsoft is increasing their quarterly dividend by 25%. Cheers! http://finance.yahoo.com/news/Microsoft-Announces-25-prnews-3511207044.html?x=0&.v=1

I know there are a number of boardmembers who play poker, and probably at Full Tilt Poker...ponzi scheme folks! Cheers! http://money.cnn.com/2011/09/20/news/companies/poker_ponzi/index.htm?source=cnn_bin&hpt=hp_bn5

How much leverage? How much concentration? How much in derivatives? How much insider information? Annualized or cumulative numbers by themselves tell you nothing about skill. Cheers!

Moore, did you even read about these guys. They are distressed debt guys, not equity managers. Cheers!

I'm talking about funds that are directly comparable to a specific index. Don't compare China or emerging market funds, or China-heavy, resource-heavy funds to the S&P500. If you do an apples to apples comparison...North American equity funds when compared to S&P500 Total Return, the numbers are about 0.5% of total managers beat by 3% annualized over ten years plus. There are plenty of "superstars" these days, and when you actually rip apart their portfolio...they aren't so super. Cheers!

I had dinner with Mohnish the night before the AGM. Just us and mutual friends. I did ask him one question that I thought I would share with the board. The question was, would he ever consider working for Berkshire or Fairfax? His answer: "Before I started Pabrai Funds, I sent a letter to Buffett, asking if I could work for him. He turned me down. That was the one place I really wanted to work, but it didn't happen. So if the call ever came, it would be like a call to arms and it would be my duty to serve. But other than Berkshire, I would probably not work anywhere else." Cheers!

I have a lot more respect for Mohnish than T2. If Mohnish had the contacts T2 had he would be managing 4-5 Billion (if he so desired). Tilson is a nice guy hes kind of like the guy at the gym that can tell you about all the exercises, the best way to do them, the history all that, but can't even bench press 100 pounds. This is incorrect. Only 0.5% of fund managers beat the index by 3% or more long-term (10 years plus), so out of 10,000 fund managers, you only get 50 that can do that. Of that 50, I would guess less than a third can beat the index by 5% annualized...so now you are down to about 16. Of that, a third can beat the index by 8%...so you are now roughly at 5. And of that, I would guess that 2-3 can beat the index by 10% annualized. Is it any wonder Tilson isn't in that group? But he is in that group of 50. I would actually say Mohnish's profile is as high as Tilsons now. If Mohnish wanted to, he could easily raise $3-4B, but he doesn't want to. He has a long waiting list even though the fund is not open. And if and when he gets the opportunity to put capital to work in a big, big way, he is going to open the doors and let them flood in, but many at that point may not be able to. He's happy doing what he is doing, and he likes his fund at the size it's at. Parsad is Munger an LP @ Pabrai Funds? Not that I know of, but if he was, Mohnish would not tell anyone outside of his family and staff. Cheers!

Why didn't you say hi? There were a bunch of board members there. Cheers!

Short, but interesting article. Cheers! http://games.yahoo.com/blogs/plugged-in/online-gamers-crack-aids-enzyme-puzzle-161920724.html

You're not alone. From the comments I've heard from people over the last couple of years, it seems as though Munger may have wanted to as well, based on those who attended a couple of his annual meetings. Cheers!

I'm the last guy who would defend Tilson, and he does ride a lot of coat-tails, but Mohnish had a very interesting comment this weekend at his AGM that everyone here should take a page from...especially all of those (guilty myself at times) of leveling criticism. Someone asked him what he thought about Gurufocus stalking his 13-F's, and he said that "I've always said I'm a shameless clone. So if they copy me, the more power to them. I think that's perfectly ok." Tilson may have his faults, but his results at T2 are good over the last 12 years or so. His partner Glenn Tongue is actually a really nice guy, and also does much of the research and analysis there, so he also deserves as much credit for running that portfolio. They've already said that this is their "annus horrible" so they aren't hiding behind any excuses. It's how people rebound from adversity that really makes the mark of a good investor or person. Prem had plenty of criticism thrown his way for a few years after TIG and C&F, as did Mohnish when he had his bad 18 months. Critics should probably give Tilson & Tongue a chance to prove themselves. Cheers!

[amazonsearch]The Great Crash of 1929[/amazonsearch] Superb book! I recently re-read it and you could easily substitute financial institutions, hedge fund managers and politicans from the last few years. One of the best books I've read on the psychology behind booms and busts, and how virtually every cycle is similiar outside of duration and depth. Cheers!

However, despite all the gloom, if I see a cheap stock I'm buying. Also, we are entering the stage now of trading existing holdings for better value or similar value, but higher quality. I find that very tough to do, but it has always been very rewarding. Yup. I agree. Finally, we have to ask ourselves what it felt like for a Japanese portfolio manager, investing in domestic stocks, over the last decade. Maybe something like this? For more than 10 years? Phew, that will wear me out. Frankly, I'm loving this. I'm completely at home in an environment when people are panicking...as long as I'm not the one panicking! ;D But the first five years of my fund has been an extraordinary learning experience. Not one year was similar to another...even 2011 is completely different than 2008. And the volatile years were incredibly volatile, which was something to watch in awe actually. Very interesting times indeed! Cheers!

Unless I misread the article, he says that for pretty much a third of the interview...starting on the 2nd page, 3rd paragraph on the right hand column. Cheers!

The good thing is that no one else has been dropped. While it's preferable to kill the body of the snake, chopping heads isn't bad either. Some of these guys are definitely guilty, and Fairfax is going to nail a few of them...progress! Cheers!

He also said that you could not have a good monetary system after leaving the gold standard, yet the United States continued to prosper for the next 70 years. As I said, he's the same as any other economist...right on some things, wrong on others. How do you know who is making the correct macro assessment, unless you are fortunate enough to view everything in hindsight. My point was that Ben Graham's theories do not rely on macro analysis, and they work as long as you remain disciplined. Cheers!

Google's purchase of ITA has lead to Google Flight Search. This thing is so easy to use. It's going to hurt other companies like Expedia, Priceline, etc. Unfortunately, it's only available in the U.S. right now. Cheers! http://www.google.com/flights/