Parsad

Sanjeev, Just to add to your point - even with a killing record, bit of humility will go a long ways. Rranjan, I couldn't agree with you more. Young, eager managers should take a lesson from the last two years. There were a lot of fund managers who thought they were always right, lacked humility and could do no wrong. One third of hedge funds that were operating in 2006 were out of business by the end of 2009! There's been alot of posters on this board like that, and they too disappeared...no I did not ban all of them! ;D The greatest leaders I know, and aspire to emulate, are the ones that are ubiquitously humble, giving leaders...Buffett, Prem et al. There are alot of things you cannot teach, but humility is one that you can...often it is learned in the most unpleasant of ways through unintended consequences. Cheers!

T-Bone and Stove, let this be a lesson to you. Wouldn't you have rather learned from me, rather than losing money? As Benjamin Franklin said, only a fool needs to learn from experience. Risk control. I tried to help, but y'all didn't want to listen. I hate to say it, but I told you so. The pain of loss should sear the lesson onto your memory. Harry, how is Contrarian Industries record against the S&P500 TR since inception? If you ain't killing it, then a bit of humility will go a long ways. Cheers!

It's all dependent on the duration, the current price and exercise price. In some cases, the common equity is a better investment in the shorter term. But the options in most cases will give a bigger bang for the buck over a longer period of time. One boardmember sent me a terrific spreadsheet he developed for the warrants, and I modified it slightly. It works very well and gives a realistic view of the annual rate of return on various warrants. I think you really need to do this to get a good idea of what is a deal and what isn't. Cheers!

However, if you accept this assignment, please be sure to write the symbol - as I seemed to have omitted for Loews. No wonder you guys need proof-readers. ;D Although you were only one culprit amongst a few who did the same. Cheers!

Just use Yahoo Finance. They are usually the ticker symbol, hyphen, "WT". Add an "A" or a "B" for BAC warrants. Cheers!

Could be. Or it could be that he didn't buy all of GEICO earlier. I think his best investment idea was hiring Ajit Jain. Cheers!

So I had an extra half hour and set up the "Investment Ideas" board: Please use this specific board for discussing actual investment ideas primarily about specific equities. When you start a new topic, please use the form "BRKA - Berkshire Hathaway". The "General Discussion" board should be used for all other general topics, including macro-economic discussions. The "Investment Idea" Board is specifically for investments only. Cheers!

josh and mr. inversion - are you proposing in the subfolder that each new topic is 1 company/stock? Not a bad idea. I'm really busy this week, but let me implement something of this nature over the weekend. Cheers!

I understand what Buffett was trying to stay, but the argument is a moot point. It would be like saying what if Prem never bought TIG? Or what if Mohnish never bought DFC? The record IS what it is. None of us have the luxury to turn back time. What if Sam Walton didn't die and turn over his money to his children? ;D Cheers!

Sanjeev, since you know Chou, do you think he'll eliminate this once assets are larger? I can't comment on Francis' funds. You'll have to contact him directly with that question. All I know is that Francis is one of the only fund managers in Canada, who has on several occasions refunded a portion of the management expense ratio to his unitholders because he wasn't satisfied with his results. He will be fair to his unitholders. Cheers!

Sanjeev, Why don't you add a couple senior members as moderators too? We tried that in the past and it didn't work that well. I want to limit the censorship to be as minimal as possible. I think posters will get the idea when certain messages are deleted, while others remain...a sort of guiding hand. In regards to critical posts of Buffett & Watsa...those are fine. It's just the ones that go a little too far...such as calling them senile, etc, which will be removed. Understanding their mistakes is as important as understanding their successes in my opinion, so rational, critical posts are ok...it will just be a bit of a judgement call on the ones that veer off the edge. Cheers!

Hi Folks, I've been getting some complaints in recent weeks regarding the quality of posts on the message board. As such, posts that are conspiracy-based, antagonistic or completely rhetorical in nature will be removed going forward. This is an investment message board based on Ben Graham's intellectual investment framework...to generate ideas and quality discussion on the merits or folly of those ideas. I don't mind off-topic posts, but they should refrain from getting too political. The board is named "The Corner of Berkshire & Fairfax" Message Board, thus there are probably alot of investors here who hold Warren Buffett and Prem Watsa in high esteem. Posts with an antagonistic bent in reference to Buffett or Watsa will also be removed...not critical, but antagonistic...there is a difference and unfortunately your moderator is now stuck with the responsibility of drawing the line on such subtle divisions. And please, no tattle-tale emails on individual specific posts. I will review virtually every new post on the board and remove them if and when necessary. The best filter for such posts isn't yours truly, but each message board participant's own internal filter...gee, should I really post this and what will the reaction be from some other participants? Yes, unfortunately you SHOULD actually care about your fellow boardmembers. ;D If you feel that emotionally you are getting wound up...walk away and post another day. If you feel that someone is completely misguided and you must save them from their own stupidity...stop for a moment and tell yourself, maybe I don't hold ALL of the high moral ground and intellectual equity on the board. If you feel that Obama is running the country into the ground...write to your Congressman. Hopefully, the censorship will be very limited, and relegated more to board cleanup and maintenance than anything substantial. The more people stick to their better instincts and refrain from their baser instincts, the less I will have to interfere. But unfortunately, a small subsection of participants are sometimes creating an environment that is degrading the overall quality of the posts and it's original intended purpose...to talk about investing! Cheers!

Former Countrywide CEO and head insider-trading chief/mortgage flunky, Angelo Mozillo, has settled with the SEC. Cheers! http://www.theglobeandmail.com/report-on-business/countrywides-mozilo-settles-with-sec/article1759148/

Bruce Berkowitz had a nice response to Einhorn regarding St. Joe. Cheers! http://www.businessinsider.com/bruce-berkowitz-einhorns-shorting-it-i-would-buy-the-entire-company-if-i-could-2010-10#ixzz12RvbBbWb

Fantastic, fantastic interview! The best I've seen this year anywhere. If Jim Grant wasn't publishing Grant's Interest Rate Observer, he would have probably written "Field of Dreams". What an eloquent and intelligent speaker! Cheers!

I think you guys are talking about two different things. Bronco is saying that the investment is worth more monetarily, whereas Tim is saying that the "intrinsic value" has not changed. Be nice boys! Cheers!

And a 20% drop in two days sure would lift a short's position! But Einhorn wouldn't be doing anything like that would he? ;D Cheers!

Incidentally, I wish regulators would follow the Europeans and force short sellers to file their positions over a certain threshold. I sure would be interested in knowing exactly who else is short St. Joe with Einhorn. Longs have to file, why shouldn't shorts be required to as well. I've been arguing and wishing for this for about seven years now! Cheers!

Einhorn is right, but if St. Joe doesn't spend too much on developments, they can drag this on a long time by selling rural land. Anyone short could be in some trouble with any positive news around the company. And if they do take impairments, they'll do it slowly. Cheers!

Very good article on Bill Ackman and Pershing Square. I'm not a fan, but always interested. Cheers! http://www.theglobeandmail.com/globe-investor/investment-ideas/what-if-elvis-ran-a-hedge-fund/article1756629/singlepage/#articlecontent

That's accurate...and pretty funny! ;D Cheers!

The board put out a press release saying they will examine the tender offer. Cheers! http://finance.yahoo.com/news/Fremont-Michigan-InsuraCorp-prnews-3512958926.html?x=0&.v=1

Bronco, it's tough but I would recommend you just be patient...no need to go outside the US, or jump into commodities or other things that may be outside your circle. Things are better for corporate America, but there will be more shocks to the system. Investors have to feel confident enough to act when others are fearful, and then be confident enough to build the cash hoard back up again when others are optimistic. We were buying a few months ago when everyone thought Depression 2 was a day away, and now we are starting to lighten up again on some positions that have moved up closer to intrinsic value. That is the benefit of the stock market and the privilege you have as a disciplined investor - the opportunity to exploit the folly of others, when they let fear or greed influence their behavior. Cheers!

Doesn't look like it. His last 13-F: http://www.sec.gov/Archives/edgar/data/1056831/000105683110000004/0001056831-10-000004-index.htm No subsequent filings indicating he sold any of it since. Cheers!

Patrick Byrne has never been known to be subtle, and he surely lays it on thick in a few comments in this article, but he is also correct on many facets. Always interesting! Cheers! http://www.informationweek.com/news/global-cio/interviews/showArticle.jhtml?articleID=227701203&cid=RSSfeed_IWK_News