frugalchief

The news certainly is concerning. On one hand I love the thesis and the odds of administrative reform into a utility/Moelis/etc. seem to get stronger as time goes on and news is released. On the other hand one of the largest players who is in on a major lawsuit has reduced his position. Perhaps it's redemptions (but he didn't reduce St. Joe's and he has bought other new stuff). Perhaps he thinks the time it takes to win is going to still be a few years (and he thinks St. Joe's and other new investments will appreciate in a shorter time period). Perhaps he has lost faith in his thesis. Perhaps he knows something from his lawyers that will be detrimental to his case. Berkowitz doesn't hold very many large positions, but he still does have a large position in the GSE's. Clearly St. Joe's is his favorite holding at the moment. Time will tell, but him selling this much is concerning. Probably redemptions Very obviously not due to redemptions. Berkowitz selling is a bad data point - I wouldn't try to rationalize this away He has plenty in cash equivalents to cover redemptions. It's a little concerning to me too as a FAIRX holder. Still around 20% of AUM is comforting right now. Regarding JOE, I think BB has the restrictions of insider ownership since he's Chairman? Correct me if I'm wrong. My first post on this thread, I'm long FNMAS only (right now)

Semi-annual report out - http://www.fairholmefundsinc.com/Reports/Funds2018SemiAnnual.pdf Sold completely out of SRG SHLD still same as quarterly filing Reduced Fannie/Freddie - only hold FMCKJ & FNMAS now JOE is 27% out portfolio Added AT&T, HRG Group & Spectrum Brand Holdings, Vista Outdoor and Vistra Energy. Large outflows continue

Quarterly filing out https://www.sec.gov/Archives/edgar/data/1096344/000119312518130957/d585240dnq.htm sold large chunk of SHLD, quite a bit of Fannie/Freddie pref (hopefully locking in gains at beginning of year). Added Vista Energy (1% position). Cash and equivalents up about 4%. Net assets down about $300mm.

2017 Annual out - http://www.fairholmefundsinc.com/Reports/Funds2017Annual.pdf

I vote outperformance once he kicks the losers out. https://www.sec.gov/Archives/edgar/data/1214344/000091957418000689/xslF345X03/p7807547.xml

Nobody answered here. I'm still interested. Did not yet have time to dig deeper myself, just read short blurbs. Jurgis, I've wasted my time researching and reading what Sham has done/written. Don't waste yours.

https://www.bloomberg.com/news/features/2017-12-13/hey-google-am-i-diversified-why-fidelity-fears-silicon-valley Millennial's would eat this up if Alexa makes it easy. We don't like meeting with advisors or spending time like that, so why not?! LOL :o

Q2 Results Out. News Release - http://pgntgroup.com/wp-content/uploads/2014/02/Press-Release-Q2-2017-FINAL.pdf Report - http://pgntgroup.com/wp-content/uploads/2014/02/2017-Q2-Final.pdf First full quarter with inclusion of SED Columbia. Selling for almost 1/3 BV. Anyone else watching this? Curious if anyone has attended the annual meeting before?

Do you have name, model etc? Please do tell if it's available. Thanks in advance. That's what I've been consistently hearing that the confusion between $200, and $1000 and $4,000 mattress is so great that it makes buying one a pain in the butt. Sure, I bought 2 of these: https://www.amazon.com/gp/product/B00GTCL3SQ/ref=oh_aui_search_detailpage?ie=UTF8&psc=1 I wanted to buy one of these but my wife wouldn't budge. So I am that shmuck that paid 4k for a tempurpedic at mattress firm. Has anyone here actually tested with lots of sleep this mattress v. tempur?

I've always taken it as: 4= BRK (WEB is the name it's under, since he is 'manager' of BRK) 11= NICO 8= GEICO etc. etc. For example (https://www.sec.gov/Archives/edgar/data/1067983/000095012316022377/xslForm13F_X01/form13fInfoTable.xml), American Airlines (first line) - is purely owned by BRK American Airlines (second line) - is owned by GEICO, through NICO (since NICO owns 100% of GEICO[??]), through BRK, since BRK is parent That's why on AMEX, you see two lines for 4,8,11 and 4,11. 4,11 is what NICO owns directly, while 4,8,11 is what GEICO owns directly. I could be wrong.... But let's use Biglari for example (https://www.sec.gov/Archives/edgar/data/1334429/000092189516006153/xslForm13F_X01/infotable.xml) 1=Sardar 2=Lion Fund 3=Lion Fund II The BH stock owned through the above entities is in on different lines (no entity owns each other, except Sardar is manager of Biglari Capital, which is GP to both Lion Funds). So the first line shows ownership by 1 (Biglari Capital....Sardar recently transfered all but 1 share of BH stock from his PA to BCC). Second line is owned through TLF. Third line is owned by TLF II. ???

Exactly what I was thinking...

More would help... It would be a Financial Advisor with Edward Jones. Not fancy compared to many hear. So yes, a lot of door knocking, smaller/retail clients. Many probably don't like that and aren't/have never been in that spot. But any more insight would help. Done a lot of my own research visiting firms and talking with FA's, etc. But this board is much more knowledgable I suspect.

I'm currently weighing options of getting out of real estate business and joining one of the large financial advising firms. I'm curious if anyone would layout how they got in the business, pros/cons, advice, etc.? What to do/not to do. Appreciate the input and advice.

INTJ I'll have to take that test to see if there is a difference now. Interesting to see the board's results too. :o

How does a value investor value "property, plant and equipment" within a company? Do you take the net, after accumulated depreciation, or base it on the gross value? Been curious and hadn't read about it before. Any input is appreciated.