JAllen

Main street does hear about stock prices when they move like they have been for the two largest (I think) banks in the country. Occasionally, the 6:30 NBC news will report events like these.

I'm comfortable with the BBEP litigation because the complainant owns 40% of the company. Also, the more than twice (I think) yield compensates for much risk within BBEP. The lawsuit doesn't really allege any damages, it's just complaints it seems. I am not an attorney though but I no longer hold Line, just BBEP, MCF, and Hlx.

I believe Munger's transaction was a gift and doing it at a lower price would reduce the gift tax for the recipient, of course.

It really is genius the more I think about it. Coal can't be put into 18-wheelers- ever. Maybe the earnings growth forecasts for this company are underestimated. Although, profits might be limited by rulings of this nature. Can they regulate any freight rates or is it just for utilities? Is BNI his choice because they have the most track in areas where they are the only one? It truly is a modern day toll-bridge, and I think Charlie is right when he says that Buffett is getting better as he ages!

Someone with the time should take one hundred loans from the banks that that they think are the most investable and check out surrounding property values. It really doesn't take long once one is used to the local county property appraiser's websites. Also, Buffett bought WFC originally at 3X DEPRESSED earnings not 6-7X inflated earnings. Of course the Wachovia addition could add to the run-rate earnings but that is unknowable IMO.

I've seen downright sub-sub-sub heloc loans ( mostly because of the laughable LTVs which can't be corrected by the highest FICOs!) made by Wells Fargo here in Jacksonville, just from being in the real estate business.... I too hope that Buffett and Prem are doing some intense research on WFC, not just "they've been around for 150 years".

It doesn't seem like this should be in the portfolio of a value manager that is managing less than $1B. At least it wouldn't be for me. It seems like there are smaller companies that are going to return more to small value managers. What is the maximum upside in percentage return for BNI over the next twenty years?

"What could kill this idea" means to me that what catastrophe risk could wipe out the potential investment I am considering and would cause me to stop considering the investment. It seems like an idea killer is a very negative "minus". It also seems to me to be a good question to ask.

I bought the common for the tender offer but, it won't be just a week. It will take until all shares tender which, really is an unknown. I believe that 93% have been tendered already. Re: PFD It is hard to tell the financial strength of Greene Court but, evidently they have enough to buy all of the common. Probably the PFD prospectus should have more information about a change of control

http://www.longleafpartners.com/pdfs/AnnualReportLetter02.06.09.pdf Sanjeev, I like the new board very much. Thanks for your hard work in maintaining and monitoring it.