biaggio

found this http://www.fool.com/investing/general/2011/07/02/charlie-mungers-thoughts-on-the-world-part-1.aspx Charlie Munger's Thoughts on the World: Part 1

Maybe they will make some acquisitions + convert it into a financial Co. Mr Berkowitz describe JOE as an asset manager: "“St. Joe, at its core, is an asset management company,’’ Berkowitz said. “Successful asset management companies are very profitable. There’s no reason St. Joe can’t be profitable.’’ http://seekingalpha.com/article/260566-berkowitz-should-unlock-st-joe-s-value Could he use the cash to purchase an undervalued insurance company. Maybe one that is a good underwriter but has trouble investing the float. i.e create an investment vehicle similar to WEB and Mr Watsa. I think this might be wishful thinking on my part. I own a small stake in JOE.

-that would be depressing -any thoughts how that would effect other prices(stocks, bonds, commodities),economy, etc -personally I have thought that something like that would happen for the last 25 years...I have given up on thinking that it could happen. (so I think you should think that it has a better chance of happening i.e. do the opposite of what I think)

Well I must be above "average" then, as I probably will subscribe to this on my new laptop. ;D There is no doubt that you are. (Way above average )

I am a small business owner in Ontario. What to others here recommend or use for software to keep track of and organize financial information? Basically I am looking for software I can use to reconcile my bank account-deposits,expenses, as well as any investments I may make. I am looking for something that I can use to better organize my financial information for my accountant Would software like Quickens, quick books or similar be sufficient.

$6/mo/user,that's a sweet deal for MSFT vs $280 one time purchase. MSFT gets rid of piracy problem. I don t see the average person buying into this. I could +may be wrong.

Insiders Sound an Alarm Amid a Natural Gas Rush http://www.cnbc.com/id/43539536

http://www.theglobeandmail.com/report-on-business/rob-magazine/top-1000/don-grays-inconvenient-truth/article2072511/ "That establishment, as a general observation, is reasonably impressed with itself. Gray is less impressed. “We reward mediocrity. We reward the people who are the promoters.” In describing the modus operandi of a number of Calgary energy companies, Gray drops the P-word: “It’s a giant Ponzi scheme.” After Madoff, that’s a particularly loaded word. Gray, to be sure, isn’t saying that something illegal is going on. But he is bothered by what he calls “an ongoing threat to the integrity of our energy sector”—the way oil and gas companies spin their results, the better to attract more capital from investors. Actually, he doesn’t use the word “spin.” Gray prefers words and phrases like “mislead,” “try to confuse” and “yahoos on every corner selling snake oil to unwitting investors.”

Same statement is true for every stock that trades someone always thinks its undervalued or they would not buy it the sellers motives are myriad but the buyer ALWAYS thinks it is undervalued. yes I know what you mean. But, how about the times an ETF or index fund has to buy or sell-I would think they would buy or sell indisciminate to price + value.

Is this a trial balloon to see how spin offs will fly with more to come if it goes well?

~ 40%. Was ~ 20% cash before having funds added (dividend) from other private business.

Does that mean you re leveraged?

Fresh prince with Charlie ROse + other interviewers.

Overall entertaining playoffs. Sanj, at least you are not a long suffering leaf fan like myself. I felt good for Tim Thomas-what a great story-not making it til he was 30+ yo-playing at such an elite level. I think Canucks need just a little more grit. I think this past experience itself will make them grittier. I think we will see them go far in playoffs again.

http://www.sec.gov/Archives/edgar/data/96223/000009622311000022/lncjune16form8k.htm "Leucadia National Corporation (the “Company”) has sold an aggregate of 92,400,000 common shares of Fortescue Metals Group Ltd (“Fortescue”) for aggregate cash proceeds of $609,220,000. The Company will report a net securities gain on the sale of the Fortescue shares of $527,351,000 during the second quarter of 2011. Since the Company’s investment in Fortescue has been carried at market value with unrealized gains and losses recognized as a component of other comprehensive income, the change in consolidated shareholders’ equity from March 31, 2011 as a result of the sale is a decrease of $2,550,000. The Company continues to hold approximately 4.99% of the outstanding shares of Fortescue." $600 million more to look for good deals with any further financial/economic corrections.

http://www.cnbc.com/id/43409151 "Government Must Act Now to Avoid Fiscal Crisis: Fund Manager" (Robert Rodrigues) A lot of worrying out there. Hopefully the right thing will be done.(Eventually)

http://www.farnamstreetblog.com/

Thanks. Is your understanding that further shares will be delivered so that the average price is between 96 and 110 % of the average price during a set period of time ie further shares will be delivered but no further cash will need to be given by FRX?? I am not sure what my brain was processing when I first read it.

http://online.barrons.com/article/SB50001424053111903425204576373910676523034.html?mod=BOL_twm_ls#articleTabs_panel_article%3D1

http://www.sec.gov/Archives/edgar/data/38074/000095012311058734/y91669defa14a.htm "Today we issued a press release announcing that the Company has received notice from investor Carl Icahn (and his affiliates) that he owns options and stock representing approximately 6.5% of our outstanding shares, and that he intends to nominate four individuals for election to our Board at this year’s Annual Meeting. The press release is attached. Our company has always welcomed constructive input from shareholders, and our board will evaluate these nominees in due course. Prior to our annual meeting, the board will make a recommendation regarding who it believes are the directors most qualified to serve on the board. In the interim, we expect to meet with Mr. Icahn and his colleagues — as we would with any investor — to discuss this matter and hear his thoughts about how best to continue building value at the Company..." Any ideas what Mr Icahn is up to? My guess is that he would like them to allocate the ~$12 per share net cash they have on the balance sheet.

re FRX http://www.sec.gov/Archives/edgar/data/38074/000003807411000024/forest8kjune7.htm "Pursuant to the ASR Contract, Forest paid $500 million to Morgan Stanley on June 3, 2011, and 9,839,752 shares were delivered to Forest on the same day" It appears that FRX buying back almost 10 million shares for almost $51 per share (~ 35% premium). The shares are currently selling for $37.95. Has this ever happened to anyone? i.e it appears that company is buying shares at a substantial premium. I would consider selling for $50 (but I wont have a chance anytime soon) Is this a way of FRX buying a large block of shares? Why not just buy at the market? Do folks think this is a wise capital allocation? The market seems to like it, as it is hitting new highs.

http://www.businessinsider.com/ladies-and-gentlemen-heres-the-newest-cover-of-time-magazine-2011-6 With current market pullback, probably a good time to add into our favorite names? Seems like there is a lot of worry + negativity out there.

Good thread + comments by all. Lessons in thread is a good reminder for me. -it is true that there is always a need for some trust or faith. I feel reassured (and have more faith + trust) when I know the product/service etc (ie you can walk in Home Depot + see it), but also I have more trust and faith when CEO, BOD, managers etc have a good stake in the company i.e they have a sizable amount of their own net worth in the company and they are buying more shares.

thanks for the update. I still hold 3% position in FUR. I am surprised that they have not had any (or more ) of these investments in their loan portfolio go bad or backfire. Any others holding FUR

Would be consistent with a investment thesis put forth here earlier: run off retail operation, keep brands (lands end, Diehard, Sears Canada, etc +/- internet retail), sell off real estate, use excess cash to buy back shares