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Bonechip, thank you very much.

Totally agree on Chad. Fortress has been a substantial portion of my portfolio for awhile. I also recommend Michael Smith at Terra Nova (TTT). Impressive story. Do you guys think he will use FTP as his investment vehicle? He does own 1/6 the company. Or will he sell? He seems to be getting into cyclical business/turnarounds. I like the currency printing business (with the world printing $$ vs increasing electronic commerce). The other businesses not so much. FTP seems to have run up quite a bit since IPO. Opinion/short investment thesis would be greatly appreciated.

Thanks for response. How about Brian Dalton at ALS.TO

I fear holding a lot of cash over the long term-as the government will devalue this. I am holding more cash than I would like (I have had some new cash coming in to be invested)+ am searching + waiting for long term opportunity. I have been buying small amounts of companies mentioned on this board (FTR, BRK, BMO). I have a wish list with target price. I would like to hold 20% cash to take advantage of buying opportunities/pullbacks/corrections/off chance of deflation. Heard a story last week(to best of my memory/number could be off a bit)--- in 1960 you could buy 1 gallon of gas for a quarter. With that same quarter you can now buy 2 gallons of gas (that would have to be a 1960 silver quarter)

Having reviewed the annual letters from managers of LUK + BRK, FFH etc, cant help to be impressed with them. I only wish I would have been more enlighted 20 years ago and owned them over the last 20 years. I own them now + I hope they work another 20 years-these men are either in their late 60's or older. In the spirit of going where the puck is going to be- who are the young (say <50 years old) managers/asset allocators to pick up for the future. Who are the owner managers(running publically run companies) we can count on for the next 20 years? The ones I can think of off hand are Bruce Flatt -BAM, and Bruce Berkowitz-though he runs a mutual fund

Thanks for posting. Always good to be reminded that most times (assuming you made the correct choice to begin with) it is best to do nothing. What do folks here feel are good "Coffee Can buys" for the next 10-20 years?

Kraven, good point. what you said makes sense.

I have enjoyed reading Mr Greenblatt's books. It seems that what he says or advocates for us "little folks" is not what he practices according to the following article:Plan Not To Panic at http://www.gurufocus.com/news.php?id=128519. I have not read (yet) "The Big Short" but can anyone verify what was said in the article.

http://www.financialpost.com/news/grabs/4587022/story.html Any opinions from any of the folks here who invest in insurance/finance companies. In summary a mutual P&C insurance with ~thousand policy holders and $1.3B in surplus cash that are looking to demutualize. Is this similar to Peter Lynch's investment in small community banks as they went public (described in his second book).

I have heard from one founder of a large co. with a dual structure in Canada(I forget which one) that did it to protect the company +small shareholders from large players with economic power who will come in and "ruin" what he had created + founded. As a personal policy I try to avoid these. If investors don t buy, they will not exist in my opinion.

http://www.tilsonfunds.com/BRK.pdf

Web site was interesting to read. Thanks for posting. Interesting thing was that his funds have only owned 24 different (total) companies since inception. He has had great success. Obviously his circle of competence is very well defined. I looked back + counted all the different securities I have owned over the last 20 years it sums up to 40+. He is a pro, with more $$$ to manage. A reminder that it is wise to be concentrated + focused on a few great opportunities over a lifetime i.e. the 20 hole punch card that WEB advocates...I am way over.

there is a lot of patient money that own the shares of JNJ.

http://www.realclearmarkets.com/video/2011/04/01/is_the_bernanke_fed_making_a_big_mistake.html Jim Grant says that fed is not only manipulating(or trying to manipulate) interest rates, the economy but also the stock markets. Calls Bernake the anti Graham. Says we should keep some cash to take the opportunity of cheap(er) stocks which will occur as a result of higher interest rates which will occur when we get a sudden unexpected jump in inflation.

http://www.theglobeandmail.com/report-on-business/economy/currencies/canadian-dollar-climbs-to-three-year-high/article1967667/ Any Canadian investors converting some Canadian dollars to U.S. dollars?

I still own ~ 4.5% position. I am disappointed with the regular dilution which occurs. I am thinking of bailing. I was hoping this could be along term holding. Noticed that management is buying only 4% of the allotment. I think management makes more money with more assets under management, so I think this will recur. I would like to swap this holding for something more attractive. Any suggestions?

http://www.ndtv.com/video/player/ndtv-special-ndtv-profit/buffett-gives-full-freedom-to-work-ajit-jain/194567 Have only seen first 5-6 min...seems good so far. I thought folks here would appreciate interview.

J&J CEO's Total Pay Falls 7% http://online.wsj.com/article/SB10001424052748703899704576204633314372972.html "Mr. Weldon's total compensation was valued at $28.7 million for 2010 versus $30.8 million for 2009, according to J&J's proxy statement filed ..." Does this not sound excessive considering all the problems noted above?

Benjacker do you think FFH and other muni bond holders who buy bonds "guaranteed" by BRK have anything to worry about? i.e. if there muni bonds don t pay will there be $$$ from BHAC? or is there just a small amount of muni bonds that are backed by BRK

JEAST, can us BRK holders sleep?

Thanks Bronco I could use another friend. FTR + FFH price not cooperating. Trying to be patient and not chase prices, hoping that get a better offer. I was thinking FFH <$340 (probably wont happen?), FTR at $7.50 , L<$40, JNJ ~$50 or less (wishful thinking?) LRE at < BV of $7.83 Nobody recommending healthcare? Great demographics. I think the price of the patent expirations is in the price of the stocks of company like LLY--getting a good dividend yield, earning yield of 15% with risk...

ideas I am looking at: FTR-put bid yesterday at$7.50 (10% yield) JNJ FFH L LLY LRE

Bronco, for what it is worth (probably not very much), I get a fair value on JNJ of $65-80. Throwing that out there to stimulate conversation. Also what else do folks have on their shopping list?

it seems reassuring that these guys should have some money in the bank

JNJ appears to have had more than their share of these events over the last couple years. I am surprised (and disappointed) that there has been virtually no effect on the stock price.