biaggio

will this chilean earthquake help bring about hard market?

"Any ways we can get a copy posted here? We need a subscription to access it otherwise." BeerBaron BeerBaron, you can access without signing up by going to home page at http://www.gmo.com/America/ and then clicking on "1st quarter report"

"Prem sets the tone and the humility, ethics, and shareholder-friendly culture trickles down every layer of the company. I cannot emphasize how important it is for any long-term shareholder to come to the annual general meeting at least once. You do that and you won't ever sell a share! I attended my first AGM. You re absolutely spot on. Prem's humility + shareholder friendly culture is what impressed me the most. I was quite surprised to see him mingling with all us commoners. By the way, I thought of you Sanj when they were serving those mini burgers. Quite tasty. What did you think.(I was quite hungry after missing breakfast)

"The equity portfolio is largely international in nature so it would not be a good choice if you have a extremely bullish long term view of the CDN dollar." would not that be bad i.e. if value of canadian dollar goes up, then value of international equity would go down in canadian dollar terms

http://www.theglobeandmail.com/globe-investor/investment-ideas/features/taking-stock/a-contrarian-makes-another-call-this-time-natural-gas/article1538686/ ...his analysis (and more than 50 years of experience) tells him that gas inventories are about to get a lot tighter, that new supplies are overstated, and that prices are headed north of $8 by the end of summer. “Everyone thinks [shale gas] is going to solve all of our problems. There are very optimistic estimates about the economically recoverable volumes of gas from this new resource,” The reality, he argues, is that shale gas deposits are a tiny part of the North American production pool – and they are already depleting fast. Mr. Groppe says that while the average depletion rate in conventional gas wells is about 25 per cent (in other words, if you didn't drill at all for new wells, production would decline by a quarter each year), shale gas shows even more rapid depletion – output tumbles, on average, 45 per cent in the first year for shale wells. shale gas accounts for just 6 per cent of U.S. natural gas production.

I find it interesting that Paulson is not prosecuted by SEC. Apparently because he did not promote or sell the products. He designed the product, then bet against it, making $1 billion. It would be like designing a pill to make you happy (richer whatever), knowing that it is poison, and blaming the pharmacy for selling it and having no accountability at all.

http://www.peyto.com/ia/pmr/20100402PMR.pdf recent brief commentary on natural gas industry, Monthly letters helpful to those like myself learning about nat gas industry.

http://www.canadianinsider.com/coReport/allTransactions.php?ticker=ffh

Is Lancashire stock sold here in north america (pink sheets?). If so what is the ticker?

I am a canadian investor + am currently looking at undervalued US assets with current strength of Canadian dollar. ie looking to convert some can$ into US $ I reviewed Loew's as a potential candidate. Here is my "conservative" valuation of L: Run by value orientated owner managers (managers own 25% of stock) CNA financial 90% x $11.17 billion (1 x book value) =$10.5 billion Diamond Off shore 50% x $14.9 billion ( 8 x pre tax income)=$7.47 billion Boardwalk Pipeline 72% x $1.34 billion ( 8 x pre tax income) =$967 billion Highmount exploration 100% x ? (2 TCF proven nat gas reserves) Loews Hotels 100% x $.320 billion (8 x pretax earning for 2008) Cash: $3.03 billion debt:$0.87 billion Total Est. Value:$21.387 billion divide by 425 million shares outstanding IV:$50 per share (~25% discount) What do you guys think, am I in the right ballpark? are there any other possibilities with larger margins of safety +/- with some dividends as well? I have also looked recently at JOE. Brief investment thesis=buying prime beach front raw land on the Gulf of Mexico for ~ $5000 per acre . No debt. (Fairholme owns good amount of this)-seems like an value(tangible asset=raw land).

press release, conference call re 4th quarter, year end results "adjusted" FFO:$2.62. Book Value:$13 Market close:$12.59 http://www.sec.gov/Archives/edgar/data/37008/000119380510000649/0001193805-10-000649-index.htm I'm still learning about this company. Comments from board members much appreciated re FUR's performance, and future prospects I bought at $9-10 a few months ago (about 3% of my portfolio)

Ericopoly you are very modest...just remember luck=when opportunity meets preperation.

would FFH, BRK-b not be better buys? vs buying a basket of companies in same industry

interesting article on common investment erros http://articles.moneycentral.msn.com/learn-how-to-invest/how-poker-makes-you-a-better-investor.aspx

has anyone looked at ISCA (International Speedway Corp) currently at$28.75 see analysis by Mark Boyer at http://www.boyarvalue.com/files/Download/Researchinsight.pdf My quick overview: -operates a unique business model, with a large amount of recurring revenue, minimal capital requirements and high barriers to entry (I am not a race fan, but the people I know that are , are quite fanatical) -owns and/or operates 13 of the nation’s premier motorsports entertainment facilities( Daytona International Speedway, Talladega Superspeedway in Alabama, and the Auto Club Speedway of Southern California. Michigan Speedway) -Family (France group) that owns NASCAR owns 39% of the stock (part of the moat, along with Political opposition also helps to buttress the high barriers to entry into the motorsports facilities business) -has "hidden assets + development opportunity" in large real estate portfolio -balance sheet does not look bad with $217 million in cash vs $370 million in long term debt Appears to be selling at a discount: Based on replacement value=$34/share(only 15% discount) Based on "owner's earnings" of ~$3.15 (average of last 3 years of FCF), 3 % growth rate x 10 years + 10% discount rate=~$50 (almost 40% discount) -co. was buying back shares in the $25-27 range. A lot of insider buying in $21 range last Feb Don t own any, just did quick review of 10Q , 10K for last year

Thanks for all the above, they all look great

According to Bill Moyer video noted above: “healthcare industry has 6 lobbyist for each member of congress...more than 500 of them are former congressional staff members...$380 million spent lobbying, advertising and campaign contributions in the last few months, $1.5 million went to Max Baucus, finance committee chairman...$49.7 million paid to current senate finance members over the last 2 decades” I find this unbelievable. HMO's have more than a network effect than I thought. Thanks again Valuegeek.

here is video of Bill Moyers on Max Baucus and Senate health insurance reform bill http://vodpod.com/watch/2319074-bill-moyers-journal-simon-johnson-and-marcy-kaptur-health-industry-lobby-charlie-houston-dandelion-salad

Thanks Valuegeek I found this http://www.pbs.org/moyers/journal/07102009/profile3.html re Bill moyer

Bruce Berkowitz investment thesis is that the government needs the HMO's to manage health care system,rather than re inventing a new system. As well the HMO's have not been overpaid to manage, earning 4% profit. HMO's "have been doing their job" according to Bruce. Assuming one is positive on investing in the HMO area, would one look at a discount of free cash flow model to value business? The FCF($4.66/share on trailing 12 m) on UNH , out of proportion to share price($27.46). see: http://www.gurufocus.com/financials.php?symbol=UNH Would appreciate any insight?

What does the board think of article in Forbes: The Horrendous Truth About Health Care Reform...."You were right if you thought the insurance companies would emerge unscathed from what the government wants to call reform..." http://www.forbes.com/2009/12/04/cigna-unitedhealth-aetna-personal-finance-investing-ideas-humana-wellpoint.html?partner=yahootix Have not seen much of any investment recommendations for this sector, which makes me curious. Contrarian play? Full disclosure: own some UNH.

the equivalent of SEC in Canada where I can access 10-Qs and 10-Ks? http://sedar.com/homepage_en.htm

check out following video: http://www.youtube.com/watch?v=Gk5aRIz17fk Funny how near end of video the voiced distrust for "canadian money" by general public.

I can’t imagine living in the U.S. without insurance. In my recent experience, if you show up to clinic or ER they are merciless in the services they recommend and charges. Some of it may be related to fears of being sued. Two quick examples -a women shows up with some lower abdominal pain due to urinary tract infection-gets $4000US worth of services (blood tests, US, specialist consultation), back home it would cost <$50 in total. Last example- a retiree vacationing in Florida has blood in urine-spends 4 d in hospital, has cystoscopy + resection of a polyp-gets a bill for $40,000-OUCH! (he gets charged $3000 fee for pathology report that was not done as they lost the specimen) His travel insurance does not want to pay claiming that it was a preexisting condition. Our government insurance will only pay if it is life threatening and you need to ask for approval before service is rendered. I have seen patients put on a private jet + limo'd home by their travel insurance, so that patients work up would be payed by government plan rather than have them worked up in the U.S. at their cost. Don t get me wrong however. The problem is in the system. I believe the technology, innovation, and all the great people providing the services are probably second to none and the rest of the world benefits from it. The resulting cost has got to be hurting your other industries. Where I live, where the auto industry is the biggest employer our workers had a competitive advantage directly related to health care cost (thousands of dollars of savings per car built just based on health savings)

One of the anxieties in our system is the perception that some of the “new” treatments may not be paid for…however if there is a comparable more cost effective alternative treatment, then the new treatment may not be funded unless there are exceptional circumstances, As well government program will not fund for care that has not been proven. It won t fund care that does not work or is not needed. At least it tries to do that. If services are not available in Canada (which occurs at times either that we don t have the expertise yet, or the wait is too long) then I have seen the system pay for patient to go to the U.S for treatment.