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how many hours would the "3-4 weeks" you speak of be? my best investments have been those that I have acquired knowledge, understanding over many years and have added in new funds when the opportunity presents itself. my problem is that I sometimes want to jump in before doing all the necessary due diligence- i.e. sometimes I learn the hard way by making a mistake + losing money. How much time to people here spending doing due diligence, vs just scanning various news sites, blogs, etc looking for ideas? I am afraid I spend way too much time here (I spend more time scanning rather than doing focused research + thinking, like a lot of the real smart guys do here) I am trying to change that.

I am looking at PEY on TSE again. Sold several weeks ago as I did not like them issuing shares.(or did not know why they were) Seems cheap: at $17.44 selling at 69% of PV 10 of $25 Insiders own 8% (waiting for them to buy). Managers seem like good guys, honest and able. Low cost producer-they are making money at today's prices- their cost this past year has been ~ $2 per MCF They are paying a dividend I think they had a conference call today, as their year end earnings were announced last night http://www.peyto.com/news/YearEnd2011Release.pdf Mar 10,2012 Edit: PV 10:$20.42 http://www.peyto.com/news/2011Reserves.pdf operating cost was $2 per BOE

I think he was trying to make valuation based on a multiple of pretax earnings because he views BRK's growth coming from growing operating earnings- so he added earnings of investments (I think) to earnings of operating companies. I agree 10x multiple is not conservative. I liked WEB's estimate of IV = 8 x pre tax income of operating companies + market value of investments. Just an estimate because estimate could be off if investments are overvalued by markets. BRK seems like good value to me so Tilson could be wrong.

-I only read the headlines this morning thinking that they were abandoning properties for nothing. I am surprised at the amount of $170 million for 3 stores. -the shorts are getting crushed again today...up almost 10% again today.

congratulations mvsemt, I remember reading your blog on SHLD. Was the added investment soley just based on your original thesis or were you thinking something else. Balance sheet and possible problem in short term financing and possible BK scared me though my original thesis (the hidden assets-real estate, brands etc) was still intact.

not for nothing, according to NHL.com "In a shocking trade of top prospects, the Canucks traded Hodgson, a 22-year-old who had 16 goals and 33 points despite playing less than 13 minutes a night, to the Buffalo Sabres shortly before Monday's deadline in exchange for Zack Kassian," Canucks need more grit + toughness which Kassian will bring(that usually helps in playoffs though Kassian is only 20 years old), Canucks have plenty of pretty boys like Hodgeson. You ll like Kassian.

Speaking of conviction who here added to SHLD when it was down in December? I did not have the courage, though in retrospect I really did not have any info to rationalize adding. I was worried regarding liquidity. Balance sheet sucked. It probably still a gamble, despite recent incredible rise due to short squeeze. Any thoughts on how high this thing can go based on short squeeze- I know this is not how we should think as value investors but I am tempted to bail with a small gain

you re right it does not change their crappy stores at all. As has been said here before the thinking is that they will close/get rid of all their crappy stores, spin off what they can, hold on for economic recovery + try to get as much $$ as they can from their assets they don t want + be left with the assets (the brands, rental property, insurance company) they want. I found it amazing and surprised that they sold a lease on a single store for $250 million. I am sure they do not have many of these left. Have enjoyed the volatility in stock price. Interesting crowd psychology.

Guys, thanks for sharing. Would have been to shy to ask, thinking the last thing you need is a hundred guys asking to be PM'd. Hope I can return the favor some day,

I am surprised by the largest amount going into Taxable bonds + by a large margin.

RIJK, thanks for posting. Typo I believe-For those who have not read article, his bond duration is 0.8 years not 8 years

http://www.zerohedge.com/news/latest-market-craze-stock-trading-robots-reacting-stories-written-robots I had no idea. May explain modern day Mr Market. Better for us.

http://phx.corporate-ir.net/phoenix.zhtml?c=66508&p=irol-secText&TEXT=aHR0cDovL2lyLmludC53ZXN0bGF3YnVzaW5lc3MuY29tL2RvY3VtZW50L3YxLzAwMDAwMjA1MjAtMTItMDAwMDE1L3htbC9zdWJkb2N1bWVudC8z -company presentation -conference call in progress

Alert, you are right. we'll see how things work out with more time + make adjustments when the facts change. I am happy for the guys here who have made some gains on BAC. Feels particularily good for them that they have gained while the so called smart large players were bailing out on BAC. Its been fun watching from the side lines. I suppose I have benefited indirectly thru CHOU funds and BRK.

$190 million :( Personally, I feel bad for Falcone he is the type of manager I like to see succeed... -this is the problem when you re too concentrated, no? Didn t he have most of his assets in lightsquared? On a much much smaller scale I went all in with pretty much all my networth when I was younger-It worked out well as I was personally directly involved ie not a purchase of a public company-I don t think I would do it again. I certainly would have a hard time doing it with other people's money.

No. ~35% cash Meant that I was looking at BAC in december but did not buy, now crying sort of speak. I was really "smart" + held small amounts of FTR , SHLD, JOE that have been pounded.

Was it not Peter Lynch who would go to local shopping malls to look for ideas i.e. buy what you know + have an edge that the pros/analysts have not discovered yet.

ourkids, nothing wrong with 2%, at least you have 2 % + not sucking your thumb like I am...just think it might grow to 4% by x mas (noting wrong with that)

I like WEB's quote on leaving money for kids: "leave them enough so they can do something, but not enough so they do nothing" I agree that the upbringing is very important- learning from our example, learning to work hard, learning to deal with adversity (I find that sports is a great medium for this) re inheritance-We ve set it it up so that the kids educations are paid for, but then they have to fend for themselves until they are older (2 parts at 30 & 40) when they will receive whatever is left.

The Coldest Winter by David Halberstam I've put it on my list (you can never have enough perspective + you re right its only money). I have been trying to be more focused...getting down to one investment or security is inspiring but for me I would be happy being down to 5-10 holdings . Moore what is your ideal or avg # of securities or bets?

Oh, people on this board definitely do that. Several times I have had to push back after some claim that the price action of a particular stock accurately reflected the economic prospects of the security. I've also had to push back on people who contended the opposite -- that board members who were increasingly optimistic about the economic prospects of an investee company were actually fooling themselves because of the upward price action. -those emotions are natural to most of us -I find myself fighting them in both directions at times appreciate and thank Ericopoly for sharing his convictions in this security. He is a lot more courageous than I could ever be , especially with the amount of $$ we are talking about. i.e I could never, I don t think, invest so much in one security to risk having to go look for a job. It makes reading this thread + watching BAC that more interesting.

Very entertaining and informative info (as usual) guys. Keep the posts coming.

What do you guys think of the stability of top management: " Bailed-out insurer American International Group (NYSE:AIG - News) will review its succession plans after its chairman accepted a job as the chief executive of an airplane maker, the company said on Tuesday. AIG CEO Bob Benmosche has been in treatment for cancer since late 2010. Chairman Steve Miller was to become interim CEO if Benmosche were unable to continue with the job." http://finance.yahoo.com/news/AIG-reviewing-succession-rb-1874890134.html?x=0 Do you guys think this means anything? AIG seems like such a huge job that I would think that if I was Miller I would want to be there when everything is glorious again. Unless he knows something we should know.

Will read above later but found this this morning re Walter Schlosss's rules for investing (good summary): http://www.businessinsider.com/walter-schloss-16-golden-rules-for-making-money-in-the-stock-market-2012-2

http://www.gurufocus.com/news/160153/bruce-berkowitz-has-26-of-the-fairholme-fund-in-aig--dont-you-think-you-should-at-least-consider-it-for-your-portfolio "Isn’t it amazing that in one year Berkowitz has gone from being crowned the manager of the decade by Morningstar in 2010, to someone you are afraid to entrust your money to? I just don’t buy that Berkowitz has lost it. The mistake that Berkowitz has made in my opinion is that he has invested the fund's money the way he would invest his own money. He is taking a concentrated portfolio approach and trying to make as much money as he can, without risking permanent impairment of capital." Also article has a short video of AIG chairman.