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  1. Fannie wouldn't have to make enough each quarter to cover the dividend payment. Each quarter they earned more than the 10% coupon on the outstanding senior preferred could pay back some of the senior prefereed (with Treasury's permission) thus the interest owed would decline like a melting snowball. The huge earnings that ensued shortly after the net worth sweep could have diminished the outstanding senior preferred significantly and by now the senior preferred could be entirely redeemed.
  2. i remember Munger saying he agreed with Krugman generally. That may or may not be the case today.
  3. I wasn't at the meeting but have attended 10 or so BRK meetings. My guess is that he was referring to Paul Krugman.
  4. Great post! Certainly worth reading the whole link. After spending some time on Deepcapture.com and after reading the Fairfax lawsuit my eyes have been opened and the patterns of distortion are easy to spot now. This has helped me invest better.
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