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This is one of the best lollapaloozas out there so it is hard to improve but here some interesting ideas. One suggestion is to have a discussion session where various topics can be discussed at various tables. For example, a discussion of Greek securities, E&P securities or Asian securities at a given table. Folks can visit the tables of there investment interest. Each table will have a discussion facilitator and maybe a list of topics to get conversation rolling. I am not sure how this will work with the dinner timing so maybe it could be done before or after the formal dinner hours. I would like to hear Francis speak on where he is seeing value and maybe some specific examples. His talk at the Ivey seminar 2 years ago was great and he has made some interesting investments recently in Europe (Russia and Greece). Packer

At the time of refi, there will be some paydown as there is amortization on the loan. BTW I do not see why interest should go up given the huge amount of excess savings looking for return and goods inflation not in sight. Packer

In most cases and I believe it is true for AIQ that the borrower buys swaps to lock in a fixed interest rate. Based upon the latest 10-Q they have swaps for 50% of the debt and caps for 50% of the debt. Packer

There are only two places in know where you can find stock that cheap and growing, S. Korean preferreds and HK real estate hold cos. Some the S. Korean preferred at that price include: Lotte Chilsung, Taeyoung E&C, Daelim Industries, Nexen Corp, BYC, Sebang Corp., Daesang Holdings and Doosan Holdings. Some the HK Real Estate hold cos include: Shun Ho Resources, Asia Standard, Lai Sun Garment, CSI and Allied Holdings. If you want to pay-up to 5x or 6x earnings pretty much most of the CA regional banks in France are in that range. Another 2 in NA are Alliance Healthcare (AIQ) and Awilco Drilling (AWLCF). Packer

My understanding is this benefit is primarily tax-paying entities (your distribution is partially tax shielded by the amount of the depreciation) however upon sale the tax benefit is recaptured. So it is more of a tax deferral than a reduction in taxes paid. In terms of calculation, the entity provides you with a calculation of the depreciation and the distribution. Where it gets more tricky is on a state level as you are a partial owner of a business in each state the MLP does business in and you have to file in each state so the admin headache can be severe if you have a small position. Packer

From my understanding you are going to pay tax on any income the MLP generates (as this is considered UBTI) over $1,000 per year at your current regular income rate. If you can buy an amount to stay under the $1,000 per year exemption you should be OK. You may want to confirm with a tax accountant though as I have only had one LP in an IRA and the income was below the $1,000 exemption. Packer

If we can get some details that would help. Those rates of returns on land in the right area at the right time are not unheard of. Remember land is like an out of the money call option on the price of real estate in a region and if you get non- recourse financing it is like a call on a call. Packer

Merry Christmas to all CoBFers. It has been a year full of blessings and I look forward to what next year will bring. Packer

I would ask myself where do I want to be in 10 years? Find someone in that position and ask them how they got there. Also what has been your experiences to date. Have you worked in both small and large firms and developed a preference? After my MBA I transitioned into a valuation job at a Big 4 accounting firm even though at the time I knew I liked smaller firms because that was my only choice. I was eventually able to transition to a smaller firm and have been there ever since. Another question is did you feel you would fit culturally with the smaller firm? This is more important with the smaller firm as there will be fewer tribes to become a part of. This sounds like a good choice to have hope all goes well. Packer

I think the EMH has caught up to some of these managers especially the large cap ones. This has not only happened to CM but Longleaf, Weitz, Tweedy Browne, Sequoia and others. I think it has gotten to the point where you have to ask is the 1% fee worth paying versus a value tilted index fund. Packer

Fidelity does allow foreign investing. I have a Roth IRA with them. International investing can have higher fees if you are used to the US discount broker fees. Packer

If you look at what has been done and not what has been said, Russia has more rule of law then many places. The only takeover moves I have seen are taking of previously owned state assets whose owners are in opposition to the current regime (Yukos and Bashneft). These are in the minority of publicly traded assets in Russia and the disclosure and BoD of some firms are on par with Western firms such as Lukoil. Packer

That plus the Russian tax regime should cushion some if decline of oil and the ruble. Packer

It appears the whole market from bonds to stocks is crashing. Gov't bond yields have spiked from 4.5% in Sep to 9.2% now and every other Greek security is being priced with higher expected returns as a result. Packer

Yes I do invest looking at the valuation of the underlying firm. Many of these preferreds have declined back to levels of this Spring thus are really cheap IMO. Packer

Gio, The tax situation sounds pretty bad. I would look for distressed investors like Wilbur Ross' SPAC (WLRH). Packer

Gio, I am surprised you are not allocating any to Howard Marks and company with a potential $1.5 trillion of distressed debt by 2016 to 2019, he will be minting fees. Packer

I am grateful for my wife, kids and great family and the folks here. As a group we bless each other more than we could as individuals. Thanks for keep the board going Sanjeev et al. Packer

The management fee is pretty steep at 1.5% plus 20% above 5% with a high water mark. Packer

Hasn't he recently stated that he doesn't think the market is overvalued today. He is pretty frank when he thinks the market is overvalued. This in my mind carries more weight than the use of one of the indicators he has used in the past. Packer

Does anyone know of a way that a non-Indian can buy Indian equities? From what I have seen online, buying individual securities is not allowed for non-Indian US investors. TIA Packer

Has anyone heard any updates on this? Packer

Congrats. It sounds like you have the beginnings of a nice compounding machine. Packer

I really like the first edition as it reflects Graham's original philosophy and the use of comparable multiples to value stocks. Packer

I have found ideas from Baupost and Oaktree. Packer