ValueMaven

Still seems fairly cheap to me...although, not the bargain price the stock offered us in early Jan/Feb of 2016!! Sincerely, ValueMaven

So the B shares are trading at 1.4x BV? What do you think they are trading at to IV? Sincerely, ValueMaven

Yes - the AIG transaction Berkshire did about 1 month ago. A lot was written on it at the time.

One of my more favorite lines: 'Some years, the gains in underlying earning power we achieve will be minor; very occasionally, the cash register will ring loud. Charlie and I have no magic plan to add earnings except to dream big and to be prepared mentally and financially to act fast when opportunities present themselves. Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do'

Yes - that was very interesting and odd all at the same..... ValueMaven

'Last year, as I mentioned earlier, we spent significant sums getting Duracell in shape for the decades ahead' What do you think this means? I have my own thoughts...but would be interested to hear what other shareholders think?! Sincerely, ValueMaven

No mention of 1) Trump 2) Wells Fargo 3) Airlines (outside of saying BRK just bought some 4) APPL.... Brilliant letter in typical Buffett format... Would also be interested to think what others feel BRK's Book Value is currently.... Sincerely, ValueMaven

Full video is on Youtube:https://www.youtube.com/watch?v=70nGRBvqFNw ‘You may have all of these feelings about the stock….THE STOCK HAS NO FEELINGS ABOUT YOU’ WEB ValueMaven

Cant forget about his DISH pump and dump short either...

Yes it has - although they will say it hasnt...Of course as Mr. Market changes, one needs to adapt, so I have no issues there. You're best bet is to read Prem's early investor letters - I would say from the late 80s to mid 90s he was deep almost distressed value. They made big $$ in natural resources related companies, miners, gold, and banks early on. Then in late 90s/early 2000s they started to switch to the 'better business' and even wrote that the three stocks he would 'own for ever' would be Wells, J&J and Heinz. They have since sold these names for huge gains, and are now back in distressed equity since 2009 I would say. Would love to get other shareholders view ValueMaven

If so, what years stood out?

Thank you for finding and posting this! Sincerely, VM

Will anyone from the board be attending? We should try and sit together! Sincerely, ValueMaven

Do yourself a favor - half that position in BRKB and buy some FAIRFAX!!!

Great question!! 11.11%: Gross's Janus Unconstrained Fund: JUCTX (I think of this as macro w/HY overlay giving me 2-3% in HY ST exposure w/Gross's macro overlay) 8.64%: PIMCO Total Return: PTTDX 8.84%: LSB Industries: Special Situation Equity 9.5% Wells Fargo 62% Cash: Valuation trumps everything... Sincerely, ValueMaven

Down 50% in SHLD?? Sitting at ~$12, even with all of the spinoffs, its much more likely he is down -70% or more in the name...decent interview actually

Thank you for sharing. I’ve followed BM’s career for a long time. Jim Chanos recently asked Mr. Miller a fairly routine accounting question regarding Valeant and Endo’s business model – Mr. Miller couldn’t really answer it…I think he has lost his way, particularly for a ‘best idea’ http://video.cnbc.com/gallery/?video=3000554841&play=1 Sincerely, VM

Tremendous upward movement/short squeeze in commodities going on today…things up 8% -10%. Do you buy into it?

What are the Preferred's are people look at? Relatively new to this idea...apologize Sincerely, VM

He says he is a 'preferred' shareholder in Fannie and Freddie...who 'has a contract'

Yes, Bruce makes a very interesting case! If I wanted to look at the Preferred's he is referencing, which ones should I look at? Sincerely, ValueMaven

Has anyone put together a current valuation of Fairfax, and where that might stand today?

Dear petec, I thought you raise some very interesting points honestly. Valuation is at the long-end of Fairfax's historical range, and as you noted, interest rate sensitivity has increased materially. Also, gains from investment management have been just OK, and hedging has really cost the firm. Mr. Watsa will be speaking at a value-oriented conference in a month at NYC...It will be very interesting to see what he has to say!!! Sincerely, ValueMaven

Dear All: How do you view your investment in FairFax? As a significant stake of your portfolio, which you will likely never sell (direct owner mentality) ? A position, which given Mr. Market’s mood, you might trade around (sell above 2x BV, or buy below 0.75x BV for example). Just trying to gauge sentiment here? Even buying Berkshire when Buffett was 66 years young (Mr. Watsa’s birthday just past this last August) turned out to be a huge risk-adjusted homerun for investors

Good Afternoon. Prem Watsa of Fairfax will be speaking at the 26th annual Graham and Dodd Breakfast hosted by Columbia Business School on October 28th, 2016. Link: https://www8.gsb.columbia.edu/valueinvesting/events/breakfast If you are attending, please drop me a note and we can 1) meet beforehand and 2) try and sit together I highly recommend attending Sincerely, ValueMaven – NYC