Myth465

twacowfca I just dont buy that logic. Its a partnership between the worker and owner class. They need each other and should work out an equitable agreement which allows the country to finance itself. Where that agreement works is a moving / debatable target but as of now the country cant finance itself and that has to change. Its going to require spending cuts and tax raises. Everything else is just ideology and theory (theory mostly based on ideology).

As a Texan, I dont believe in state income tax. The very idea of it bothers the hell out of me. But this is a poor argument inmo.

Thanks alot very interesting interview.

I think you are right, and bought a bit today. We should have an ok Q3 and a very good Q4 with alot of reserve releases so long as things hold up, and may have a nice dividend depending on the buyback & share price.

I bought a little LRE, and have held everything else. I have 4 positions up 5%, its a bit weird, though yesterday was a bit painful. Mr Market being manic depressive is proving to be more and more useful.

Anyone selling?

LOL - What if my birthday is tomorrow and its on the edge of one of the cutoffs. I think it may be misleading.

Bronco I admire your restraint. I know this issue is near and dear to your heart. I was going to start a post against free trade but didn't want to give you a heart attack. I heard a very intriguing interview by a Conservative Economist advocating against free trade. With regard to taxes, you can be for higher taxes and work to minimize your tax burden legally. I would say that's smart, not hippo-critical.

Lol, you guys really know how to make a guy lol during a boring day at the office.

I own the pinks. But I dont push alot of capital around (thats a high class problem I wouldnt mind having). Depending on the position size it may be worth moving to LRE. Very interesting. I love the fact that these guys arent trying to take over the insurance world. All profits go to buybacks or dividends unless rates look real good. Plus limited investment portfolio risk. I really like the model. The only real risk is limited to insurance (they have eliminated most of the capital allocation and investment portfolio risks). We will get hit one day, and then will see where things stand but so far so good.

Ya this was pretty funny.

Thanks alot for the rec, this has proved to be a crown jewel and I think its worth paying up to book value for. When things go south (such as with Horizon), we end up getting it all back due to rate increases. I dont know what will happen should the perfect storm hit but neither does anyone else. I am up 20% on LRE YTD, just wish it was a much larger position. I will definitely be adding to it right after Hurricane season.

Lol Also this is not US GAAP. :)

This is a pretty stupid disagreement. Though I can see where you are going broxburnboy, you are basically trying to redefine the definition of a word to suit yourself. While that's fine I think its ruining the discussion everyone else is trying to have :). http://en.wikipedia.org/wiki/Net_worth In business, net worth (sometimes called net liabilities) is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time. In the case of an individual, the term estate is used in relation to deceased individuals in probate. For businesses, the term is used in the context of fraudulent law and on the dissolution of the company. In personal finance, net worth (or wealth) refers to an individual's net economic position; similarly, it uses the value of all assets (long term assets) minus the value of all liabilities. Net worth in business is generally based on the value of all assets and liabilities at the carrying value which is the value as expressed on the financial statements. To the extent items on the balance sheet do not express their true (market) value, the net worth will also be inaccurate.

Looks like there are 2 Morgard, the REIT and the regular corporation. Any idea why they have it segmented into 2 companies. Also looks like they do joint deals from time to time.

Can we post our most updated checklist and then edit it as a forum to see what we can come up with? I would be interested in adding my 2 cents (though its worth quite less than that).

I think the key word is hope. I think they will sell off the holdings and allocate the capital going forward. I would invest if I had a margin prior to the transformation or post it.

Thank you sir, I am a happy camper just opened up the PC, and we are up 6%. I am reviewing the presentation now, with a big smile on my face. I have a big chunk of $5 leaps. I probably should have went out of the money but was unsure where things were going or how long we would be under $4. I think for CHK I will go deep out of the money. Either gas is $7 - $10 and I make a significant return or its at $4 in 3 years and my premium is worked off. I think its a good speculation for a 3 - 4% position. What do you think?

I guess for me its not so much a what if but a way to think about value / competition. For us or me something looks expensive if its above 10 - 20 Earnings or Cash Flow, but in the scenarios outlined above or to the right acquirer it may be justified to pay upwards of 50x CF / Earnings. That was more my point, and not so much a what if. My point was that many value guys would have taken issue with Blockbuster overpaying to buy a small netflixs a few years back, but in hindsight they could have paid just about any price and been better off.

Thanks T Bone, I am guessing we get a few of those at the company I work for and will have to check them out. I will have a read and poke around CHK, but will likely end up buying the 2013 Leaps towards the end of the year. I figure that should be more then enough time. I think you are right, Ken Peaks seems so confident despite all the fundamentals going the other way, and everyone seems excited about the XTO deal. Zorro you added quite a bit of commentary in the SD trade and pushed me to look a bit deeper as well. It looks like SD and ATPG are both moving a bit, though I am unsure whats kicking up SD. Hopefully its just value being its own catalyst.

Thanks alot. Very good notes.

I would hope separately but probably together.

I have learned alot about options from this board. I think the main thing is you need a catalyst. I am not buying Sears calls because I dont see one.

I would retire on $1 million, as an investor $2 million. I figure I can earn 7.5% to 10% on that cash and live off $60k - $100k. I would still do stuff but my 9-5s wouldnt be fully booked.

Hi all, This topic comes up quite a bit, but we tend to get long laundry list of names / stocks. We typically dont get any other detail then the ticker and Manager. I thought it would be a good idea to repost the topic but limit it to 1 or 2 ideas. I think the idea plus some sort of detail as to why you like the company / what you think the company may be worth, and if you think the company might be a good investment now. Hopefully it catches on. For me I will grab some low hanging fruit and start with FUR. I posted my thoughts on valuation here - http://cornerofberkshireandfairfax.ca/forum/index.php?topic=2022.30 Basically its a play on commericail real estate. I think its worth around $13 - $15, and gives you a free call option on Ashner's ability to keep finding good deals. They just sold some shares and have several good prospects for new building and loan acquisition. I sold shares around $14 and would bought more around $11. I would buy here but its already a decent size holdings. I am guessing the stuff they are looking at will prove to be very profitable. Loews is other low hanging fruit. A member posted a valuation here - https://spreadsheets.google.com/ccc?key=0ApYtMgkh8FHjdHNvVHZJUk51QjNzZ3doSkxjaTlweHc&hl=en#gid=1 and I think its a good proxy. Loews is buying back shares, flush with cash, and is run by decent capital allocators. I bought a bit ago when the moratorium took RIG shares down, and I think its a good deal because all of the subs are experiencing weakness / stress (CNA, Highmount, DO, BWP, Loews Hotels). You get a double discount, and should do quite well if Energy or Insurance turns. Congrats on the baby Bronco, is it still any day now?