Christopher1

I guess that the dividend distribution is a very unlikely event at BH. But just to try to read Sardar move from a different perspective. Cannot be that Sardar is trying to remunerate the "B" shareholders with increasing "money right" for the lower "voting power"? Cannot that be a fair way to treat shareholders if we can give a money value to the voting right? Just trying to see if there is a fair rationale to this move. Best

I remember that someone follows this company. A tough year for Plymouth. Executives are cutting their salary to reflect adverse reserve developments. http://www.prac.com/public/Plymouthrock/staticfiles/reports/rpt2010.pdf

Some pictures of the SNS Las Vegas opening: http://www.thevegastourist.com/things-to-do/steak-n-shake-has-finally-arrived-in-las-vegas/

Some initial rough calculation. Based on SEC documents the 8% convertible note purchased by Fairfax (CUSIP: 003687AA8) for a total amount of around 385M and wrote-off, will be converted in 5,906,078 shares of the new ABITIBI yesterday trading around 22$. For a total market value around 130M. The link to the SEC filings: http://www.sec.gov/Archives/edgar/data/1393066/000119312510281335/d8k.htm http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=5853557-1235445-1523563&SessionID=9-UbHF63508FiP7

Hi Partner, I feel very close to your ideas about jockey stocks, the only difference maybe is that I use a greater level of diversification. I try to stick with these stocks (if I'm fortunte I can find one jokey stock per year) in order to know them very well and try to arbitrage their relative under/over valuation mantaining a core position in each stock and allocationg the excess cash in the cheapest stocks in the portfolio. Regarding Bidvest, I heard about them in 2006 from a frind of mine living in Cape Town. He told me that in South Africa existed an extraordinary company lead by Brian Joffe that had compounded its value more than 30% for 15 plus years in a very consistent way adopting the same decentralized model of Warren Buffett. And in South Africa the range of products that Bidvest sell is really wide. From their history I think that Joffe goal of achieving a target of 30% ROE and 50% Return on average funds employed is a high probability event, so I hope that Bidvest investment will be fine. Best regards

Maybe OT, but I'd like to share my experience with SNS. Over the last month I went two times to the US from Italy (where I currently live), the first one in Chicago for business reason, the second one on the Est coast from Miami to Boston for holiday. I have been a WEST, SNS and BH shareholder. Of course I was very courious to taste the Steakburger, so I went with my Italian friends and collegues to three different locations Bartlett, Hallande and Miami. Definetly we can say that the Steakburger and the shakes are delicious, and the value is incredible. I was really impressed by the Miami location, I arrived there around midnight (it was tuesday) and the store was 3/4 full (around 70 patrons). I have been there one hour and a half in order to observe the store dynamics and the turnover was really fast with many young people. I leaved the store at 1.30 AM and the parking was packed yet. I visited the other two store during the week around 3pm and they were half full. My impression is that the brand is very strong and from an operational point of view SNS is really strong. Best regards

If you want to call a massive position in Berkshire (et al) plus the investment of Berkshire's funds in fully-owned businesses, 100% cash, then so be it. It is true that by 1969 he had moved Berkshire out of all its marketable securities positions (Berkshire 1969 annual letter), but those were being at least somewhat reinvested in other ventures. Just a couple of info about Warren and his cash position in 1970: - At the end of 1969 his net worth was about 26.5M. - From the unwinding of the BPL he received about 16M cash and ABOUT 10m in shares (BRK, DRC and Blue cHIP sTAMP). - Following the unwinding of the BPL, by the end of 1970, Warren reinvested his cash doubling his position in both BRK and DRC; - Instead he brought his ownership in Blue Chip Stamp from 2% to 13%. So I suppose that by the end of 1970 Warren with his personal portfolio was close to fully invested. Best regards

My positions: FFH BAM SHLD LUK MKL BH Bidvest BYD MCF LRE EBIX Some gold companies related to Robert Mcewen

Right, Buffett gave the first choice to his partners, I need to re-read the Snowball for the correct numbers, but I remember that the majority of the partners took cash and invested with Bill Ruane or Bond as suggested by the same Buffett. So he was left with the shares. Regards

From BPL letters and the Snowball is clear that Warren distributed to himself shares of BRK, DRC and Blue Chip Stamps. So he was completely invested even if he closed his partnership. Regards

At least he addressed the "insider trading" suspects about the selling of his capital balance of Biglari Corporation before the incentive bonus news: "On April 30, 2010, the Company announced that it had entered into an agreement with Mr. Biglari to purchase his entire interest in BCC for $1.00, exclusive of the adjusted capital balance of BCC through the date. The majority of the proceeds from the adjusted capital balance — net of taxes — Mr. Biglari reinvested in the Lion Fund, thereby increasing his investment as a limited partner. His reinvestment in the Lion Fund came on the same valuation date, April 30, 2010"

Someone was asking if FFH is buying SD on the new lows. Here we found the answer: http://www.sec.gov/Archives/edgar/data/915191/000120919110022937/xslF345X03/c99393_4x0.xml

Someone last year introduced the Plymouth Rock Company and their impressive results (BV CAGR 18,5% over the last 26 years). They are also a good equity investor with a very concentrated portfolio, now their 2009 annual report is out on their website: https://www.prac.com/about-us/annual-reports/rpt2009.pdf

More details about the insurance industry exposures, and the main players in the Chilean property insurance market: http://www.bloomberg.com/apps/news?pid=20601087&sid=aDjXMKh8EbFE&pos=7

It seems that they will issue 200$ of common equity. From page 15 of the 4Q2009 financial information supplement, regarding the Zenith acquisition: "The company intends to finance the acquisition with a combination of holding company cash and subsidiary dividends, and also intends to raise $200.0 through a common equity issue prior to the closing."

More details: http://www.bloomberg.com/apps/news?pid=20601087&sid=absoBYF9Y8yw&pos=6

If I understood the filing correctly, the following ESL entities have distributed about 4 million share to the partners: - ESL Institutional Partners, L.P. - RBS Partners, L.P. - ESL Investment Management, L.P. The remaining 60 million are still with the other two main ESL entities (ESL Investors, L.L.C. and ESL Partners, L.P.) So now Eddie owns directly 3,825,147 shares. Very interesting move.

I found this on the Motley Fool BRK board. Charlie wisdom as usual. http://sechai.blogspot.com/2009/08/interview-of-charles-t-munger-with.html

I found this interesting link to an excerpt from Baupost Group Third Quarter Letter to Partners: http://nakedshorts.typepad.com/investorletters/2008_1028_Letters/Baupost_Klarman_20081010.pdf I apologize if it's been posted in other topics.

Maybe I'm making a mistake, but on page 43 the 42$ million outlined are classified in the "6799999 Common stock - Banks, Trust and insurance companies" section that total 68$ million. "Various" refers to the vendor not the type of preferreds. The section "6599999 Total - Preferred stock" is equal to 1.64$ million. I thik the 42$ of WFC are only common stock.

I was checking the ORH's NAIC filing in order to find more detail about the WFC preferred. In the summary investment schedule (page 2) it's stated that ORH has about 1.800.000$ (unaffiliated 115.228$) in preferred stocks, without indication of WFC. The amount seem not relevant, but maybe I'm missing something reading the filing. I apologize for eventual mistakes.