dual_bid

(L)ex-kidd-not-actly. That's why Yahoo and Goog/Tube and the rest of the www-guys do not actively police their content (only promise to remove infringing content upon duly made requests)

I think there's a difference between a "repost" and a "quote". Anyways, Sanjeev, you are taking some personal legal risk by exercising active censor control (instead of letting the owner request the removal of a piece). Just my 2c...

Sanjeev, you're full of rails lately... are you into one of the public leftovers?

Well, they put $Bs into BSNF vs. $Ms in BYD. Speak volumes... However there must be something more to it than what meets the eye, or else Munger would not have so signed its fate: "I think BYD will work out very well. I think it will give pleasure to shareholders, and I think they will solve significant problems of the world"

Sanjeev, what's your take on it? Your "Yikes!" seems to assign a degree of overall materiality to the 3Q results.

1. More so, anyone long could be in trouble with any negative news... 2. Slowness won't matter... see point 1. Market will immidiately assume future impairments. 3. Anyway, I think Einhorn already won as he entered at +$50 back in 2007.

I think you're all way too harsh on A.S.. She's a woman that decided to write on things she found from close encounters with WB friends and family (that not one of you was privy to). I guess she thought about it hard... knowing 90% of WB's disciples, including the master, would not approve, and still went on with her truth. All in all, she wrote his biography from her point of view. I didn't like the personal touch of the snowball biography, but hope that the book she now writes - a WB investment book, with plenty of practical examples from his past - will be different and interesting. Lastly, I ascribe fully to her interpretation of the Sokol letter.

Instead of defensive macro strategies, I believe individual investors should protect their portfolio by focusing on picking up businesses that will manage to withstand extreme short-lived fat-tailed events AND grow through most deflation/inflation periods. (Sounding like a broken record, as I already mentioned this few times,) Coke's 1920-1940 history is a great example: losing a relatively small portion of its sales during the 29-31 experience and growing thereafter. My strategy is to lean heavily on basic utilities and on businesses that accessibly serve basic human desires, trading at reasonable levels. I won't escape volatility, but longer-term, it'll probably work out fine.

There's a similar thread at the VIC: http://www.valueinvestorsclub.com/value2/Topic/TopicDetails?topicId=16

Nice to hear him praise (very) long term analysis... following this board discussion (http://cornerofberkshireandfairfax.ca/forum/index.php?topic=2540.0): BTW, any idea on the availability of the GM 100yrs inputs online?

Where can you find Graham's analysis of US Steel and American Radiator? Is that in Security Analysis? US Steel - annex to Security Analysis (1951) and in "Financial Statements from the Viewpoint of the Financial Analyst" (an article you can get via libraries - I've talk about it here: http://www.buysidemetrics.com/?p=5429 - in Hebrew). American radiator - lecture 5 here: http://www.wiley.com/legacy/products/subject/finance/bgraham/index.html

Investext has nearly all sell-side reports. LexisNexis gives you the most recent two from Investext. Proquest gives you virutally all annual reports. You can gain access to the above via universities/libraries. Some Uni's gives internet access. Regarding the 20-30 yrs financial history, I would recommend reading Graham's 40+ yrs analysis of U.S. steel., his 15 yrs analysis of American Radiator and Buffett's 15-20 yrs analysis of Geico trends. I also know he read all of KO's annuals from the beginning - that is 100+ yrs. I hold KO's financials since 1919 and reading what happened during the roaring 20s and through the Great Depression gives you priceless insight into the NARTD industry economics throughout the big cycles, and, I would claim, to several other industries with similar characteristics.

could you give an example in NAV terms?

Sanj... I'm not sure I understand you. As far as I understand, NAV is calculated by taking the LP assets (say stock holding values at the given entering day) minus liabilities. However, those stock values may include large unrealized gains (with their inherent tax obligations), so a new investor's NAV will include those. No? On the other hand, had he entered AFTER the fund realized the large gain, his NAV would have been lower (because of the tax paid). No?

To the fund managers members of this board: How do you reconcile the deferred tax component in your NAV calculations? e.g. say your fund holds large unrealized gains, a NAV is set for a potential investor, he buys in, and a day later you sell the holding, realize the gain and pay your (.e.g) 15-30% tax. Now the NAV is obviously reduced by the amount of tax paid. Had the investor waited a day he would have received a larger stake in the partnership (Lower NAV). How do you reconcile this problem (new investors entering a fund with large unrealize gains)?

Viking, where can I get the full list of presenting companies? Thank...

http://www.calidagaming.com/news/Have-Warren-Buffett-And-Berkshire-Hathaway-Joined-The-US-Online-Gambling-Debate-03-03-2010.php

But he did, and continues to do so... in his own (very powerful) way.

Funny ad on top of this post... Doubleclick placed a lead (in Hebrew) for some gold trading company. The Hebrew reads: "Online Gold Trading" "$200 Bonus" "Will Gold trade up?" "No" (red button) "Yes" (Green button) http://i45.tinypic.com/1zps715.jpg

Check out this filing of Sharper Image Corporation's Settlement Agreement with its departing CEO: http://www.sec.gov/Archives/edgar/data/811696/000119312506261766/dex101.htm You want to focus on Section 7 therein... HT: footnoted, of course

According to the NYT, GS could also be given the gold medal for its Mortgage Call: http://www.nytimes.com/2009/12/24/business/24trading.html?_r=1 BTW, anyone know of any GS-FFH relations? (simliar to GS-Paulson mentioned therein)

Any idea if berkshire wires in advance the date of issuing its annual report/WeB's Letter? Normally on Saturday early March, but is there an official release note with an exact date? Thanks...

Speaking of financial history, here is Wesco's 1990 letter (http://www.docstoc.com/docs/949558/Wesco-Financial-1990-Letter), which was cited in the BRK 1990 letter (with regard to the banking industry). Charlie, as usual, turned out quite prophetic and the whole letter is a very good read if you like financial institutions, but I like the following paragraph the most: "We ... assure Wesco shareholders that this reform-minded section of our letter to shareholders is an unlikely-to-be-repeated aberration. It was caused, in part, by a combination of (1) overwhelming disgust with the present scene, and (2) long association by the writer with an eccentric fellow who may not share all the notions herein expressed but who encourages this kind of writing. This eccentric, who heads Berkshire Hathaway, Wesco`s parent corporation, believes for some reason that accumulated wealth should never be spent on oneself or one`s family, but instead should merely serve, before it is given to charity, as an example of a certain approach to life and as a didactic platform. These uses, plus use in building the platform higher, are considered the only honorable ones not only during life but also after death. Shareholders who continue in such peculiar company are hereby warned by our example in writing this section: some of the eccentricities of this fellow are contagious, at least if association is long continued."

Don't get me wrong, I like and respect Mohnish. I just thought it would add some substance to your PR-like heading.

Can't one roughly granulate through 13Fs filings?