NormR

It's been a heck of a good year! :D

I think Sanjeev has made some very good points on this thread. There is the potential for a bit of positively-biased group think when it comes to FFH on this board. Heck, it was (in a former incarnation) one of the few bullish sources during the bear raids. Now that some of the big problems appear to have been solved, what sort of multiple should FFH go for? It's obviously an interesting question. How low will it go should pessimism return? What's the upside?

$100,000/share in no time. ;D Ah, for a return to 3x book. Drool. ;)

Someone had a good FFH spreadsheet hanging around. I've a less good one that I just quickly together over here ... http://spreadsheets.google.com/pub?key=t1g_3Sd723z8cS0NdGxGZ4Q&output=html

Seems like a triumph of rhetoric over (in)action. ??? I suspect Obama should thank W for the prize. ;D

Count me as liking both FFH & ELF. Irwin is also keen.

Behind Monty Hall's Doors: Puzzle, Debate and Answer? And Behind Door No. 1, a Fatal Flaw

Happy Summer! I'm on the road at the moment and I'm only connected via a very slow dial up. So I'll be rather brief. That's the big problem with the method. It's hard to put even a moderately diversified portfolio together based on only a few stocks. Also, the volatility of a 'few'-stock portfolio will likely be higher than most regular investors can handle. I'll also echo big P's comment that screens really should just be the starting point for further research. Cheers!

Although I'm not that keen on gold, one can make the case for it as a hedge. Rigorous rebalancing is usually suggested with a relatively small overall allocation. Say 5% to 10%. http://www.efficientfrontier.com/ef/996/rebal.htm

Now I'm in good even better company. ;)

A word of warning to those looking to start out in Ontario. The regulations are due to change at the end of September. IIRC, the changes are likely to pinch small operators. Higher capital requirements, etc. See http://www.osc.gov.on.ca/HotTopics/RegReq/ht_regreq_index.jsp. Now, don't bug James, but he's run a small OM fund with minimal expenses for a long time (Malachite Aggressive Preferred Fund). As of the last audited statements, total net assets were $253k and expenses were $1640. He runs are rather tight ship. I'll also point out that the fund business is about asset gathering. To be successful, it's helpful to be a good salesman. The asset gathering part is likely to take more time and effort than expected.

These days to get an IC license, in Ontario, a CFA is good for the educational requirement plus 5 years working for another asset manager. The last item is the big problem for most. But exceptions can be granted. More importantly, the rules are due to change this Sept. and some of the new rules aren't friendly to new operations. >:(

I hear they'll provide vendor financing to anyone willing to take California off their hands. ;)

I agree

Spiritual TV fits Moses' Zoomer vision http://www.theglobeandmail.com/globe-investor/spiritual-tv-fits-moses-zoomer-vision/article1182900/ Humm, sounds like there might be a little 'tilting at windmills' with this one. I doubt advertisers are going to suddenly fall in love with old folks. :-\

He runs a hedge fund in Canada and doesn't disclose holding.

5x book, after presumably some growth in book value to get people excited, that would be a fine thing! Drool .... ;)

Anyone understand the Magna holding which is in the top 10?

U.S. or Canada?

After some prodding, Sam talked up ICO at the FFH dinner. Francis Chou also gave it the nod. (Mind you his funds didn't hold any at the end of 2008). What do you think?

Thanks for setting up the pre-pint event JEast! It was surprisingly well attended and a great idea. :)

Yes, many thanks to Sanjeev. It was a crackerjack of an event. Just marvelous!

Re: Sellers' piece, there is another/additional possibility. You might not only be born with 'it' but 'it' might change over time. That is, you might have to be lucky enough to have your innate investing style fit with the times you live in. If not, returns may be less than optimal.

I've sort of had a similar reaction. Mind you, its also rather unlikely that most people can retire at 35 by following a simple high dividend yield strategy. So, he might be an effective book salesman but the strategy doesn't really live up to his hype. (This is coming from a fellow who also happens to be a fan of dividend strategies.) Recommending the option stuff to joe and jane investor verges on being reckless. IMHO, both leverage and options should be left to the more daring and/or experienced investor. Mind you, both leverage and options can make an enterprising investor rich in short order.

Fair enough, I was given his first book but I've yet to make it all the way through. (I was distracted by other more technical books.) So far, there's not much there for more seasoned investors but the writing style is clean and straightforward. He does love his '!' a bit too much. :) I suspect your last point is what gets people going. But he's hardly as bad as the other fellow who suggested living off of welfare/OAS etc. (I'm forgetting the author at the moment.) IIRC, Derek just takes the government perks given to him (baby bonus type stuff) and aims to get his income via Canadian dividends which are taxed lightly for low income folks. (The book income knocks that around a bit.) I remember running across a survey that indicated that 50% of people admit to cheating on their taxes. So, it's hard to take anyone to task for legitimate tax planning.