DynamicPerception

Really enjoyed the 15 minute video, "The Legacy of Benjamin Graham", twice.

Equity Hedges 1) existing swap contracts referenced to the S&P 500 index (at an average S&P 500 index value of 1,062.5). 2) by entering into total return swaps referenced to the Russell 2000 index (at an average Russell 2000 index value of 646.5) At June 30, 2010, these hedges represented approximately 93% of the company’s equity investment exposure.

The Bruins looked a little tired last night and I heard they had to stay in Toronto last night because of some travel problem and fly home this morning while the Leafs flew to Boston last night. Maybe the hockey gods are smiling on Toronto!

SharperDingaan, benhacker, As always great posts from you guys.

Trial date set for Nov18. http://www.reuters.com/article/2013/05/03/sac-steinberg-insidertrading-idUSL2N0DK16W20130503

I have a 1991 300HP Evinrude V8 - Model J300PLEIE - Serial No. G 2983736 I ran it from 1996Jun to 1999Oct. It sunk in 1996Oct after the jackplate split off my 21' Charger STV. I was cruising about 90mph so it went under water hot. The foot should be fine. I have the prop. The cowling was shattered. It has Land & Sea heads(16 spark plugs, 16 coils) and I have the original heads. I kept it and was always thinking I'll rebuild it some day. As often happens some day never came. The reason for this post is to see if anyone in this forum may know of a possible site or group that may deal in older high performance engines of this type. Any suggestions are welcome.

Looks like Prem is on his way out!

Great Name! Epictetus: (Greek:AD 55 – AD 135) was a Greek Stoic philosopher. To Epictetus, all external events are determined by fate, and are thus beyond our control, but we can accept whatever happens calmly and dispassionately. Individuals, however, are responsible for their own actions, which they can examine and control through rigorous self-discipline. Suffering arises from trying to control what is uncontrollable, or from neglecting what is within our power.

Thank you for contacting the U.S. Securities and Exchange Commission. When the SEC enforces a civil action against a corporation guilty of violating SEC regulations, there may be a fine imposed. Monetary penalties levied by the SEC fall into two categories: civil money penalties and disgorgements. Civil penalties are usually paid by defendants found to have engaged in violations of the federal securities laws. In the past, civil money penalties went to the U.S. Department of the Treasury. A civil money penalty's value will usually be similar to the monetary value of the individual or company's ill-gotten gains. Under Section 308(a) of the Sarbanes Oxley Act of 2002 (the Fair Fund Provision) (http://www.law.uc.edu/CCL/SOact/sec308.html ), the Commission, in appropriate cases, is authorized to distribute civil money penalties to harmed investors. The second type of penalty is called disgorgement. This penalty is a remedy meant to restore, with interest, the funds that were obtained through illegal or unethical business transactions to the victims of the illegal activities. With the enactment of the Sarbanes-Oxley Act in 2002, the courts gave the SEC the ability to distribute disgorgement proceeds (plus interest judged owing on it) and civil money penalties received to the victims of securities law violations through the Fair Funds for Investors provision. If disgorgement has been ordered, the court will appoint a receiver and an investors claims fund will be established. Information about specific investors claims funds can be found on the SEC website (http://www.sec.gov/divisions/enforce/claims.htm). Although disgorgement may be ordered in a specific case, there are situations where no investor claims fund may be established, for example the money cannot be collected or the amount recovered is too small to distribute to the investors eligible to participate in any distribution. In this latter situation, the funds collected will go to the United States Treasury. Sincerely, Rinell Randolph Attorney Office of Investor Education and Advocacy U.S. Securities and Exchange Commission

+1 Very interesting.

These large fines charged by the SEC($614M or $616M), where does the money end up when/if they're paid?

Also enjoyed the video.

For those who may not have seen CBS 60 Minutes on China and Housing that Prem mentioned. About 12 minutes not counting the beginning ad. http://www.cbsnews.com/video/watch/?id=50142079n

The only thing I have heard was a welloff couple comment that the money they have invested (with a financial advisor) is doing very well and they are quite satisfied.

I would like to add my congrats for the board as a collective and for you personally Sanjeev for the levelheaded and sound thinking you provided all through the seriously troubled times Fairfax experienced. You probably saved many investors some $.

Dazel, I agree enough said but one last comment, as far as a 'Sigma 6' event Fairfax has had a couple of bad runs using Share Price as a metric. 1) 1998 - $540.00 and 1) 2003 - $226.11 2) 1999 - $245.50 2) 2004 - $202.24 3) 2000 - $228.50 3) 2005 - $168.00 4) 2001 - $164.00 5) 2002 - $121.11 1999 to 2005 were Prem's 7 lean years and (6 down years and 1 up) 2006 to 2012 were Prem's 7 fat years (2 down years and 5 up) So many things have happened and changed in these 14 years. Personally I'm considering them a wash and look forward to 2013 and beyond.

Better to be safe than out of business. Its a long way to $650.00.

Partner24 The only trouble with this type of analogy is it doesn't take into consideration the dynamics surrounding FFH's position. There is a crew of guys monitoring things daily who are ready act/react quite quickly. I know you know this but I always like to think about these guys and some of the interesting meetings they must have.

I believe it is unrealized but its still Marked-to-Market.

Its only $-1,000,000,000.00.

Fairfax's gain on RIMM today $106,820,682.00. Not too bad.

"I think WEB tried TA as well." He did. His problem with the charts was that when he turned them upside down they still looked the same.

The dividend was Prem and company's way of treating all shareholders equally without getting into bonus payments, stock options, higher salaries etc. I think he still only takes a $600,000.00 salary.

Since 2002 they have paid out approximately $975,705,000.00 in dividends.

How about: http://www.dataroma.com/m/holdings.php?m=FFH