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JEast

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Posts posted by JEast

    Wells Fargo & Overstock.com Win Compuware Best of the Web Gold Awards

    in General Discussion

    Posted

    I have liked Overstock's website for years and have purchased many items from the company.  In the several years as a happy customer, I have had only one issue but which was supported timely and friendly by customer service.  I say this as I did not understand the attached Reuters article where 'Overstock.com Inc came last out of the 40 largest online retailers' in customer satisfaction.

     

    http://www.reuters.com/article/2011/12/29/netflix-onlinesurvey-idUSN1E7BS03R20111229?feedType=RSS&feedName=technologySector&rpc=43

     

    Cheers

    JEast

    Bonds Continue To Rally

    in Fairfax Financial

    Posted

    It would appear after the FED's recent announcement to keep a zero percent environment a year longer than expected, 1% on the 10 year treasuries is more likely than 3% anytime soon.  Irrespective, I still would like HW to sell some of their/our long-term bonds.  Another 70bp would be a nice addition to BV, but assuming FFH is still roughly 90%, or more, hedged, buying some businesses or equities would appear to be more beneficial to long-term shareholders.  My 2 or 3 cents.

     

     

    Cheers

    JEast

    Highway Bill

    in General Discussion

    Posted

    The US has not signed a surface transportation bill (i.e. highway bill) since 2005.  The resulting impact has been eight short-term funding efforts by congress.  Past legislative bills passed were usually of the six-year plans for the funding.  This allowed local governments and businesses to plan.  The continuous extensions have put most state projects on hold since local governments cannot plan long-term and subsequently only fund local repairs.

     

    Not that I invest on the gamble of legislative, or crony capitalism, but what are the board member's thoughts on some of the benefactors for a six-year deal come 2013?  Aggregates?  Heavy construction? 

     

    Cheers

    JEast

     

    SHLD anyone?

    in General Discussion

    Posted

    Whitman also was pounding the drum on MBIA back when Ackman was shorting it.  We know who won that one

     

    From a price only perspective of MBIA - this is true.  However, I am of the belief that once the lawyers and the judges got involved with MBIA then the law changed which flipped the analysis.  In the end, we are in the probability business, not the certainty business.  One could fault Whitman on this specific case, but much like John Bogle, he has been a steward of the mutual fund industry.

     

    Cheers

    JEast

    SHLD anyone?

    in General Discussion

    Posted

    Just got around to reading the Fall 2011 edition of 'Graham & Doddsville' which was probably put together sometime in September/October.  As a big fan of Marty Whitman, I was somewhat surprised that he was quoted as saying Sears was toast.  This even though he teamed with ESL on the Kmart deal.  I would assume he is starting to like some of the bonds or trade receivables though.

     

     

    Cheers

    JEast

    SHLD anyone?

    in General Discussion

    Posted

    From someone who likes Sears as I have spent around $6k there just in the last couple of months, and going again this week - I guess the option market did know something after all.

     

    Now might be the time to sell the puts for a calculated speculation given that the news is out.

     

     

    Cheers

    JEast

    SHLD anyone?

    in General Discussion

    Posted

    For all the talk about using the option market, I would mention that the option market makers aren't stupid.  With the skewed price of the puts, I would suspect that they are priced right.  Meaning that SHLD will probably go lower.  Anyway, just a cautionary note.

     

    Cheers

    Jeast

    Bonds Continue To Rally

    in Fairfax Financial

    Posted

    As we gather steam back to the bond September lows, let’s see if the FFH team finally sells some of those long dated bonds.  From the 3rd quarter report it would appear that they had not.

     

    I am sure HW sees good equity values currently that we could surely exchange.  Given the opportunity for another 25% gain on bonds (some would argue) versus 10%+ earnings yield (plus dividends) seems like an easy exchange.  Some bond gains for more equity positions is requested.  If the birds chirp more, let’s give them a little in the next few weeks :)

     

     

    Cheers

    JEast

     

    USPS Lost $5.1B

    in General Discussion

    Posted

    Not to sound socialist, but USPS does an under appreciated job and connects the country to rural areas that are not to the benefit of profit.  Also as an example, the USPS delivers on Saturday whereas most other services (or all) do not. 

     

    However, I would suspect that we do not need 6 days a week service anymore.  The question is what day do you eliminate service on?

     

    Cheers

    JEast

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