mpauls
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Posts posted by mpauls
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Illinois Tool too expensive.
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Note: this is for the online, not print, version.
I'm not sure this is supposed to circulate, but I figured I'd share with this board anyway. Annual Premium Subscription to FT.com for US$84.00, a far cry from their regular rate of US$389.48.
https://registration.ft.com/registration/subscription-service/premium?cpgid=0313
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Look, just buy companies like Emergent Group (back in early December), and move on with life.
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Aren't you guys talking about David Berkowitz?
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I thought this was interesting.
http://valuehunter.files.wordpress.com/2010/12/pershing-sq-pres-11-3-10.pdf
pershing powerpoint on buying homes.
I Joke (mostly). Pershing Square IV
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Mr. Canyon Capital is a poser.
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Let me tag along if you get an invite to Omaha.
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I intend to do it, once I have time. It's already been a few years, but I fully intend to do it.
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I'm not completely negative on Tilson. He donates a lot of money and time to charitable causes and I think he is genuinely one of the "good guys", but I tend to think of Tilson as a bit of a poser.
He prances around the country setting conferences and selling newsletters, beats Munger (especially Munger) and Buffett quotes to death while rarely having any original ideas of his own (his book on housing may be an exception). But ultimately the level of his self promotion far exceeds his investment performance. When you look at his holdings relative to his performance, you have to wonder if he's just picking off 13-F's. The difference though is he appears to earn far less than others with similar holdings, if you "catch my drift".
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Sorry Gents, beyond audio books, I don't think anything of this sort exists.
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If you intend to live there for 15 years or more, just take your time and find an undervalued property and buy it. What more is there to consider?
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For what it's worth, (if you are logged in) you can download this attachment which displays Berkshire, Gold, and Real Estate since 1965. The real estate column are not actually from housing index, but rather from "net worth" figures taken from Business Statistics of the United States.
Please note: the percentages at the bottom state 65 years. This should be 45 years. Also Berkshire Numbers are "Book Value" figures, gold is per troy oz, and real estate net worth is in billions of dollars.
(This data was for personal use so please excuse the lack of clarity.)
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Here are some of his previous holdings:
Security Name
Ace Ltd
American Express Co
Aon Corp
Arthur J Gallagher & Co
Assurant Inc
Bank of America Corp
Bank of New York Mellon Corp
Berkshire Hathaway Inc
CVB Financial Corp
Discover Financial Services
FTI Consulting Inc
Fidelity National Information Services Inc
First Citizens Bancshares Inc North Carolina
First Financial Bancorp
Lender Processing Services Inc
Lincoln National Corp
MGIC Investment Corp, Wisconsin
PHH Corp
PNC Financial Services Group
Phoenix Cos Inc
Popular Inc
Principal Financial Group Inc
RLI Corp
Reinsurance Group of America Inc
Signature Bank of New York
TD AmeriTrade Holding Corp
Total System Services Inc
Two Harbors Investment Corp
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Here are his recent holdings. Sorry for the Formatting.
Security Name % Port
US Bancorp Del 8.15
Mastercard Inc 7.28
State Street Corp 6.79
Western Union Co 6.53
CME Group Inc 5.14
RenaissanceRE Holdings Ltd 5.13
PennyMac Mortgage Investment Trust 4.64
Chubb Corp 4.56
Starwood Property Trust Inc 4.48
Annaly Capital Management Inc 4.38
CIT Group Inc 4.32
Progressive Corp 4.1
JPMorgan Chase & Co 4.01
Goldman Sachs Group Inc 3.83
Charles Schwab Corp 3.62
Broadridge Financial Solutions Inc 3.47
Aercap Holdings NV 3.41
MB Financial Inc 3.35
Genworth Financial Inc 2.86
Global Indemnity PLC 1.83
Blackrock Inc 1.83
Leucadia National Corp 1.78
Hartford Financial Services Group Inc 1.61
Pnc Financial Services Group Inc 0.77
First Financial Bancorp 0.76
Chatham Lodging Trust 0.68
Wells Fargo & Co 0.67
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I find it very unlikely that Buffett takes the exchange.
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I don't consider Dell a tech company.
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Something was said about this earlier this year.
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Here are additional details. (For those wondering, I share the idea only because it is too big to move).
http://seekingalpha.com/article/225692-investing-in-opap-is-like-betting-on-the-house
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My friend, I once again agree. Very interesting, Good stuff.
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I am currently very poor relative to myself in 5, 10, and especially 20 years from now ;>
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What is €300,000,000 a year for 10 years worth to you today?
I think this is a good way to think about OPAP.
Companies in the business of selling annuities, as of August 2, 2010, will provide €300,000,000 annually for 10 years at a cost of €2,514,000,000. Depending how well you're able to compound capital, €300,000,000 may be worth way more than €2,514,000,000 to you. All else equal, if you can reinvest at 10% annually over the period, the income stream reasonably commands a value of €3,439,000,000 This also assumes OPAP is worthless at the end of the period. To put this into context, OPAP earned an average of €572,000,000 over the last 5 years. Were OPAP only able to earn $430,000,000 annually, assuming a 30% tax on distributed earnings, US investors would effectively earn €300,000,000.
Currently OPAP sells for €3,688,500,000.
Steinhardt a "bit" nutty
in Berkshire Hathaway
Posted