MrB

http://www.airliners.net/forum/viewtopic.php?f=5&t=1384789&p=20123477#p20123477

Thanks GYT! I've come across that forum before, but posted the question there now. I cannot PM LAXInt directly, because I just joined. Repeated the above there, but waiting to have my first post moderated!! LOL

I wish to establish whether ALGT got a good deal when they recently purchased 12 new A320-200s for an estimated $300m-$350m. Problem is as I understand it the official new list price of $99m from Airbus http://www.airbus.com/content/dam/corporate-topics/publications/backgrounders/Backgrounder-Airbus-Commercial-Aircraf-price-list-EN.pdf is essentially meaningless. Allegedly discounts of up to 50% are fairly routine. However it does not square with the second hand prices I've been seeing, although prices are hard to find. This site shows 11 year comps selling for more than $30m, but then again that is the list price?? http://www.avibroker.com/saleavailability.asp Anyone out there that's knowledgeable about this, please?

Jim Rogers used to have a passive Commodities fund. Probably still going.

In the recent Q it states "Events of default under the Credit Agreement include customary events, such as a cross-acceleration provision in the event that we default on other debt. In addition, an event of default under the Credit Agreement would occur if a change of control occurs. This is defined to include the case where a third party becomes the beneficial owner of 35% or more of our voting stock or a majority of Rent-A-Center’s Board of Directors are not Continuing Directors (all of the current members of our Board of Directors are Continuing Directors under the Credit Agreement). An event of default would also occur if one or more judgments were entered against us of $50.0 million or more and such judgments were not satisfied or bonded pending appeal within 30 days after entry." However I checked back to 2015 and that language was there already, so it does not seem to be a recent reaction to Engaged (main activist), such as the following was "On March 28, 2017, the Company filed a Form 8-K disclosing that, effective March 28, 2017, the Board adopted a stockholder rights agreement, or poison pill (the “Poison Pill”), generally preventing stockholders from acquiring 15% or more of the Company’s outstanding Common Stock, subject to certain exceptions. At the time the Poison Pill was adopted, Engaged Capital had beneficial ownership of approximately 16.9% of the outstanding shares of Common Stock and combined beneficial and economic ownership interest in approximately 20.5% of the outstanding shares of Common Stock (represented by 16.9% of the Company’s outstanding shares of Common Stock and certain cashsettled total return swap agreements constituting economic exposure to an additional 3.6% of the Company’s outstanding shares, as further explained elsewhere in this Proxy Statement)." Having said that Engaged is suing them nonetheless regarding the language around their debt, "Arnaud van der Gracht de Rommerswael, derivatively and on behalf of Rent-A-Center, Inc. v. Mark Speese et. al. On April 3, 2017, another shareholder derivative suit was filed against certain current and former officers and directors, JPMorgan Chase Bank, N.A., The Bank of New York Mellon Trust Company, N.A., and, nominally, against us, in federal court in Sherman, Texas. The complaint alleges that the defendants breached their fiduciary duties owed to Rent-A-Center and otherwise mismanaged the affairs of the company as it concerns (i) public statements made related to the rollout of our point-of-sale system; (ii) compensation paid to Guy Constant and Robert Davis surrounding their resignations; and (iii) change-of-control language in certain debt agreements, which the suit alleges impacts shareholders’ willingness to vote for a slate of directors nominated by Engaged Capital Flagship Master Fund, LP. (“Engaged Capital”). The complaint claims damages in unspecified amounts, disgorgement of benefits from alleged breaches of duty by the individual defendants; an order declaring that certain language in the debt agreements is unenforceable; an order enjoining the lender defendants from enforcing certain provisions in the debt agreements; an order directing the Company’s board to approve Engaged Capital’s slate of directors; an order directing the Company to make unspecified changes to corporate governance and internal procedures; and costs, fees, and expenses. In response to the motion to dismiss filed by the defendants on April 25, 2017, the plaintiff amended his complaint on May 9, 2017 and on May 19, 2017. The amended complaint alleges breach of fiduciary duty, unjust enrichment and waste of corporate assets related to alleged acts for the purposes of entrenching board members, including the approval of change-of-control language in certain debt agreements, the implementation of the point-of-sale system, and the severance compensation paid to Guy Constant and Robert Davis." It is noteworthy that Engaged has already been successful in getting three directors on the board and having one (Chairman) resign, while these terms applied, which would imply the that the covenants were waived as Schwab711 suggested. Looks more like huffing and puffing then! Thank you for your comments!!

It is basically just a scare tactic from management. Saw the same thing last year from Consolidated Tomoka's disingenuous fear mongering campaign. Management tries to use this as a poison pill of sorts. Additionally in many instances, change of control can trigger onerous golden parachutes. That said, if activists are involved, chances are they feel a shake up is necessary. So I guess in the absolute worst case that it triggers a default, what is the problem? That a company that is probably already over leveraged is forced to sell off some assets and pay it down. Don't be fooled by these clowns. The lawyer in me would also point out the word "could" in your bold highlighted paragraph. A change in control "could" cause one. But it also "could' not. All this stuff is usually negotiable. Ok that is helpful thanks Gregmal.

Rent-a-Center is under pressure from activists and it recently seemed to have negotiated with it's banker (JP Morgan) that a change of control and certain changes in the composition of its board will qualify as an event of default. It is explained as follows in its 2016 annual report under risk factors. A change of control could accelerate our obligation to pay our outstanding indebtedness, and we may not have sufficient liquid assets at that time to repay these amounts. Under our senior credit facilities, an event of default would result if a third party became the beneficial owner of 35.0% or more of our voting stock or upon certain changes in the constitution of Rent-A-Center’s Board of Directors. As of December 31, 2016, $191.8 million was outstanding under our senior credit facilities. I don't think I've ever seen this and not sure how it will hold up in court and/or how it will play out in practice. Anyone with experience in this field care to weigh in please? Link to AR & proxy http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjY4MDMwfENoaWxkSUQ9Mzc1OTk4fFR5cGU9MQ==&t=1

I thought it was pretty good. It basically drives home the idea of compounding over long periods. I liked it and is probably one of the books I will make my kids read before they finish high school.

Do you know what they're valuing these companies at price/tonne?

http://www.reuters.com/article/brief-italys-popolare-vicenza-sells-9-pc/brief-italys-popolare-vicenza-sells-9-pct-of-insurer-cattolica-to-berkshire-hathaway-idUSI6N1M301Y http://www.cornerofberkshireandfairfax.ca/forum/books/'the-era-of-uncertainty'-by-francois-trahan-and-katherine-krantz/msg84152/#msg84152 "Well, actually we can always believe that modern countries cannot default, and we can always assume that Italians will all become Germans… then, yes!, everything will be OK and Cattolica Assicurazioni is a great bargain! ??? giofranchi"

Belated thank you Parsad, for posting.

Please post or PM me.

Need a copy of some court documents on a company please. It will be greatly appreciated if any lawyers out there that has access to the system can help please. Please PM me.

Just get me a name Sanj. I know some people in low places ;D Seriously though. Don't let one guy spoil it. Unfortunately you're going to have more of that kind of thing as the event grows. Probably not a bad idea to take some tips from Berkshire. You know in a few years you are going to have all of us line up hours before the event, when the doors open we're all going to run like crazy for the best tables and you're going to have to employ people just to shout 'no running!!' Gotta think big and plan accordingly ;) Thanks for a great evening.

thanks! 2006_annual_letter.pdf 2007_Annual_letter.pdf

http://uncova.com/7th-richest-south-african-gives-his-entire-business-to-charity Allan's parting words, In starting Allan Gray Investment Counsel in 1973, I was convinced that my passion for investing could be deployed to demonstrably enhance clients’ savings and wealth and provide them with good value for their money. This was our raison-d’être, our driving sense of purpose. We focused on earning and retaining the trust and confidence of our clients, leaving them to determine through their actions whether the firm would grow and prosper—or languish and fail. Our financial services were to be bought and not sold. Thus, if the firm prospered we would know we were making a positive difference to others in our daily work. The same is true today. This client-centric sense of purpose continues to be our driving motivation at Orbis and Allan Gray—and we hope that it will endure in perpetuity. To ensure that control will remain indefinitely in the hands of those who best exemplify the ethos that has served our clients so well in the past, the newly established Allan & Gill Gray Foundation has been endowed with our family’s controlling interests in the Orbis and Allan Gray groups. At the same time, we have been mindful to provide capacity to further increase executives’ participation in the firms’ profits as appropriate. In particular, we believe it is absolutely essential for the firms’ owners and key decision-makers to share the conviction necessary to stand behind our investment philosophy. For more than forty years, our experience has shown that taking a long-term perspective with a contrarian stance can produce demonstrably superior results—but only if one can withstand uncomfortably long periods of underperformance. Further, the perpetual nature of the Foundation empowers the executives to focus entirely on doing what is in the best long-term interests of clients, free from the short-term pressures that third-party ownership can bring. Indeed, all employees can be secure in knowing that nothing will change in this regard after the firms’ founders pass on. Another equally important purpose of the Foundation is to ensure that the fruits from its controlling interests in Orbis and Allan Gray are ultimately devoted entirely and exclusively to philanthropy in keeping with the family’s long-held intentions. We consider this both the right thing to do and a small but necessary contribution toward a society full of hope for all humanity. The free enterprise system has done so much for so many, and it behoves the few whom it rewards particularly well to help those less fortunate. Rather than being a way of “giving back”, I firmly believe that philanthropy is a natural extension of what Orbis and Allan Gray already do each and every day. Just as these firms strive to promote their clients’ financial security and peace of mind, so too will the Allan & Gill Gray Foundation strive to make a positive contribution to the common good. It is this holistic view of business entrepreneurship and the symbiotic relationship amongst all stakeholders—clients, employees, owners, and society—that the Foundation seeks to preserve. Needless to say it is you, our clients, who have made possible this thrilling voyage spanning four decades. Thank you most sincerely for your valued support. As planned, I am now passing on my remaining responsibilities at Orbis to focus on the Foundation. I do so with the utmost confidence that the management of Orbis and Allan Gray remains in strong and capable hands. I am also enormously grateful to my wife Gill, my soul mate and partner for over 50 years; our three children, Trevor, Jennifer and William, whose enthusiastic participation and selflessness has made the Foundation possible; and their descendants, who will be indispensable to the Foundation’s long-term success. So too will contributions from the wider family of all past, present and future colleagues at Orbis and Allan Gray whose shared sense of business purpose and excellence will continue to enhance your financial interests whilst also securing the Foundation’s philanthropy. It is hoped that the people at each firm will take pride in seeing the impact that profits attributable to the Foundation’s shareholdings are having in furthering the common good. Allan W B Gray P.S. Orbis is now run by Allan's son Will Gray. Will is a chip off the old block.

It has actually been on the Net for some time http://www.bengrahaminvesting.ca/Resources/videos.htm#2005_Guest_Speakers Great resource I don't believe Peter stuttered, I think what you see is that at that point he was already suffering from Fragile X https://en.wikipedia.org/wiki/Peter_Cundill Takes a lot of guts to get up and carry on with life as best you can. However, from what I heard it was typical Peter Cundill; get up and get on with it....

The best games are, 1. Saving Grace (what it is all about) 2. Animal Farm (my family) 3. Worldly Wisdom (trying) 4. Investing in the stock market (Getting my ass kicked) 5. Farming 101 (planting seeds that is paid for by 4.) It takes up all of your time and it is great fun!!

Tepper Quad https://tepper.cmu.edu/who-we-are/tepper-quad/architecture-and-design

http://www.bloomberg.com/news/articles/2015-09-23/baseball-legend-yogi-berra-dies-at-90-mlb

Not convinced about the title/statement. From memory China and India was roughly 25% each of the world economy at the time, so I struggle to buy the idea that some guy in Germany was the richest. Quick google shows this http://www.dailymail.co.uk/news/article-2163610/Fascinating-new-graph-shows-economic-history-world-Jesus.html http://www.docstoc.com/docs/125242005/2012_Yr_India_broke_away_FG_APRIL_23_2012%255B1%255D Not saying the book does not make for an interesting read.

"A man should think twice as much as he reads" - AW Tozer P.S. I understand Tozer was a prolific reader.

I think ye all out of touch with your masculine side. It should be easy for a man to go to his "nothing box". In fact, as a man I think you should be very, very, very worried if you cannot go there in 30 seconds flat. ;D (3.10 mark) P.S. and it's free!!

Ha ha, it must be because of Bymark. Just across the road from HQ.

You cannot save time. We all get 24 hours a day. You can only prioritize how you allocate it.