jtvalue

Does anyone have the 2017 letter?

That's incredible - I didn't realize BBY has done so well. Where did you find all of that info about Best Buy? Is there a specific article? Makes me question the automatic death of all the retailers you mentioned. The key point that I think is missing is that both Circuit City and Radio Shack went bankrupt over the same time frame.

Nobody is taking about this, but I'm amazed at the bet Protege Partners made. A portfolio of hundreds of hedge funds with a fee rate of 3% and 20% of profits all in was going to be an index fund?? What a terrible bet!

I'm confused - is this fake news? I just found this article that states the home was sold in 2005 for 5.45 mil http://la.curbed.com/2011/10/10/10435130/laguna-beach-buyers-selling-warren-buffett-house-at-a-loss

Dumb Question - but if i I want to buy Fairfax in the US would I input the ticker FRFHF? It appears to trade OTC? If I remember correctly Fairfax delisted from the NYSE several years ago. Thx

His top holdings today are LOW, FDX, GS, JPM, Airbus, WHR, C, MMM, DHI, LEN

What type of returns has he generated?

Now 3rd longest in history http://money.cnn.com/2016/03/09/investing/stocks-bull-market-turns-seven/

What do you mean these are high cost shares? You don't think Burry could see value in BAC and Citi at huge discounts to tangible book value?

I don't think there's an easy answer to this question. I emailed a bunch of friends in 2007 with a similar "Berkshire vs. GOOG" comparison when they both had $220 bil market caps. Obviously I was strongly in favor of Berkshire at the time, but ended up being dead wrong. Today: GOOG: $511 bil market cap BRK: $318 bil market cap

This has been a brutal market environment for value investors and I see parallels between the 1998-2000 timeframe. Growth investing has now significantly outperformed value investing over the last 1, 3, 5, and 10 years. Check out the performance of several "value" investors in 2015 below. This is the time when we need to hold our conviction in value investing the most! I don't know when this trend turns or what the catalyst will be, but when it does turn it will be powerful S&P 500: +1.38% Seth Klarman: -6.7% Joel Greenblatt: -10.2% Bruce Berkowitz: -11.5% Warren Buffett: -12.5% Longleaf Partners: -18.8% David Einhorn: -20.2% Bill Ackman: -20.5% Sources: http://www.valuewalk.com/2016/01/investment-success-forget-opponents-focus-par/ http://www.valuewalk.com/2015/10/value-stocks-vs-growth/

I ordered the newsletter after reading the book, but have not dove into it yet

Updates the Thomas Phelps classic 100 to 1 in the stock market. My favorite investing book of 2015 and highly recommended http://www.amazon.com/100-Baggers-Stocks-100-1/dp/1621291650

Longs: AXP - great franchise selling at 12.5x EPS. In back half of 2016 people will starting looking towards 2017 when the Costco contract is lapped BEN: Trades at 7x EPS when excluding the $10 bil of cash on balance sheet. Key funds Templeton Global, Franklin Income, and Mutual Global Discovery have great long term track records despite a tough 2015. Value coming back into favor over growth will help their investment performance DISCK: Global content company with great CEO in Zaslav and Malone influence. Cord cutting fears are overblown in my opinion. Trades at 12x EPS and they are buying back a ton of stock Short NFLX: Trades at 450x EPS and is FCF negative. Developing their own content is very expensive and they will have to raise capital

Anybody have the 2014 letter? Here's an excerpt: http://www.beyondproxy.com/general-musings-arlington-value-capital/