Sea Island

South Eastern Asset Management is the largest shareholder of Chesapeake Energy as well as a large holder of Fairfax. In a recent interview with Morningstar, Stanely Cates commented on CHK and on Abbrey McClendon and addressed hisperspective on his pay package. The article makes mention of a "stamp collection" but I believe they are referring to Aubrey's map collection. The interview is linked below. In addition, I found the comments on Cemex(CX) of interest, especially as they are now trading around $8 and Cates' comments were when the stock was trading at $10. It looks as though CX has made a number of strides in cleaning up past mistakes and "right sizing" for the new normal in cement demnand. While debt is still a concern, they have no maturities until 2012 and significant free cash flow of $800M+. Does anybody have any additional insight on CX? http://www.longleafpartners.com/pdfs/Morningstar_103492-OPP-ZCGP2_08.24.10.pdf

Rick resigned before being asked to leave

Right on...peace through weakness, I like it

Thank You. Do I understand that he is out of Ternium or still invested and waiting for $55?

Obama is far form a socialist and neither am I Myth good point, Obama is a statist/marxist

The wealthiest person I have ever known said to me he did not mind paying taxes and he was in favour of most welfare programs because he did not want hungry men holding him up at gun point to feed their family. This quaint anecdotal evidence actually serves a purpose to highlight my point: if your Bill Gates and Warren Buffett want to give their wealth away that is their right to do so but it is not their right to tell me what to do with my wealth. Nor is it the right of any man in our country to expect that he has a claim on what I produce. I am not insulted by the moniker "Tea Partier" but I prefer Original Constitutionalist. Has a nice ring to it,

However, I am always suspicious when someone suggests that it is fair to take more of my money. Especially when government tax collection (FY09) is $2.3 trillion dollars. And that is just at the federal level. Bronco, well put. This discussions strikes me as very insipid class warfare and it needs to come to an end. Government is not the solution and we do not want Canadian style socialism in the U.S. The truth is that you cannot raise the lower class by lowering the upper class, redistributing wealth does not work and for all the talk of what the U.S. spends on its military(a legitimate function of our government) look at all the money that has been wasted fighting the war on poverty, social engineering etc. for what? 1/7 living below the poverty line and some bureaucrats telling me how much of my money I get to keep and how much I have to give to someone else?

Probably tough with the liquidity of these, no?

Maybe a better question is how mucch, by volume, does HFT account for on non-US exchanges?

No lapse VUL = whole life?

http://finance.fortune.cnn.com/2010/09/14/nucors-single-stock-flash-crash/ Is anyone aware of single stock flash crashes taking place on the Toronto Stock Exchange?

Parsad: What do you mean by? "But the Japanese life insurers also wrote far fewer variable life policies unlike North American insurers who favored them...we are already seeing the initial effects of these policies." What are the effects on American life insurance companies of a high mix of variable life policies? I assume that he is referring to the fact that most of these policies were sold based on an investment return, before expenses, of 8%+ which isn't going to be the experience that most policy owners have. Consequently, the policies will not perform as designed and require cash infusions to support them and ultimately many of the policies will be lapsed as the policy owners will not be able to afford to maintain them,

T-Bone: We may be in a "fairly valued" broad equity market(I assume you meant the US) but I can't help but think that the FFH equity portfolio may still be significantly undervalued. I am think specificly of the SD, JNJ and KFT positions,

twacowfca, they aren't making any more beach front property...wait, are they?

Bronco, aside from the March 2009 aboration, I believe that FFH is better reserved with an understated book value today vs. 3-4 years ago when they were at a deeper discount to book but book may have been more overstated. Certainly if you added to your position in 2009 at $250, that would be a better buy than today but I would also argue that the company is even stronger today than they were in 2009. (Odyssey RE, Zenith etc.)

Its cheaper now than it was at $250

Really nice quality ball caps at the AGM

Bond Bubble?

Which political issues would change these trends?

Did you see the article earlier in the week highlighting some of the infrastructure developement issues?

and...Fairfax owns 8,058,018 shares, 16% of oustanding common stock

Stanley Zax Director of Kennedy Wilson Zenith National Insurance Corporation

rmitz- good question and what about the odd lot theory?

ericd1- You may have to make a trade off for continuity vs. investment performance. Glenmede(Pew family SunOil), Wilmington Trust(DuPont), Arvest(Wal-Mart Waltons) exist to serve multi-generational wealth. Their investment performance may not be as good as some of the other names metnioned but it may be good enough to ensure that the money does what you want it to do for you heirs.

Well, if you ever wanted some debt, now would be a terrific time