Partner24

I know a very small REIT here in Quebec that pay a good yield (currently approximately 20% special dividend recently anounced included), has no debt and who's main client is Alimentation Couche-Tard (successful accomodation business here in Canada). It's name is Becker Milk (BEK.B). That being said, I haven't studied it seriously and deeply yet because I like very much what I already have in my portfolio.

My favourite is still the article on Berkshire being on the hook for 45 billion, from the indices puts they sold.... they forgot to check that they had a notional value of 37 odd billion and for it to cost the full notional amount, they would have all had to go to zero! Complete stupidity! Terrific! I could own all the companies on the S&P 500 for free. Forget about value investing. Here comes free lunch investing! 8) Cheers!

scorpion capital, I like your focus. Cheers!

Frankly, yes it might sound a little bit like the French revolution. French people were tired that their royalties was being used to compensate the very few. I'm not saying that it is the case, but we face some huge deficits and us and our children will ultimately have to pay this debt and pay million of bonuses to now federal employees is shocking. Shareholders can decide what they want and just rubber stamping abusing compensation packages if they want, but now some troubled companies have to deal with taxpayers money. If they complain about taxpayers being more sharp about expenses, I have a suggestion for them: why not find private capital to save you instead? You would not have this very long thread if some companies wouldn't have asked for taxpayers money to survive.

Allow me also to translate: "Our police officers who deal with thieves and their accomplices asked them if there was a problem with rubbing, and the thieves said no, so we don't see the problem". or "Some people sell bridges that they don't own and we asked them if there was a problem, and they said no. And since we're very "close" to them, we understand them better than you and we wish one day to be hired by them, please let us not do our job". There is so much a***s that wait to be kicked, but they don't know it yet...

Much more elegant to nationalize Chryslers Cdn plants at $1 each, use the dies to make Chrysler knock-offs, & the cash received to make electric cars, buses, etc. (Zen, etc.). Ahahaha ;D That would be quite ironical, but politicaly impossible. Anyway, GM and Chrysler brands will be wounded.

My opinion is "let the f__s leave". Amen.

Regarding Google, just a little comment here. I use Google pay per click (I'm a certified Google AdWords professional), Microsoft (AdExcellence certified), Yahoo and some others. By far, Google has the most advanced features. Google has the most search queries. By far, Google has the most extensive network of websites for content advertising and Google is the most user friendly software for pay per click advertising. Good luck to kill Google!! I wouldn't bet a nickle on that. It's not impossible, but it would be quite tough. That being said, I think they are "diworsifying" their operating activities, so I have never invested in the business.

I say "No" faster than before and I resist more to the temptation of investing in cheap businesses that may have good prospects, but where I especially don't like the bad case scenario. So, I try harder to "kill" the company before investing in it. I'll don't give specific names, but suffice to say that some of them are still doing just fine, but some of them have deeper problems than people tought a year or two ago (especially in the financial industry). Cheers!

A terrific question that I like to be asked here from time to time. 1- Krispy Kreme Doughnuts Like the product, like the growth, don't like managers, so so price. Poor decisions and bad capital allocation can kill a company. What I've learned: if I don't like and don't trust the jockey, I'll try to call a hotline before investing in the company. I've avoided investing in a lot of companies since because of this lesson. 2- First Marblehead Mistake number 1: lower your own criteria because X and Y and Z (good value investors) have bought it. Mistake number 2: have strong doubt about what the perfect storm could bring on. In July 2007, I've asked the investors relationship department what would be the impact of a credit crunch would have on the demand of their mortgages. Seriously, I should print the answer, put it on a frame and put that frame on my wall. I've also avoided investing in some companies since because of these lessons.

A good Buffett meeting with students was done a month or two ago. Here is the Q&A notes. Thanks to David for the link! http://undergroundvalue.blogspot.com/2009/03/notes-from-buffett-meeting-262009.html

Do you remember the Fitch ratings in the Fairfax case a few years ago?

I think that cartoons have a better credibility than Fitch.

Well, I suppose that you should focus on what's happening in the farm, not what the manic-depressive stock market feels about the farm. By the way, FFH is a pretty volatile stock, so you should be prepared to handle these situations. Just my 2 cents.

"However, I think the Buffett-bashing is just sensationalistic nonsense designed to generate interest, positive or negative". I don't know, but anyway I think it wasn't a good idea on a long term credibility perspective.

Sanjeev, I'm happy that you began your email with some praises about her interviews with Prem. She deserves it. Cheers!

Thank you watsa_is...

I do like and appreciate the interviews that Diane Francis have with Prem from time to time. I think she does a good work with that and hope that these will continue. I do appreciate that as a FFH shareholder and think it is very valuable and useful for us. As I think FFH appreciate to know what's in our minds as FFH shareholders, I do appreciate to know what's in Prem's mind and these interviews do that job very efficiently. That being said, I think it wasn't a good idea to compare Prem and Warren like she did. It is an exercice that can be done, but it's far, quite far, from being a white and black situation where one is the winner and the other one is the loser.

Do you know what is the total $ amount that have been invested in MBS?

7) All insurers are in deep trouble. Let's sell all of them. 8) Fairfax is no longer an hedge against a market and an economic decline. It's not cool anymore.

We live in crazy times. Really crazy. Unless something very significant happen again (weapons of mass destruction attack or something very damaging like that), I would be surprised to see a crazy market like that again in my life. I'm quite happy to have red about Benjamin Graham, Warren Buffett and the likes. Otherwise, I'm not sure I would behave like I do now. I'm looking forward with a lot of interest to read our FFH CEO's letter to shareholders. In times like these, it's good to read him. Cheers!

They can buy 0 share if they want to. No expectation at all from me regarding this. How would you behave with Tiger Woods? I would give him a golf bag, all the clubs that he need, and then let him play and chose the clubs that he want to hit the ball. Then, I would look at the scorecard in the end and comment on it. I'm saying this especially in these turbulent times because there is so much investments options available in this environment and they have proven to be great capital allocators. The more flexibility they have, the better.

I'm not expecting anything. I'll just look and comment at the numbers when I'll see them. Suffice to say that the opportunities are very large in this environment. What a difference a year or two make!!! Cheers!

And... 6) God issue a press release: "I would like to comment on some rumors that are going on actually and would like to rectify. This is not the end of the World."

I'm looking forward with interest to hear you Shah. Cheers!