txlaw

Yeah, I never read the comments, and I am antithetically opposed to ZH's editorial stance. However, it's a great source of info, and the posts can be pretty funny.

http://www.farnamstreetblog.com/fixing-congress-congressman-cooper-speaks-at Thanks to farnamstreet for putting this up on his website. One of the best videos I've seen on what's wrong with the federal government.

http://www.zerohedge.com/article/does-koos-statement-sustaining-fiscal-stimulus-democracy-during-peacetime-difficult-mean-war Found it off of zerohedge. Sort of describes the case for FFH's deflation bet. Republicans control Congress, and they push for austerity at the federal level. States and municipalities are currently forced into austerity measures and if muni defaults freak the market out, there could be even more austerity measures. Private sector continues to deleverage. Government doesn't fill the gap and so GDP growth stalls, causing a flight to safety. They must read Richard Koo at HWIC.

The board is phenomenal. Keep up the good work, Sanjeev.

Dude, same thoughts about FBK. I'm hoping it pays off sooner rather than later.

I've always wondered whether WEB would consider buying ILFC for Berkshire. I think it would be a good fit.

Myth, you're totally right. Forget Biglari. He's old news. Let's pay attention to the folks we admire and make some money.

Great letter. Apparently, Bruce B is on CNBC right now discussing the poison pill that management just adopted.

I've been watching those Pimco funds you mentioned. I'm also keeping an eye on MBIA and AGO. I'm not sure any action will be taken until we actually have some defaults, but who knows.

St. Joe just announced that it is exploring "financial and strategic alternatives": The St. Joe Company (NYSE:JOE) today announced that its Board of Directors has unanimously decided to explore financial and strategic alternatives to enhance shareholder value. The Board intends to consider the full range of available options including a revised business plan, operating partnerships, joint ventures, strategic alliances, asset sales, strategic acquisitions and a merger or sale of the Company. The Board of Directors has retained Morgan Stanley & Co. Incorporated to assist it in the evaluation of these alternatives. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction. Britt Greene, St. Joe's President and CEO, said, "We have engaged Morgan Stanley to undertake a comprehensive and thorough review of all available alternatives, and our Board and management are committed to taking the appropriate and necessary actions to enhance value for St. Joe shareholders." http://ir.joe.com/releasedetail.cfm?ReleaseID=548596

Haha, you guys are on today. ;D Jeremy Siegel is a total jackass.

Haha, nice. ;D He's gonna be able to find ways to deploy that cash. Fairholme Fund has a distressed debt component to it, and there are certainly companies out there that need to be recapitalized.

Haha, so Woody Allen Bruce Berkowitz has now become Don Johnson Berkowitz?

Too all my board homeys in Texas, I hope y'all are having fun on your day off in the snow! (Assuming you didn't go to work.)

No plans to invest in Egypt for me, but I highly recommend watching the CNBC interview with Nassef Sawiris that just occurred not too long ago if you are going to invest.

http://www.bloomberg.com/news/2011-02-03/berkowitz-bought-1-6-billion-of-santander-espirito-debt.html Boy, he's getting a lot of exposure these days.

Thanks for posting. How great would it be if MBIA is able to start writing business right when pricing on muni insurance hardens?

Your welcome folks. This was too good not to post. Hopefully, whenever anyone sees any gems like this, they will post to the board.

Check out this recent This American Life episode entitled "The Invention of Money": http://www.thisamericanlife.org/radio-archives/episode/423/the-invention-of-money

Right on. Twacowfca, do you think there could be any chance of losing profitable business if Buffett bought Munich Re? I read an article from a year or so ago where an analyst said that the stake couldn't be strategic because if BRK bought Munich Re, Munich Re would likely lose business, as insurers like to diversify among non-affiliated reinsurers. That doesn't sound right to me because the regulated re-insurance entities would remain separately capitalized, separately regulated, and stronger as a result of being tied to Berkshire's other operating businesses. But I'd like to get your take on the analyst's misgivings. Thanks in advance.

Is it Munich Re?

I'm not sure what to think about Page taking over Schmidt's job. I thought Eric Schmidt was a very good CEO, although it's a little unclear how many strategic decisions were actually made by him, as opposed to by Larry and Sergei. This is a pretty interesting contribution that Schmidt recently made to the Harvard Business Review regarding GOOG's agenda for 2011: http://hbr.org/web/extras/hbr-agenda-2011/eric-schmidt I am, of course, a GOOG shareholder.

Surely he means $1 like 5 years out from now, right? Once Citi starts growing the balance sheet again? That doesn't sound unreasonable.

Does anybody know whether there was a falling out between Pitkowsky/Trauner and Berkowitz? Or did they leave on good terms? Also, does anybody else think it's weird that they decided to name their fund GoodHaven? FAIR HOME, GOOD HAVEN? Is that a sign of respect or are they taking a shot at Berkowitz? I ask because I am pretty sure there are some high net worth individuals on this board who have had money invested with Fairholme Capital Management and who might know the back story.

Thanks for posting that article, leftcoast. Hadn't seen that one.