Sullivcd

That's a ridiculous comment. Why would you compare the index relative to bonds as opposed to other equities? And since when is it a good thing if your equities earn 3% more than treasuries? Because the ten year is typically thought of as the risk free rate of return. The current spread is probably slighter lower than average historically, but there doesn't seem to be a consensus opinion on that. I'm not saying I think this makes the index a good investment, just guessing at why its being made by people.

If the index earns 140 next year, one estimate I found, you are making 5.4% on your investment compared to 2.4% if you buy ten year treasuries.

Bennycx, would you mind sharing your thesis in a new thread? I think this one looks interesting also.

I wonder whether Prem does when saying bvps is at a huge discount to iv? I haven't been able to find a conference call transcript to find any clues to this question. It would go a long way to determining where the buyback is in place at. My guess is 1.1x bvps.

Your book value number is not including the unrealized gains of over 1b

Any estimate of current bvps?

RSP is an equal weight index that you could take a look at.

Anyone know why fairx is up 2.35% today?

I assumed it was common because of the potential for it to be 25% of the portfolio.

I think SD is too liquid to necessitate secrecy, my guess is some obscure profitable net-net, unfortunately I don't know of any.

I believe this issue was discussed on the Dell thread and if my memory serves me correctly the conclusion was they will expire worthless once the deal is consummated.

I find I am getting an inordinate amount of "where's the market headed" questions recently. I'm not sure what to make of it other than it being incredibly annoying.

I don't understand how closing the fund to new investors lead to permanent capital. Does he think his current investor base is abnormally sticky or are you guys saying he is going to close up shop eventually and use something like st. Joe as his investment vehicle?

What about RSP? The concept of equal weighting makes more sense than cap weighting to me.

There was an awesome car chase scene in The Town as well, underrated movie IMO.

AHL AHL just posted a solid Q3 increased BVPS to $41.53 and announced a $400m repurchase program. http://www.aspen.co/Documents/financial%20results/AHL%203Q12%20earnings%20release%20FINAL.pdf

I think he means long term, to pay cap gains tax rate.

Wouldn't this be worth $69? $3400 + $250 = $3650 - $3581 = $69 / $3581 = 1.9%. I could very easily be missing something.

NPA: http://www.npa-us.org/

88.7 http://www.gurufocus.com/stock-market-valuations.php

I just go to the source to find the total return number: http://www.standardandpoors.com/indices/sp-500/en/us/?indexId=spusa-500-usduf--p-us-l--

Has anyone found a way to accomplish this seemingly simple task efficiently in the US? A ripoff seems unavoidable.

From page 173 of Janet Lowe's Munger biography: Unlike Buffett, who is a teetotaler, Munger doesn't mind substituting his Coke with an occasional beer or glass of wine.

Valuehunter.com has posted a collection of Graham writings gathered from the NYC library: http://valuehunter.files.wordpress.com/2010/10/common_sense_investing_blog.pdf

No doubt Mr. Watsa contributed substantially to the outperformance figure.