dcollon

Thanks for posting the articles race. I used to follow greenbackd.com closely, but haven't been to the site in a while.

Pimco's Bill Gross: A Man in the Mirror http://media.pimco.com/Documents/13-0010-GBL%20Investment%20Outlook%20-%20April%202013.pdf

http://online.barrons.com/article/SB50001424052748704882404578382551973607898.html?mod=BOL_twm_fs#printMode

I'm really glad you guys like it as much as I did. Confirmation bias is nice. ;)

That's nice of you to say claphands22. Enjoy your afternoon.

Chris Mayer who writes a couple of great pieces for Agora Financial highlighted the attached speech in a recent commentary. I think you will enjoy it. Williams-Trying_too_Hard1.pdf

Does anyone think Moynihan asked Mr. Buffett his thoughts prior to submitting their plan? I hope so. As it relates to pension funds, we don't have one investment policy statement from a client that says a stock has to pay a dividend. We certainly have a lot of other goofy restrictions, but whether or not B of A's dividend is at some arbitrary level shouldn't matter. I agree with Sanjeev that share repurchases sub TBV are more attractive.

Bank of America Plans to Repurchase up to $5 Billion in Common Shares and Redeem Approximately $5.5 Billion in Preferred Stock Thursday, March 14, 2013 08:45:00 PM (GMT) Bank of America today announced that the company’s Board of Directors authorized the repurchase of up to $5.0 billion of common stock and the redemption of approximately $5.5 billion in preferred stock. The Federal Reserve Board has informed the company that it completed its 2013 Comprehensive Capital Analysis and Review and that it did not object to the company’s capital plan, including proposed capital actions. "We have simplified our company and we have more than adequate capital to support our strategic plans. We are well positioned to return excess capital to our shareholders,” said Chief Executive Officer Brian Moynihan. “We believe buying back common shares is the best way to continue to drive value for our shareholders.” The timing and exact amount of common share repurchases will be consistent with the company’s capital plan and will be subject to various factors, including the company’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, and general market conditions, and may be suspended at any time. The common share repurchases may be effected through open market purchases or privately negotiated transactions, including Rule 10b5-1 plans, over the next four quarters. The company’s 2013 capital plan did not include a request to increase the quarterly common stock dividend rate of $0.01 per share. The company’s Board of Directors also approved the redemption of all the outstanding shares of two series of the company’s preferred stock. The 8.20% Non-Cumulative Preferred Stock, Series H, will be redeemed on May 1, 2013, and the 8.625% Non-Cumulative Preferred Stock, Series 8, will be redeemed on May 28, 2013. The redemption price for each of these preferred stock series will be 100 percent of the liquidation preference per share, as specified in the company’s certificate of incorporation. Notice of redemption for each series, including notice to holders of depositary shares representing fractional interests in each redeemed series of preferred stock, will be sent on or around April 1, 2013.

Brief commentary from SoGen's Albert Edwards Albert_Edwards.pdf

Dylan Grice (used to be at SoGen) EdelweissJournal-012.pdf

Gio, That was an interesting video/article. Thanks for posting it.

From Bankstocks.com http://www.bankstocks.com/ArticleViewer.aspx?ArticleID=6642&ArticleTypeID=2

http://www.bloomberg.com/news/2013-03-07/paulson-gold-fund-down-18-as-metal-s-slump-foils-rebound.html

SoGen Albert Edwards: Global Strategy The Dow Sets a Record High. That's Good News Isn't It? Dow_Sets_Record_High.pdf

Thanks very much for posting Racemize.

From Relamoney.com: Doug Kass Omaha, Here I Come! Mar 4, 2013 | 9:06 AM EST Stock quotes in this article: BRK.B I am going to lead a panel as a credentialed bear at this year's 'Woodstock of Capitalism.' Wow! I am going to Disneyland -- I mean Omaha, Nebraska, to be the credentialed bear leading a panel at Berkshire Hathaway's (BRK.B) annual meeting in early May! I am surprised, honored and flattered. Stay tuned -- literally!

Come on Sanjeev, I know you want to be invited to one of Ackman's "single's mixers" that he and his wife throw every once and a while. You would be the life of the party. :)

Just posted this on the HLF board, but as it relates to Ackman & Icahn Herbalife to increase the size of its board and nominate two Icahn representatives for election to board Thursday, February 28, 2013 07:26:34 PM (GMT) HLF announced that it has reached an agreement with Carl C. Icahn, Icahn Enterprises Holdings L.P. and certain related entities (collectively the “Icahn Parties”), which beneficially own, in the aggregate 14,015,151 shares of Herbalife common stock, representing approximately 13.6% of the company’s outstanding shares. As part of the agreement, Herbalife will increase the size of its board from nine to eleven members immediately before the 2013 Annual General Meeting of Shareholders Herbalife’s board of Directors will nominate two individuals to the company’s board of Directors, designated by the Icahn Parties and approved by the company’s Nominating and Corporate Governance Committee. Under the terms of the agreement, the Icahn Parties have agreed to, among other things, abide by certain standstill provisions and vote their shares in support of all of the board’s director nominees. The Icahn Parties have the right to increase the size of their ownership position in Herbalife up to 25% of the outstanding common stock. HLF shares remain halted, pending dissemination

Gio, It's also worth noting that the slide doesn't factor in the private assets they own and depending on what multiples one could put on those businesses that could be another $1 bil. In addition, they have a large court win due from Vivendi that is another large chunk of cash, but since is likely to take time to actually get the cash it should be discounted at the very least. I agree with your conclusion, Imo, a good bargain! :).

Sorry, just saw that the full story isn't supposed to be released until next week.

http://www.bloomberg.com/news/print/2013-02-28/buffett-outlining-dividend-plan-may-ease-successor-s-path.html

Does anyone have access to the full article?

Thanks for posting the notes

Tocqueville: Opine Less, Think More http://www.tocqueville.com/insights/opine-less-think-more

Sanjeev, Thank you for the editing. I will make sure I format the next recommendation correctly. :)