dcollon

I apologize if I missed this, but I didn't see the "memo" posted. http://www.oaktreecapital.com/MemoTree/It%27s%20All%20Very%20Taxing%2011_16_11.pdf

http://www.nytimes.com/2011/11/27/business/william-ackman-carl-icahn-and-the-seven-year-tiff.html?pagewanted=1&_r=1&ref=business

I copy and pasted the different parts together from this morning on CNBC. See attached. CNBC_Buffett_Interview_11.14.11.docx

I don't know why, but it always amazes me when I read an article like that. The greed/envy/ego trilogy is so toxic.

He manages money with Gardner, Russo & Gardner. They manage both separate accounts and some pooled money. The firm is based in Lancaster, PA.

Sanjeev, I'm familiar with the problem, because my daughter has been struggling with ankle pain over the last 3 years. I'm certainly not an expert, but would be happy to share our experiences/what we've learned. Feel free to get a hold of me offline if you want. I'm around all day tomorrow.

alertmeipp, very good point.

I'm still not sure how I feel about the whole CDS market, but the lack of transparency is certainly a negative in my view.

http://www.bloomberg.com/news/2011-11-01/selling-more-insurance-on-shaky-european-debt-raises-risk-for-u-s-banks.html

Thanks for posting.

http://www.bloomberg.com/news/2011-10-28/ackman-s-pershing-acquires-12-2-stake-in-canadian-pacific-may-seek-talks.html

Txlaw, Thanks for posting the update.

I'm enjoying the book so far, but have a long ways to go.

Here's a good site. http://www.aar.org/StatisticsAndPublications.aspx

Thanks for the update.

Sanjeev, I finally got around to reading the book about Peter Cundill and wanted to thank you for the recommendation. I really enjoyed learning more about him and the contacts that he made over the years. I thought Prem's foreword was nice too. I would highly recommend this book to anyone who hasn't read it yet.

MrB, I got the same impression. I actually thought there was something wrong with the camera for a little while. I have never read anything about him having an ailment, but it was strange.

http://www.institutionalinvestor.com/Article/2919905/Is-Klarmans-Baupost-Seeking-Cash-from-Investors.html?ArticleId=2919905

Too good not to post http://www.bloomberg.com/news/2011-10-20/former-ballplayer-dykstra-pleads-no-contest-to-grand-theft-auto-charges.html

He always makes things seem so simple, which I enjoy.

Wow...very interesting....thanks for the heads up.

http://www.vanityfair.com/business/features/2011/11/michael-lewis-201111

http://dealbook.nytimes.com/2011/10/10/volatility-thy-name-is-e-t-f/?pagemode=print

I thought these morning comments from Rich Farr at Boenning & Scattergood were funny: Click For Today's Report GERMANY WANTS A HAIRCUT October 11, 2011 KEY POINTS: GERMANS PUSH FOR BIGGER GREEK HAIRCUT: The Telegraph reported today that Germany is pushing for a “hard” default in Greece with losses of 60% for investors of Greek debt, much higher than the previously agreed amount of a 21% haircut. When you are talking about 60% losses, the term “haircut” no longer applies. This is more of a back waxing. German Finance minister, Wolfgang Schauble, recently stated that the original haircuts were too low and that banks will need sufficient capital to cover greater losses. Yah Think? There are fears that if Germany pushes for greater losses on Greek holdings, that there could be a spillover affects for the other peripheral sovereign debt and the crisis could “snowball” out of control. It seems to us that the problem has already snowballed out of control, given that Greece wasn’t kicked out of the European Union over a year ago. The banking crisis has now manifested itself in more than just the BIG SIP countries. The banking crisis has now found its way to France and Austria and will only gain momentum from here. Over the past weekend, Germany Chancellor Angela Merkel and French President Nicolas Sarkozy pledged to do “all that is necessary to guarantee bank recapitalization”, but provided no further details. We call this the plan to have a plan. But the bottom line is that you cannot solve a debt crisis with more debt. Sooner or later, debt needs to be eliminated, either voluntarily or involuntarily. We continue to believe the only option to end this crisis is for Greece to default. To continue throwing good money at bad investments just obscures the line between good and bad credits. Until we know exactly who the losers are going to be in Europe, we can’t possibly know who the winners will be as well.

Great letter. Thanks for posting it.