dcollon

I know some of you like FPA as much as I do, so I thought I would post this interview with Bob Rodriguez. http://wealthtrack.com/index.php

I haven't seen this mentioned and actually had kind of forgotten about it myself. http://www.cnbc.com/id/34149476

Thanks for the article.

Below is Part 2 of the interview previously posted. http://www.advisorperspectives.com/newsletters09/pdfs/Bruce_Greenwald_on_Positioning_First_Eagles_Funds.pdf

I have been a long time fan of FPA and Robert Rodriguez and enjoyed his "final" commentary. I thought some of you might enjoy it as well. http://www.fpafunds.com/downloads/capital/aaa_semiannual_report_capital.pdf

Thanks for the article and for the translation. This is going to sound bad, but I didn't even know you could do that on Google. I love that company.

Some of you may have seen this already, but if not it's worth watching. http://tinyurl.com/yjye7u4

Appears that BRK bought a fair amount of WMT during the quarter. Position looks like it almost doubled to just under 38mm shares.

I think the BNI transaction fits exactly with the kind of returns that Buffett is focused on now and has told everyone he is focused on. He was able to put a ton of money to work that he most likely feels will generate pre-tax returns on capital in the high single digits or low double digits at best. If you add in the potential benefit of using float he would increase his returns by a couple percent over time. This deal isn't appealing to me from an investment standpoint, but then again I don't have a lot of capital (unfortunately) that needs to find a home. I think the error people continue to make is looking at what Buffett is buying and not understanding why he is buying it.

Scorpioncapital, Thanks very much for posting the transcript.

This is a few weeks old, but well worth watching if you have the time. I continue to find discussions of checklists to be interesting and Atul Gawande is one of the leaders in this area. As some of you might remember Mohnish mentioned him at his partners dinner. Hopefully some of you will have the time to watch. http://www.newyorker.com/online/blogs/festival/2009/10/gawande-video.html

I would be careful about reading too much into some of these transactions. Some of the large bank positions that they have reported for Paulson & Co. came about from Preferred conversions.

I always enjoy Howard Marks comments and received this memo from 11/10/09. I know some of you probably have already seen it, but I thought it was worth posting. http://www.oaktreecapital.com/Memos/Touchstones%20111009.pdf

Most of SAC's money is Mr. Cohen's so, unless he has to sell to pay legal bills I wouldn't expect there to be as much of an opportunity. But I agree that it's certainly worth watching closely.

http://www.advisorperspectives.com/newsletters09/pdfs/Bruce_Greenwald_on_Structural_Problems.pdf

Fantastic interview. Thanks for posting it.

Thanks for posting. Great interview and I would be very comfortable with him running BRK.

I would prefer that they do a soft close for the fund. I am also interested in the "income" idea that they floated during the call. To this point I have only been able to find a few funds that I really like in that area. I enjoyed the commentary on healthcare and hope they are right.

I thought the transcript for a recent Fairholme conference call might be of interest to some of you. http://www.fairholmefunds.com/player/09-30-09.pdf

Ragnar, Are you talking about Monday night or Tuesday night? Thanks, David

I thought some of you might enjoy this newsletter http://www4.gsb.columbia.edu/null/download?&exclusive=filemgr.download&file_id=7212104

Sanjeev, You always make me smile when you are describing the restuarants you enjoy. You provide a great description. Have a nice afternoon, David

I always enjoy hearing companies that I follow mentioned in different settings. Did anyone catch the mention of Marquis Jets in the Entourage Finale (on HBO). Matt Damon was also wearing a Marquis Jets baseball hat. It's not the first time Marquis has been mentioned. Last season when Vincent Chase and the boys were trying to make a trip to the Cannes Film Festival Ari yeld at Lloyd to get in touch with his guy at Marquis. For those of you that don't watch Entourage this won't make any sense and I know it's random, but I love the marketing angles.

Here's the latest from Bill Gross http://tinyurl.com/ya96cbf

I will be there as well. It would be fun to catch up with the other members from this board. David