Dorsia1

Prem and Wilbur Ross obviously left out the key piece of information for their due diligence in regards to Bank of Ireland. They completely dropped the ball by not getting a proper rundown on Richie Boucher via Wikipedia. Come on...

This is a pretty decent rundown on how these work. At least for me this was the clearest explanation. http://www.tavakolistructuredfinance.com/TRS.pdf

Thank you for this. Excellent.

Harry, I hope nobody from this board followed you into MNTG. You LOVE mentioning your winners. You are a smart guy. How about starting a thread about your losers. It would probably be more instructive. Also, out of curiousity, if your computer "systems" are that effective, what do you actually bring to the table as someone running a portfolio?

There was no emotional response from me whatsoever. I asked you what your point was, hardly an emotional response. I then pointed out that your comment about Parsad taking down a thread was a joke considering that you always take down the threads you start anyways. There was no emotion involved just pointing out that your post was total rubbish. Good day sir.

What is your point here? Also, as far as complaining about Parsad erasing the last thread you started, I'm sure you would have done it yourself eventually. Like you always do.

I am not trying to be smart but I can't help wondering how Bill Gross is feeling today about his recent punting of all his long dated treasuries. Very glad that 50% of my portfolio is FFH.

How anyone can want to be on the same team as Biglari is beyond me. Biglari is swine.

If he pulls out a ukulele at the next annual meeting then you may be on to something.

With each new press release from Biglari comes further evidence of mental health issues.

That's what some people were saying about his credit default swaps in 2005-2007.

Classic Biglari. Wear your hip waders.

Without question my worst purchase was Cryptologic. I purchased it at $19.39/sh and sold it at $10.50. I feel fortunate that I was able to get out of it at that price as it now trades at $1.27. The lesson learned here for me is to not procrastinate when you find that management is weak. I wasted valuable time not dumping my shares once I realized how dishonest managemment was. In September of 2006 they had zero debt and $129m in cash. Cash now stands at a little over $12m. Great products, terrible management. Human debris, really.

Centaur is a hedge fund that bets on sports exchanges. I believe they use Betfair primarily. Their hook is that their returns have nothing to do with the ups and downs of the market. They claim to have an 80% win rate on their picks. However when you start to dig down on how the sports exchanges work and how Betfair in particular makes their money, in the end you might as well be putting the bets in yourself. In short, Betfair gets you coming and going. It was a great idea though. I think they are out of England. If it seems to good to be true, it is.

Well put Sanjeev. Things always have a funny way of working themselves out.

http://www.marketwatch.com/story/kennedy-wilson-and-fairfax-financial-establish-278m-real-estate-partnership-2010-09-08?reflink=MW_news_stmp

Informative Matt Miller interview. http://www.investingthesis.com/interviews/investing-professionals/investing-in-small-and-micro-cap-value-stocks-with-matt-miller-of-chanticleer-holdings/

http://mohel.dk/grafik/andet/Someone_Is_Wrong_On_The_Internet.jpg

Munger, Maybe you missed my earlier question. It wasn't rhetorical. Just to add to the comedy.

Munger, Do you even know what arguments Prem was making before the credit crisis?

This news release just goes to show that Biglari is still acting in his usual two-faced, selfish, back-stabbing ways to the shareholders of the company that was once Steak 'n Shake. Even though it is difficult to know what his true intentions are, I think we can rest assured that it is ALL about HIM. I would be surprised if in the coming years we don't see him in some hot water for some non-compliance issues.

From: My Investing Notebook: Ode to Eddie Lampert The difference between saying what you believe and saying what people want to hear: On June 7, 2005, Eddie Lampert Penned the following to Shareholders of Sears Holdings: "I intend to serve without compensation, either in cash or stock options, consistent with my belief that large owners who serve as Chairman or CEOare best compensated by increasing the value of the company over time for all shareholders rather than through large compensation packages." Lampert lived up to his words. Another CEO, Sardar Biglari, spoke similar words on February 27, 2008: "Our interests are aligned with yours. As one of the largest shareholders of the firm, we seek to make money with you, not off you." A week before that he had some offered some other relevant tidbits: "In addition, the board's letter reiterates the falsity that we are seeking to control the company for our own personal benefit and therefore should pay a control premium. Nothing could be further from the truth." It turns out the only thing far from the truth were Biglari's words (some even call him BigLiar now).

I agree with you. At least with Stronach, you know he is a snake when you put him in your pocket. Biglari, not so much (until now, that is).

Biglari will be sending roses to Stronach.

Police: To Serve and Protect Serve their own agenda and Protect their jobs