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    2013 Fairfax Financial Shareholder's Dinner & Ticket Information

    in Fairfax Financial

    Posted

    hi everyone... how does one go about getting a ticket for the Fairfax annual meeting? Thanks in advance.

     

     

    elltel,...

     

    actually it's very easy,...

     

    you just show up, on Thursday morning, April 11, 2013 at 9:30 a.m., Toronto time at Roy Thomson Hall, 60 Simcoe Street, Toronto, Ontario, Canada.

    There is NO need for a ticket. But it's better to come 1 hour earlier.

    In the lobby of the Roy Thomson Hall are for the Fairfax AGM some registration desks where you show them some ID card or passport,... nothing more. Or you might want to show them your proxy letter,... but that isn't necessary. You get at the desk some badge for your shirt with the name "Fairfax Financial AGM for shareholders" and that's it.

     

    Fairfax Financial Holdings Ltd. - AGM Information

    http://www.fairfax.ca/news/events-and-webcasts/default.aspx

     

    Roy Thomson Hall - Toronto, ON

    http://www.roythomsonhall.com/

     

    Roy Thomson Hall @ Wikipedia.org

    http://en.wikipedia.org/wiki/Roy_Thomson_Hall

     

    http://upload.wikimedia.org/wikipedia/commons/thumb/4/48/RoyThompsonHall.jpg/320px-RoyThompsonHall.jpg

     

    http://upload.wikimedia.org/wikipedia/commons/thumb/5/5d/Toronto_Roy_Thomson_Hall_from_CN_Tower.jpg/320px-Toronto_Roy_Thomson_Hall_from_CN_Tower.jpg

     

    ------

     

    But everybody should be aware that there are two separate events.

     

    Thursday, April 11, 2013 - at 9:30am

    The "Fairfax Financial AGM"

    ---> at the Roy Thomson Hall

    60 Simcoe Street, Toronto

    This is the official annual general meeting for shareholders of Fairfax Financial. It's totally free of charge and everbody can come.

     

    And one day before the official AGM on

     

    Wednesday, April 10, 2013 - at 6:00pm

    The "Fairfax Shareholders Dinner"

    ---> at the Fairmont Royal York Hotel

    100 Front Street West, Toronto

    This is some private dinner event organized by our friendly webmaster of this board. Sanjeev founded the old "MSN Berkshire Hathaway Shareholders Board" and later created this board, the "Corner of Berkshire & Fairfax - Message Board". This dinner event is some unofficial privately hosted gathering, thus there are some costs associated (renting some hotel ballroom) -- therefore the costs of $150/ or $75 for a ticket. This event is not the official Fairfax shareholders meeting, but probably the more desired event to get to know everybody. In 2013 it will be the 8th annual dinner that started some years ago with only a handful of board members.

     

    Fairmont Royal York Hotel @ Wikipedia.org

    http://en.wikipedia.org/wiki/Fairmont_Royal_York

     

     

    -----

     

    All the event places,... the Roy Thomson Hall and the Fairmont Royal York Hotel are only some short 5 minute walking distance away. Actually Fairfax headquarters are just behind the hotel,... the office tower facing the northern end of the Fairmont.

    Berkshire 13-F

    in Berkshire Hathaway

    Posted

    Warren Buffett Invests In A Diabetes Future

    Oct. 14, 2012 - SeekingAlpha.com

     

    http://seekingalpha.com/article/922741-warren-buffett-invests-in-a-diabetes-future

     

    While this was not the first time Berkshire Hathaway put its confidence in DaVita's future, the latest purchase was just another transaction in a series of recent open market purchases in the company. Within the last month, Berkshire had increased its position on several occasions. Between September 26 to October 9, the company purchased a total of 350,349 shares between $100.96 and $108.21 per share.

    A quick look at DaVita's expertise sheds light on the specific trend in which Buffett is willing to invest. DaVita is a leading provider of kidney care in the United States. The company provides dialysis services to patients with chronic kidney failure and end stage renal disease. The company offers clinical care, integrated treatment plans, personalized care teams, and convenient health-management services. As of June 2012, the company operated at 1,884 outpatient dialysis centers serving approximately 149,000 patients. With the specific focus of DaVita on dialysis services, it's clear that Buffett is investing in the rising trend of diabetes occurrence within the United States.

     

    Is JP Morgan really short 3 Billion ounces of silver??

    in General Discussion

    Posted

    IIRC, it was a Bear Stern position that JPM supposedly inherited. Not sure how to verify its existence, though..

     

    I found it.... ;)

     

    -----

     

    JP Morgan Covering Silver Short Position

    Dec. 14, 2010

    http://inflation.us/jpmorgancoveringsilver.html

     

    NIA, along with the Gold Anti-Trust Action Committee (GATA), has been at the forefront of helping expose JP Morgan's silver price suppression scheme. Over a year ago on December 11th, 2009, NIA declared silver the best investment for the next decade at $17.40 per ounce. NIA said in its December 11th article, "It's not a coincidence that the day silver reached its multi-decade high of over $21 per ounce in March of 2008, was the same day Bear Stearns failed. Bear Stearns was a holder of a massive short position in silver."

     

    NIA went on to say, "The reason why we believe the Federal Reserve was so eager to orchestrate a bailout of Bear Stearns, is because Bear Stearns was on the verge of being forced to cover their silver short position." NIA then said, "JP Morgan still holds the silver short position they inherited from Bear Stearns" and "JP Morgan will have to cover this short position or it could jeopardize their existence."

     

    Is JP Morgan really short 3 Billion ounces of silver??

    in General Discussion

    Posted

    So, first off, I've done very little research on this one and I'm sorry if I'm missing something obvious, but has anyone out there spent any significant time studying the JP Morgan situation where they supposedly are short 3.3 billion ounces of silver?

     

    My gut feel is that there has to be something to this story that the conspiracy guys aren't acknowledging. 

     

    Any thoughts?

     

    ...no thoughts at all... yet. Only that I'm trying to verify your claims by googling...

    But it seems as some interesting shift of gravity fields.

     

    http://seekingalpha.com/article/797711-silver-net-short-positions-rising-prepare-yourself-for-a-coming-silver-bull-market

     

    http://moneymorning.com/2012/08/08/cftcs-chilton-assures-silver-price-manipulation-probe-not-over/

     

    CFTC Commissioner Bart Chilton Reveals "One Trader" Controls 40% Of Silver Market, As Silver Holdings Of SLV Hit All Time Record

    http://www.zerohedge.com/article/cftc-commissioner-bart-chilton-reveals-one-trader-controls-40-silver-market-silver-holdings-

     

    The Arguments Against a Silver Manipulation

    http://www.silverseek.com/commentary/arguments-against-silver-manipulation-6656

     

    Has JP Morgan placed a massive bet on physical gold and silver?

    http://www.mining.com/has-jp-morgan-made-a-huge-bet-on-physical-gold-and-silver-25310/

    Berkowitz Interview on Investment Strategy

    in General Discussion

    Posted

    Some interesting thoughts...

    ... Berkowitz puts around $80-90 per share only on the real estate alone. To me these numbers seem pretty conservative compared with the total market cap of Simons and their square footage. Anyway just some random thoughts...

     

    <snip>....

    Bruce Berkowitz and Sears Holdings

     

    In the March 17, 2009 issue of Outstanding Investor Digest, Bruce Berkowitz made the following statement:  “I think almost our entire portfolio is selling at a back-up-the-truck price.”  With the benefit of hindsight, we know that Mr. Berkowitz was being interviewed almost exactly at the bear market lows but he didn’t know this at the time.  However, he had confidence in his convictions and this was due to the depth of research underlying his fund’s positions.

    Sears Holdings was one of Fairholme’s largest positions in early 2009 and remains a large position today (click here for dataroma.com data on Fairholme’s history with Sears).  What was Mr. Berkowitz’s investment thesis for Sears based on?  In the Outstanding Investor Digest interview, he made it clear that the investment was based primarily on property values:

     

    ------

    Last summer, we spent a tremendous amount of time going to all the tax collectors’ offices around the U.S. trying to get the tax value of Sears and Kmart properties — and we came up with numbers that ranged from between $80 and $90 per share.

    So, how much has it changed from last summer?  And where is the stock today?  And how much is the largest appliance servicer worth, or a large automotive center worth, or three or four brands, or Sears Canada and over $11 billion of inventories?  It just doesn’t take a lot these days to get to the current market price ….

    So there are many ways to get to heaven.  I think there are many ways that we will  make money in Sears.  Has our estimate of liquidation value declined in this environment?  Yes, it has.  But it’s still dramatically above where Sears is trading today.

    -----

     

    ...</snip>

     

    Source: http://www.rationalwalk.com/?p=11736

    Berkowitz Interview on Investment Strategy

    in General Discussion

    Posted

    i wish consuelo had probed further, and not let berkowitz get away with face-saving remarks (e.g. "look at our 60 month record") that were clearly intended to escape discussion of his recent underperformance and mistakes.

     

    he makes zero mention of the fact that he bought tons of AIG stocks over $40/sh, on the faulty assumption that the government wouldnt sell below book value.

     

    he makes zero mention of the fact that he failed to foresee Bac's PTPP falling off a cliff from $45bn when he bought the stock to less than $30bn now. or the fact that the economic environment today is almost polar opposite of the 90s, when the greatest bull market in history of the us stock market started.

     

    his SHLD liquidation thesis might make him some profits down the line, but factoring in the length of his investment (over 5 years) it will clearly have been a mistake. See Buffett's berkshire letter on "biggest mistakes of my first 25 years", where he discusses the trap of buying into bad businesses on a liquidation thesis.

     

    He clearly stated that he couldn't see the future, but in the long run, his AIG and BAC should make money. It's interesting that he said that BAC was worth $20, and AIG is about $65, yet he recommend buying AIG, given that BAC at $9 would be a better value.

     

    W.r.t to SHLD, the malls aren't where people go to anymore -- I buy most of my stuff online, so the value/anchoring positions in malls isn't what they used to be.

     

    After flying with my eyes through Berkowitz's 3rd case study presentation, I personally got some impression that the real estate alone is probably worth more than current book value,... specially the 50 year lease agreements with no rental escalators should have an enormous time value. If I see the current market cap of Simons (SPG) at $46 billion for 241 million square feet of real estate,... my mind has only one very simple equation --->

     

    -------

    Simon Property Group Inc. (SPG)

    $46 billion market cap    = 245 million square feet of real estate

     

    Sears Holdings Corporation (SHLD)

    $6.4 billion market cap = 256+ million square feet of real estate

    -------

     

    My eye catches some very easy seeable -> invisible <- imbalance in intrinsic value. Why is SHLD's market value compared with SPG's so low. It can only be some wrong assessment by silly Mr. Market. So I guess, my lazy intrinsic value estimate for Sears should be somewhere north of current values. I haven't set any specific numbers in my mind yet... but in the end they should be rather roughly right than precisely wrong.

     

    ------

     

    http://static5.businessinsider.com/image/50533892eab8eaca25000005-900/.jpg

     

    http://static3.businessinsider.com/image/5053389369bedd6206000001-900/.jpg

     

    http://static3.businessinsider.com/image/50533895ecad04f22e00002b-900/.jpg

     

    http://static2.businessinsider.com/image/5053389669bedd4f0300000b-900/.jpg

     

    http://static6.businessinsider.com/image/50533897ecad04e02e000018-900/.jpg

     

    http://static3.businessinsider.com/image/50533897ecad041b2f00000b-900/.jpg

     

    http://static2.businessinsider.com/image/5053389869bedde105000019-900/.jpg

     

    http://static2.businessinsider.com/image/50533899ecad04e32e00000d-900/.jpg

     

    http://static2.businessinsider.com/image/5053389b6bb3f7e36e000011-900/.jpg

     

    http://static1.businessinsider.com/image/5053389becad04242f00001d-900/.jpg

     

    http://static1.businessinsider.com/image/5053389ceab8ea492300000c-900/.jpg

     

    http://static2.businessinsider.com/image/5053389deab8eac32300000d-900/.jpg

     

    http://static6.businessinsider.com/image/5053389eeab8ea7828000000-900/.jpg

    Berkowitz Interview on Investment Strategy

    in General Discussion

    Posted

    Here's Bruce Berkowitz's 3rd case study, this time about Sears. It's probably one of Berkowitz most comprehensive valuation of Sears real estate portfolio.

     

    Case Study III -> Sears

    by Bruce Berkowitz

    Fairholme Funds

    (as of August 2012)

     

    http://www.fairholmefunds.com/sites/default/files/120815%20SHLD%20Presentation.pdf

     

    http://www.fairholmefunds.com/presentations

     

    ------

     

    Also some web-based slide show about the presentation:

     

    http://www.businessinsider.com/bruce-berkowitz-presentations-mbia-sears-2012-9?op=1

     

    ------

    Berkowitz comparison for Sears is Simon Property Group.

     

    Simon Property Group Inc. (SPG)

    http://finance.yahoo.com/q?s=SPG

     

    http://www.simon.com/

    http://phx.corporate-ir.net/phoenix.zhtml?c=113968&p=irol-IRHome&m=1&s=0

     

     

     

     

     

    Berkowitz Interview on Investment Strategy

    in General Discussion

    Posted

    One of the best interview's about Berkowitz ever. I'll probably watch it two more times over the weekend. I find his style of story telling straightforward honest,... very simple and comforting,... almost like some grandpa telling his grand kid some good night story. Anyway,... I personally ever was hunting like him for this opportunity, for a second undervaluation in financial's, like the early 1990's with WFC and the iconic write up in OID. I think,... if we look back at the end of this decade,... probably around 2020,... these investors, that have leveraged up on this opportunity will have made some tremendous fortune.

    Fairfax Announces Completion of Acquisition of Brit Insurance Ltd.

    in Fairfax Financial

    Posted

    Fairfax announces completion of acquisition of Brit Insurance Ltd (London).

     

    Fairfax  announces that, following receipt of all regulatory approvals, its RiverStone runoff subsidiary has completed the previously announced acquisition of all the outstanding shares of Brit Insurance Limited of London, England from Brit Group.

     

    http://www.fairfax.ca/news/press-releases/press-release-details/2012/Fairfax-Announces-Completion-of-Acquisition-of-Brit-Insurance-Limited1131421/default.aspx

     

     

     

     

    In California, the Mungers Haunt Jerry Brown

    in Berkshire Hathaway

    Posted

    Apparently the apple doesn't fall far from the tree...Charlie's children seem to be as independent-minded as he is.  And they are driving Jerry Brown nuts!  Cheers!

     

    http://www.reuters.com/article/2012/10/03/usa-elections-california-idUSL1E8KRJ0720121003?feedType=RSS&feedName=industrialsSector&rpc=43

     

    Some new article about Molly Munger

     

     

    Munger Siblings Spend $54 Million to Sway California Vote

    Oct. 12, 2012

    http://www.bloomberg.com/news/2012-10-12/munger-siblings-spend-54-million-to-sway-california-vote.html?cmpid=yhoo

     

    Fairfax Sold C$200 million notes

    in Fairfax Financial

    Posted

    Fairfax sold C$200 million ($204 million) of 10-year debt. The 5.84 percent notes, due Oct. 14, 2022, were priced at 99.963 to yield 5.845 percent, or 403.9 basis points over the Canadian government benchmark. The investment dealer arm of Bank of Montreal was the bookrunning manager for the Fairfax notes.

     

    Fairfax Financial Holdings sells C$200 mln notes-term sheet

    http://www.reuters.com/article/2012/10/10/fairfaxfinancial-debt-sale-idUSL1E8LAIBQ20121010?type=marketsNews

     

    -----

     

    Moody's rates Fairfax Financial Holdings notes Baa3

    http://www.reuters.com/article/2012/10/11/fairfaxfinancial-brief-idUSWNA731320121011

     

    S&P rates Fairfax Financial Holdings

    http://www.reuters.com/article/2012/10/11/idUSWNA733020121011?type=marketsNews

     

    No wonder he tap dance to work everyday!

    in Berkshire Hathaway

    Posted

    Here's more on Britt's Smart Woman Securities.

    Cheers!

     

    http://www.smartwomansecurities.com/

     

    Tracy Britt

    http://www.smartwomansecurities.com/chapters/harvard/foundingteam.html

    http://www.smartwomansecurities.com/tracy.html

     

    http://www.zoominfo.com/#!search/profile/person?personId=1049565977&targetid=profile

     

    Tracy Britt '07 first became interested in business at a young age when she became involved in her family farm and business in Manhattan, Kansas. By the time she was 18 years old, Tracy was helping manage and oversee the company and her passion for business had been fully recognized. First introduced to the financial markets following her sophomore year of college, Tracy went on to hold internships at Banc of America, Lehman Brothers, and Fidelity Investments. Through independent research and the help of mentors, Tracy developed a deep passion for investing. Following a brief stint at Fidelity Investments in the fall of 2009, she joined Berkshire Hathaway in Omaha, Nebraska. Tracy graduated from Harvard College in 2007 with a degree in economics and the Harvard Business School in 2009. On Harvard's campus, Tracy was the President of Harvard Undergraduate Women in Business (HUWIB) and participated in a variety of other organizations. By co-founding Smart Woman Securities, Tracy combined her love of investing with her sincere interest and dedication to educating women about financial independence and investing.  She hopes that SWS will continue to provide a forum in which women can learn about personal finance, investing, and the markets.

     

    Pics,... Tracy, Warren,... & also Peter Lynch

    http://www.smartwomansecurities.com/about/timeline.html

     

    http://www.smartwomansecurities.com/buffett/index.html

     

    http://www.smartwomansecurities.com/buffett/trip-friday.htm

     

    http://www.smartwomansecurities.com/images/buffetttrip2.JPG

     

    http://www.smartwomansecurities.com/images/buffetttrip.jpg

     

    http://www.smartwomansecurities.com/images/buffett/tracywb.JPG

    Tracy & Warren

     

    http://www.smartwomansecurities.com/images/buffett/harvardgirlsandwb.JPG

     

     

    -----

     

     

     

     

    On a side note,... Tracy was the lady that got her old Fidelity folks to visit Buffett.

    http://finance.fortune.cnn.com/2012/03/23/fidelity-warren-buffett/

     

    She is also mentioned in this file:

    http://www.berkshirehathaway.com/dlsokol/TranscriptSokolQuestions.pdf

     

    Tracy Britt at the Behaviorial Finance Symposium

    http://www.utc.edu/Academic/FinanceForTheFuture/2011symposium/Presenters.php

    Printer w/Lowest Cost per Page

    in General Discussion

    Posted

    I need a new printer at home for printing out 10ks, etc. I can go as high as necessary on purchase price; I'm shooting for the lowest cost per page. Any recommendations?

     

     

    You might want to read a printer buying guide at c/net.com

     

     

    Printer buying guide

    Updated March 20, 2012 1:25 PM PDT

    (7 pages)

     

    http://reviews.cnet.com/2719-7604_7-276-1.html

     

    http://reviews.cnet.com/2719-7604_7-276-2.html

     

    http://reviews.cnet.com/2719-7604_7-276-3.html

     

    http://reviews.cnet.com/2719-7604_7-276-4.html

     

    http://reviews.cnet.com/2719-7604_7-276-5.html

     

    http://reviews.cnet.com/2719-7604_7-276-6.html

     

    http://reviews.cnet.com/2719-7604_7-276-7.html

     

     

     

     

     

     

     

     

     

     

     

     

     

    Tap Dancing to Work: W.E.B. on Practically Everything, 1966-2012 - Carol Loomis

    in Books

    Posted

    [amazonsearch]Tap Dancing to Work:  Warren Buffett on Practically Everything[/amazonsearch]

     

    By Carol J. Loomis

    A FORTUNE Magazine Book

     

    Hardcover: 368 pages

    Publisher: Portfolio Hardcover (November 21, 2012)

    ISBN-10: 1591845734

    ISBN-13: 978-1591845737

     

    Warren Buffett built Berkshire Hathaway into something remarkable— and Fortune journalist Carol Loomis had a front-row seat for it all.

     

    When Carol Loomis first mentioned a little-known Omaha hedge fund manager in a 1966 Fortune article, she didn’t dream that Warren Buffett would one day be considered the world’s greatest investor—nor that she and Buffett would quickly become close personal friends. As Buf­fett’s fortune and reputation grew over time, Loomis used her unique insight into Buffett’s thinking to chronicle his work for Fortune, writ­ing and proposing scores of stories that tracked his many accomplishments—and also his occa­sional mistakes.

     

    Now Loomis has collected and updated the best Buffett articles Fortune published between 1966 and 2012, including thirteen cover stories and a dozen pieces authored by Buffett himself. Loomis has provided commentary about each major arti­cle that supplies context and her own informed point of view. Readers will gain fresh insights into Buffett’s investment strategies and his thinking on management, philanthropy, public policy, and even parenting. Some of the highlights include:

    The 1966 A. W. Jones story in which Fortune first mentioned Buffett.

    The first piece Buffett wrote for the magazine, 1977’s “How Inf lation Swindles the Equity Investor.”

    Andrew Tobias’s 1983 article “Letters from Chairman Buffett,” the first review of his Berk­shire Hathaway shareholder letters.

    Buffett’s stunningly prescient 2003 piece about derivatives, “Avoiding a Mega-Catastrophe.”

    His unconventional thoughts on inheritance and philanthropy, including his intention to leave his kids “enough money so they would feel they could do anything, but not so much that they could do nothing.”

    Bill Gates’s 1996 article describing his early impressions of Buffett as they struck up their close friendship.

    Scores of Buffett books have been written, but none can claim this work’s combination of trust between two friends, the writer’s deep under­standing of Buffett’s world, and a very long-term perspective.

     

    Notes from meeting with Mohnish Pabrai (by Ashish Kila)

    in General Discussion

    Posted

    Ashish Kila has some interesting notes from a meeting with Mohnish Pabrai.

     

    -----

     

     

    Notes from meeting with value investor Mr. Mohnish Pabrai

    Monday, August 13, 2012

     

    Mr. Ashish Kila had an opportunity to interact with Mr. Mohnish Pabrai at MDI (lecture organised by Mr. Sanjay Bakshi & Mr. Amitabh Singhi) where Mr. Pabrai presented his astute insights regarding the course of action investors should adopt in ever uncertain markets. Note: - We have humbly tried to make some additions (highlighted in Italics) to the note below for better understanding of the content.

     

    http://perfectresearch.blogspot.de/2012/08/notes-from-meeting-with-value-investor.html

     

     

    -----

     

    How to go about Cash Allocation

     

    - When an investor finds a stock that has a potential to turn into a two bagger, 75% of the total portfolio allocation should be made towards such stocks.

    - For the remaining 25% of the portfolio, the investor becomes more conscious and conservative and tries to find an investment that will be either a three bagger or a five bagger.

    - The remaining Allocation should be made in the proportion of 10% for a 3 bagger another 10% for a four bagger and remaining 5% for a potential five bagger.

     

    - Here the seasoned investors raised a question regarding the time frame one should have patience and let the investment attain its true value.

    - Mr. Pabrai showed the real strength of patience by quoting the example of Daily Journal’s investments under the guidance of Charlie Munger 

    - Charlie Munger had the company’s money invested in treasuries for almost 10 years till he found a potential multi bagger in Wells Fargo and Bank and within 1 quarter he invested 100% of the treasuries amount in the stock.

     

     

    Livin’ On The Hedge (Prem, WeB & Mohnish)

    in Fairfax Financial

    Posted

    Some interesting article about Fairfax and Prem Watsa. It also mentioned some thoughts of Warren Buffett on Prem's CDS trade.

     

    -----

     

    Livin’ On The Hedge

    How Prem Watsa, the ‘Oracle of Ontario’, beat the downturn

     

    Outlook India Magazine

     

    http://www.outlookindia.com/article.aspx?282410

     

    Watsa was introduced at that 2007 event by Prof George Athanassakos, director of the centre. Athanassakos recalls that speech: “Mr Watsa is an outstanding VI (value investor) with a contrarian view on things. His excellent reading of the markets in the last four years enabled him to successfully use credit default swaps (CDSS) and make money when everyone else lost. He had commented on the markets in a conference I ran in May 2007, in which he was the keynote speaker. During my visit to see Mr Buffett, he asked me who endowed my chair, and when I said Mr Watsa, he smiled and said, ‘Smart guy, he made a lot of money on cds.’”

     

    .....

     

    Watsa’s friend Mohnish Pabrai, managing director of the Irvine, California-based Pabrai Investment Funds, says there’s more to him than just investment acumen: “I would say Prem is a low ego, humble person. People tend to fixate on his investing skills. His skills as a business leader are vastly more important. Most of the core people he started with 26 years ago are still with him today, which is an unusual situation—and speaks volumes

     

    .....

     

    The Watsas are also committed to providing $1 million every year for five years to the Dakshana Foundation, which was started by Pabrai for providing quality education to underprivileged children.

     

    .....

     

     

    But Watsa’s hardly a one-trick pony, as Pabrai says, “He’s a learning machine. Earlier, they used to buy distressed insurance operations. Now he’s moved to paying a lot more attention to quality. He has diversified, completely bought a sporting goods company, a restaurant chain, and a wedding gifts company.”

     

    Daniel Loeb's Third Point 3rd Qtr Letter -> AIG

    in General Discussion

    Posted

    berkshiremystery,

    thank you for posting! We had already talked about Third Point’s investment in AIG, do you remember?

     

    It has been a few days since your last post… where have you been?! Don’t leave us without your thoughtful ideas! ;)

     

    giofranchi

     

    I remember,... but that was almost some 3 weeks ago...

    http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/third-point-offshore-investors-ltd/msg85022/

    Now Daniel Loeb's new letter as of October 3rd has some interesting new write-up about AIG.

     

    Coming to your second question, where I have been,...

    well, that I wonder myself,... sometimes life keeps me occupied, that I wonder a few days thereafter how fast time flies,... and you say,... only a few days. Well, a least I make all my investments the way that they could run on autopilot and I could take some midday nap like Mohnish does. I wouldn't like the hassle to look at the ticker tape each hour. In the past few days,... I was occupied with an overload of other work. But thanks, for your nice worries,... I'm surprised that I'm so much needed here.

     

    Daniel Loeb's Third Point 3rd Qtr Letter -> AIG

    in General Discussion

    Posted

    Third Point's Loeb bets big, and wins, on Greek debt

     

    Hedge fund manager Daniel Loeb built a major position in distressed Greek government bonds in September, according to a monthly report he sent to his investors

     

    In that letter the $9.3 billion hedge fund had told investors "we anticipate Europe's dysfunctional capital markets to continue generating a steady stream of similar eventdriven, attractive ideas for us to incorporate into our portfolio."

     

     

     

    http://www.reuters.com/article/2012/10/03/hedgefund-thirdpoint-loeb-idUSL1E8L35C020121003?feedType=RSS&feedName=rbssEnergyNews&rpc=43

     

     

    The Manual of Ideas Interview with Guy Spier

    in General Discussion

    Posted

    Anyone know of Guy Spier's track record?

     

    He's usually associated with Pabrai so i'm just curious if he has similar returns to his.

     

    Why is he always with Pabrai?  I hadn't heard of him until I saw him with Pabrai on the UC video.

     

    They are both good friends for a long time, and had both together the charity dinner with Buffett. Spiers was also a former member at the advisory board of Mohnish's Dakshana Foundation.

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