Crip1

My favorite paragraph from the NYT story is: Few are playing sad cellos over the fate of such folk, especially since the collapse of the institutions they run has yielded untold financial pain. But in New York, where a new study from the Center for an Urban Future, a nonprofit research group in Manhattan, estimates it takes $123,322 to enjoy the same middle-class life as someone earning $50,000 in Houston, extricating oneself from steep bills can be difficult. So, the $500K President Obama wants to pay these folks then translates into a little over $200K/year in Houston. Well, I live in Dallas which is like a less humid Houston with too many northerners (myself being a northener as well) and one can live pretty damned well on $200K/year. VERY damned well. -Crip

Looks like others are pretty ticked about this as well...and we were not even among those who lost their butts in his fund!!! The whole thing is really outrageous, even when he finally admitted that he was little more than a con artist/thief, he looked to take the scraps of his billions (million dollar scaps, mind you) and give them to his family and friends, further SCREWING THE PEOPLE HE ALREADY RIPPED OFF. It is clear that he did not feel the least bit bad about stealing, he did not care for the victims, but he only felt bad about having his con-artest machine fail. This is unacceptable behavior for anyone, anytime, anywhere. Hammer...nail...nuts...nice sturdy wall...that's about all you need. I am not going to speak for Al, has he has shown over the years he is adept at doing so himself, but I would bet that there is an element of tongue-in-cheek to his remark. However, there is a kernel of truth to his statement as the adage of "If it sounds too good to be true, it probibly is" rings true here. One thing that I have tried to get through to my kids is that pretty much everyone you meet wants your money...and I do mean pretty much everyone. There is a similiarity between the Madoff victims and early Buffett partners. Warren is obviously trustworthy but how would one know? Warren states that when he looks at a manager he seeks one who loves the business, not who loves the money. Had investors looked at Madoff with such a discerning eye, he would not have swindled to the extent that he did. So, there is come culpability for these investors, and hopefully lessons will be learned by them and by the general public who saw this from afar. -Crip

"Sanjeev, thanks for getting this set up so quickly at such a busy time for you. Fantastic. Ever thought of running for political office? Govt could use a few tips about getting things done on time and on budget!" Yeah, make every Gov't employee drive around in a Mini Cooper. -Crip

http://news.yahoo.com/s/nm/20090209/bs_nm/us_madoff_sec_6 I really hope this guy gets his nuts nailed to the wall. If he gets to keep one thin dime, then anyone considering committing lying, cheating or stealing on a grand scale will look at doing so as "Heads I win (If I don't get caught, I am a billionaire), tails I don't lose much (I get to hang out in my penthouse and let my lawyers do my work for me)". He needs to end this with less than nothing. He needs to be left in a slum with each and every dime he earns going to his victims for the rest of eternity. In fact, how about making his kids pay the investors with a sliding scale of their future earnings, for as long as they live. Looking at him holed up in a penthouse apartment does NOTHING to discourage others. And you know there are those out there who are thinking "I can do that, only I'll be better at it than Madoff and NOT GET CAUGHT". Bastards... It absolutely infuriates me that he's not in jail right now...not to mention that after reading the most recent Deep Capture blog, that the $50B Ponzi scheme may be the tip of the iceberg. OK, cooling down now... -Crip

I would add a 4th option which would read "Since I'm able to access this much knowledge for free, I couldn't care less" Of course, this option would not provide much useful information for Sanj, but it would be interesting to see how many folks voted for this option...besides me. -Crip

Just by eye-balling that chart, 75% does not looks more average as opposed to cheap. That does not say that we will see a sub 50% reading, but it does say that this is not the time to be giddy about relative valuation. -Crip

Flying Arrow, If you go into your profile, you can input your Instant Messaging ID, be it AOL, Yahoo, etc. Then, on your posts, there is a link where a user can click on to send a IM directly. Same think with e-mail as well. This is an alternitive to messaging within the site. Not sure if it is better or worse, but an alteritive. [glow=red,2,300] -Crip[/glow]

"There is nothing great about that 5 year growth in book value." True, 10% per annum over 5 years is not legendary, but it makes sense to frame this properly and consider that this 5 year period includes a worldwide financial meltdown and the costliest hurricane ever. It will be interesting to see how MKL stands up in comparison to the Berkshires, Chubbs, etc, of the world. Interestingly enough, if Fairfax ends up with a BV of $310 for Y/E 2008, they will also have acheived a BV CAGR of 10% per annum. Trust me, I am disappointed in the results, but thinking that the folks over at Markel have gotten stupid all of a sudden does not make sense to me. -Crip

Flying Arrow, Dude, you had the best moniker by far, and the best abbreviation! And, from where did flying arrow eminate? -Crip

Uh...this is my #2 holding but...WOW...I am stunned. Just a quick skim and this is really bad.

Sanj, we really appreciate your work...now go to lunch so we can all see our net worths increase! ;) [shadow=red,left] -Crip [/shadow]