BargainValueHunter

http://www.zacks.com/stock/news/61546/Treasury+to+Sell+SunTrust+Warrants

How about this... There are a LOT of free-to-distribute .PDF files of research papers and analyst opinion on the 'Net in the realm of value investing that many people could use as a learning tool. Would those be o.k. to attach?

http://travel.usatoday.com/alliance/flights/boardingarea/post/2011/09/Frequent-Miler---Buy-American-Airlines-Miles-for-less-than-16-cents-each--No-limit/548592/1

http://www.bloomberg.com/news/2011-09-01/no-gm-buyback-or-dividend-seen-as-pension-gap-freezes-cash-cars.html yeah if you don't count debt and pension liability. but most rational investors Would.

GM now trades for less than its cash on hand.

Thanks, Jacob!!

http://www.bloomberg.com/news/2011-09-21/aig-hires-ex-irs-deputy-counsel-potter-to-protect-tax-assets.html -and here is something AIG bears never talk about...

Wouldn't lack of confidence in EUROPEAN banks HELP American banks in the long term? In the short term everything is wobbly but where are the Asians and Arabs going to place and manage hundreds of billions of dollars overseas long term? Looks like American big cap banks are nearly OVERcapitalized unlike their European counterparts.

I sure hope so! I've got a whole bunch of Federal Reserve Notes that need to be converted into deeply undervalued shares of profitable, wide-moat enterprises with strong, defensible brand franchises and free cash flow growth!

So the question is does Tilson most resemble a Mohnish circa Q2 2009? or Bill Miller post-Bear Stearns? http://online.wsj.com/article/SB122886123425292617.html or Berkowitz now? Even the Maestro was "clearly too old for this game" when Juniper Networks was trading at ~$225 per share! Is Whitney a fake or a pro just going through a rough patch?

That's a highly professional attitude. ...standing by...

Hi...another fan here. How would you compare your letter to OID if at all? (Aside from the fact that you publish on at least a semi-regular basis) :)

FAIRX (the current "laughing stock" of the fund world) 15% Earnings Yield AAPL (the current "superstar stock" of the equity world) 6.31% Earnings Yield http://ycharts.com/companies/AAPL/earning_yield

There are limitations on how much he can have in banks, that is why he has 5% in BAC, C, and RF ... and probably those apply to GS and MS too. BRK is very cheap just not crazy cheap. I think that no matter the macro situation BRK will be undervalued by the market until WB passes on and his successors have proven themselves. That could take at least a decade or more...

It's really interesting. I was watching some of those CNBC Delivering Alpha videos earlier today, and one of the guys (I think a fellow from Blackstone) was talking about how mortgage servicing rights are being dumped by the banks at great prices because of the new capital requirements. It looks like Leucadia and Berkshire were some of the first folks in the market to realize that they could capitalize on this trend. It was also interesting to watch the real estate panel because this indicates there will be a lot institutional interest in the markets that Berkadia services. If activity markedly increases in these markets, then I wonder what sorts of volumes Berkadia could be handling in the future. Your reply reminded me of this article: http://finance.fortune.cnn.com/2011/08/10/bank-of-americas-back-door-tarp/

http://www.bloomberg.com/news/2011-09-16/berkshire-mortgage-venture-to-acquire-tavernier-assets-2-.html?cmpid=yhoo

http://blogs.wsj.com/bankruptcy/2011/09/15/wamu-plan-ruling-puts-distressed-investors-on-notice/?mod=google_news_blog -and- http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/13/bloomberg1376-LRHH8I6K510401-75GJR3BO6O32P739SN15QLJV2V.DTL

Fairholme to take stake in St. Joe to 50% http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/09/16/financial/f063659D95.DTL

I'm surprised more people aren't doing this. Low interest rates and low prices make real estate a very attractive play at the moment. My business partner and I have started a LP to collect money from family and friends and we are identifying properties that we would like to own if we can get the right price. We're working on our first acquisition right now. Both residential and commercial real estate offer huge opportunities. For example, it currently costs 30% more to rent a home than own in Atlanta. That means if you can buy the home and find a tenant, you could have 20-30% gains on it in just the first year employing absolutely 0 leverage...that's incredible.

Berkowitz is diversifying from the leisure market for St. Joe land and is pushing hard for foreign business development. http://www.miamiherald.com/2011/03/28/v-print/2134611/bruceberkowitz-saving-st-joe.html

http://www.marketwatch.com/story/can-stocks-pay-your-mortgage-2011-09-14

Ackman has a high IQ but *perhaps* he is straying outside his "circle of competence". It will be interesting to watch. He claims that he may make 100 times his money on this play. Can someone explain how he would achieve this?

It is the same man but not the same persona. I meant Cramer in 1989 wasn't screaming on TV as the lunatic host of MAD MONEY on CNBC. He was NEVER Buffett but I think FORTUNE was just looking at the then current hot shots and crowbarred Warren's name into the title.

Bruce Berkowitz will explain himself this week on Consuelo Mack's WealthTrack on PBS (check your local listings).