augustabound

Don't forget our Conservative government. They've been given credit also, worthy or not.

Wasn't the U.S.'s main problem sub-prime lending? We didn't have that here, or at least to the extreme as the U.S.

Obviously I completely missed the "Welcome new reader" header. Thank you.

Ridiculous question but I'll ask anyway. I've been to MMM a couple of times and don't see an archive. How are you reading the posts in order? I went to "Start here", but that didn't help.

"Reply #7" by Dshachory. 8)

1st paragraph he says they are not cheap enough. Yes. But I missed him saying "base metals". The other 3 times Gurufocus asked what he looks for the cut and paste answer was no mining or IT.

Wasn't he a debt holder of Resolute? He may have hedges in place. I also wondered, unless I misunderstood his answers, he said he wouldn't invest in mining companies but another question he answered, he said they weren't cheap enough yet. So he will if they're cheap enough?

Didn't Frank play with the shares a few years ago to his benefit? Huge benefit? I don't remember specifics but I remember a controversy about him gaining on the class of shares he owns around that time. Now I remember why I stayed away. He was paying himself 70 m a year, every year. Have you ever seen their complex in Aurora. The family has the biggest castle in Canada. Yep, I drive past "Adena Meadows" about once a week. Their corporate HQ, gated community anchored by Frank's Canadian residence and Belinda's IIRC. I'm sure the son has one too. Adena Meadows stable for his passion for horses. And don't forget the 2nd most exclusive golf club in the country. (Second only to the Desmarais course near Montreal, played only by family and friends if I remember correctly.) I remember watching a bio of Frank and his story is fascinating from an empire building perspective. Starting as a machinist making visor clamps for Chrysler out of his garage and winding up with this billion dollar corporation.

Didn't Frank play with the shares a few years ago to his benefit? Huge benefit? I don't remember specifics but I remember a controversy about him gaining on the class of shares he owns around that time.

Maybe, just maybe one day when you're able to read 500 pages a day you'll get it. :P

We did that with our Kia Soul we bought 2 years ago. Ex-airport rental, 20000 km and about $10k less than new and it was the top model. Sunroof, stereo and all the good stuff. This time around we went brand new, Kia Sorento since Kia's base model is very well equipped. You get more features on a base model Kia (and Hyundai I assume) than all others. The domestics are the worst, everything is an upgrade. $$$ We bought new because they're the only dealer offering 0% financing up to 84 months. All the others wanted anywhere from 2.9%-5.9% and the used cars were on the higher end of that. My wife had been keeping her eye on the dealers for a while so she knows the price wasn't artificially inflated prior to them offering 0%.

I plan to re-read both The Intelligent Investor and Security Analysis regularly , even if it's every couple of years. In 8 or 9 years I've been through them both twice.......... I'm going through them both again now, third time's a charm right. I'm finding it easier to read slowly and take breaks now and then to absorb what I just read and it seems to really help. On the re-read list (I don't know if any of these are continual re-reads or not but I plan to read them one more time); Charlie Munger's Psychology of Human Misjudgment. Margin of Safety - Seth Klarman Influence - Robert Cialdini (Munger mentions this multiple times in the Psychology of Human Misjudgment speech) The Most Important Thing - Howard Marks

Would a single middle aged lady rent a $5000 per month house? :o It was just an example. I'm aware you can't discriminate but I would imagine a property management company could tailor the ads etc toward whomever their target demographic is. When I was a renter almost every place I went to said upon arrival when we/I started asking questions about the place that they had more showings later already booked and they showed the place earlier in the day or the day before. My wife said the same when she rented. They always want the "out" if you're not their ideal tenant. Sorry sir, the person who saw the place earlier in the day wanted it and "to be fair", I have to give it to him. Edit: yes, I did miss the 5000 part. :P

I don't rent out anything but I read a bit about it over the years. To your bad tenant concern, apparently the best tenants are middle aged single ladies. Most people default to the "responsible" young professional couple since they usually have a good job having just started their careers etc. Or to families. Typically these types care little of your property and aren't thinking about staying long term. Young couples may have people over regularly on weekends (noise) and families may have young kids (noise)..... A single middle aged lady is looking for a long term home, she will let you know of the little problems before they become big ones (families and young couples really don't care about these things if they don't directly impact them) and when you talk to them, the ladies will let you know of everything that's going on in your area. It's like you have a full time employee onsite AND she pays you to be there. ;D

Still overpriced. :P

I checked out of curiosity and didn't find it on Amazon.

Don't forget the $200 price tag. ;D

The message itself wasn't arrogant as much as the "You're Welcome World". Very Harry Longish. I read through a bunch of tweets last night and every now and then he's a bit arrogant IMO. His reply to David Baskin yesterday was a bit immature. The "seriously!" tweet. He's the president of his own advisory company and instead of debating the point of DB's tweet all he does is the high school reply, "seriously!" Don't get me wrong, his take on Canadian real estate seems solid, just some of his tweets rub me the wrong way. Hardcore value retweets the good stuff from him so I'm not missing out.

I want to follow him, I really do. But I can't follow someone who posts dozens of times a day. Although this quote is pretty arrogant so maybe not following him won't be that hard.

Their value fund did 12% from March 2004 until Aug 2013 according to an article I read a while back. I can't remember where I read it though. But their wheelhouse seems to be semi-conductors according to Barron's.

I think I remember that Satchel Paige said that. I'm sure this book will be full of memorable quotes. I read Buck O'Neil's, I Was Right On Time, which was pretty good overall. He said that Satchel Paige was one of the players who had a girl in every town, sometimes a few. As his friend, Buck had to divert Paige's wife away when she surprised him on a road trip. I wasn't clear earlier but yes, I have the 6th. And yes, I would like a hard copy of the 2nd also. ;D I also want a copy of The Intelligent Investor before Zweig's "commentary". I find it annoying.

I think you posted them before and I downloaded them. I forgot I had your notes. Thank you again though. :)

I've thought about it but the biggest drawback for me is the amount of time it takes to read any edition of SA. From what I understand the 4th is less Graham. The 1st he hasn't fully taken in the magnitude of 1929 (from what I've heard anyway). But I see your point on seeing his evolution from this point onward. So yes, maybe I should read it and form my own opinion. I also see the irony of not wanting to read them all due to the time involved since it's taken me 5 years and I'm still not fully through the 2nd edition. I'm finding this time reading through the 2nd I have to read slowly and take a break every few paragraphs to take it in and think about what he just wrote. It seems to be working as far as my retention goes. The first time I read it I just wanted to get through it. The second time reading it I didn't do much better than the first. I may flip through the 1st it a bit but I don't see reading it through. As for your cult comment, I still want all the editions to put on my bookshelf.........................just because. ;D Also, add Christy Mathewson and Satchel Paige to my baseball bio list above that I ordered yesterday. It's been a long winter so far. Five weeks until spring training.

I just opened the 2nd edition again. I've read it through twice but like most, remember very little. I have the 1st but never got through it, then I got the 2nd so the 1st was just forgotten and probably never will be opened again. I just finished Luckiest Man: The Life and Death of Lou Gehrig. I loved it. It was very well written and pretty detailed from what I can see. Next up mixed in with Security Analysis 2nd, Ty Cobb, Roger Maris and Ed Delehanty bios.

Carry on then. :-[ I read it as calling John Huber a hack. Nevermind then, nothing to see here. ;D I failed to click the link and totally missed the title of the paper and just saw basehit.