Evolveus

No problem! The lecture is a little hard to understand, b/c the audio quality is not the greatest. Interestingly, the earlier lectures on the Heilbrunn Class recordings page have much better audio quality than the the 2010 to current lectures. I'm certainly not complaining - but I figured audio quality would go up or at least stay the same over time as opposed to going down....$.02

Recent Mohnish Pabrai lecture from Professor Bruce Greenwald's Value Investing course at Columbia: http://cbs360.gsb.columbia.edu:8080/ess/echo/presentation/1387110d-5627-4513-9626-2d9f16f1f8b4 There are also some other great lectures from the class here: http://www4.gsb.columbia.edu/valueinvesting/schlossarchives/class_recordings N'Joy!

http://mcelvaine.com/wp-content/uploads/2010/03/2010-Annual-Report-for-website.pdf N'joy

http://www.advisorperspectives.com/newsletters11/Mason_Hawkins_and_Staley_Cates_on_Todays_Opportunities_for_Value_Investors.php H/T Value Investing World

I noticed on NASDAQ.com 10 notable holders of ABH common stock: Prem Watsa (2nd largest holding) Francois Chou (largest holding) Perry Corp Daniel Loeb / Third Point Leon Cooperman Third Avenue Value Paulson & Co. Markel Michael F. Price Steelhead Partners Below is a link to Third Point Capital's quarterly letter. Loeb makes his case for paper companies starting around the bottom of page 2. Pretty interesting read. I have not done any work yet on ABH but seeing this many smart people on a post-bankruptcy re-org makes me curious. Does anyone on the boards have any insight into this company? Recent headlines show a c$300 asset sale to shore up the balance sheet and add liquidity. I also see new management coming on board. Thoughts? http://plasmon.rghost.net/download/4272822/f37b33dd24dc328ae70b0a71b16178de31e0fd71/Third-Point-Q4-2010.pdf

Interesting article about the ecological slant of modern financial systems. Also reminded me of Munger's fondness of interconnectivity. N'Joy! H/T Simoleon Sense http://seedmagazine.com/content/article/on_early_warning_signs/ :D

If you're a member here, I'm certain you've read these before, but I don't think I can read these enough. Nuggets of wisdom from two great men of extraordinary character. Enjoy :) "I made my first investment at age eleven. I was wasting my life up until then." - Warren Buffett "My idea of a group decision is to look in the mirror." - Warren Buffett "It takes twenty years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffett "You're lucky in life if you have the right heroes. I advise all of you, to the extent that you can, pick out a few heroes. There's nothing like the right ones." - Warren Buffett "I'm the luckiest guy in the world in terms of what I do for a living. No one can tell me to do things I don't believe in or things I think are stupid." - Warren Buffett "I choose to work with every single person that I work with. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying." - Warren Buffett "I don't want to be on the other side of the table from the customer. I was never selling anything that I didn't believe in myself or use myself." - Warren Buffett "Investment must be rational; if you can't understand it, don't do it." - Warren Buffett "We simply attempt to be fearful when others are greedy, and to be greedy only when others are fearful." - Warren Buffett "We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a romantic." - Warren Buffett "Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars." - Warren Buffett ---------------------------------------------------------------------------- "Spend each day trying to be a little wiser than you were when you woke up." - Charlie Munger "In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero." - Charlie Munger "Choose clients as you would friends." - Charlie Munger "It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities." - Charlie Munger "No wise pilot, no matter how great his talent and experience, fails to use his checklist." - Charlie Munger "There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back." - Charlie Munger "Once you get into debt, it’s hell to get out. Don’t let credit card debt carry over. You can’t get ahead paying eighteen percent." - Charlie Munger "Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer." - Charlie Munger "Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy." - Charlie Munger "I won’t bet $100 against house odds between now and the grave." - Charlie Munger "I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart." - Charlie Munger h/t to Howard Donnelly THE Podcast Editors