Liberty

Another question for you, Moore. What do you think of Cliffs (TSE:CLF)? I'm generally more interested in base metals than precious ones, and it has been on my watchlist (though I still prefer Altius to it specifically, and small caps in general because they are usually less efficiently priced, but if ALS becomes much more expensive and CLF becomes less expensive, I wouldn't mind picking some up).

I wasn't familiar with him or his company. I had a quick look at TSE:DC.A (that's the right one, correct?) and am reading the 10K now. At first glance it seems pretty cheap, but I haven't looked at everything they own yet so maybe there's a reason. Thanks for pointing them out, I appreciate it! Where would you rank it compared to the list above (with altius #1, etc)?

Thanks! Does NRH trades on an exchange? I can't seem to find it, and their generic name makes it hard to Google (if you have a link to their website, that'd be super). I appreciate your ranking and will definitely do more research on those.

Even if he answers 'yes' to all these, it's still not the system we have, and under the system we have, he obviously prefers to own productive businesses rather than currency, whether that currency is cash or gold. You might disagree with him, but his position is pretty clear and logically explained, IMO.

Hi Moore, Curious to know which of those is/are your favorites and why? I'm a big fan of Altius, and I'm trying to widen my circle of competence in that sector.

I agree with this. As Claude Shannon would say, you need to stick to where you have an edge. Maybe some people here are macro geniuses, but even these people seem to only get it right an awfully small percentage of the time (it's not a binary outcome thing where you start with 50% odds, in macro forecasting there are thousands of variables interacting with each other in unpredictable ways, so you start with very low odds of being right), so I'm not sure that provides much of a margin of safety...

That's great! If FFH employees or management are reading this, thanks!

Thanks for posting interview. What's your opinion on SII? I looked at it a couple years ago but missed the boat. With SII you would have managers like Rick Rule, and Eric Sprott (who owns most of the shares I believe) on the team. I've been reading up on them a bit. Not yet sure what I think, but I'm also curious to know other people's opinions (Dazel, are you reading this?). Edit: Actually, I was looking at SCP. Anyone can shed some light on the corporate structure of Sprott? SII and SCP are totally separate, right?

Ok, am I the only one who finds this very condescending? Please stop attacking strawmen and pretending that goldbugs are the only people who can think for themselves or whatever (anyhow, these days, the lemmings are in gold, not in value investing). It is entirely possible to agree with Buffett and Munger without just following what they're saying blindly and unthinkingly.

And if that doesn't work, make sure you right-click-and-hold-the-button :)

I started reading that one but stopped after a few chapters. Didn't grab me and didn't seem particularly well written. Maybe it got better, and maybe I'll try it again some day.

Thank you!

And what did you think of the second part?

http://latimesblogs.latimes.com/entertainmentnewsbuzz/2011/09/netflix-to-lose-starz-its-most-valuable-source-of-new-movies.html

And it'll stay that way as long as Microsoft can manage to keep it that way.

[amazonsearch]Distant Force - George A. Roberts[/amazonsearch] The library doesn't have this one. I'm trying to figure out if it's worth buying... Who here has read it? Is the book readable and the info valuable? Or is it a terribly written book full of platitudes?

Maybe someone should try cornering the MoS market to make prices spike ;)

Food for thought: http://www.theatlantic.com/business/archive/2011/09/steve-jobss-law-why-founders-make-better-leaders/244439/ I think this doesn't just literally apply to founding the company, but also to owner-managers founding the company's current model (ie. Berkshire from the day Buffet came on board was pretty different from what it was before, even if Buffett didn't create it. Same for EBIX from the day Robin Raina came on board). There was a comment on another forum about how these new star CEOs are more loyal to the board that put them there, while founders are often more aligned with shareholders.

Last I checked on Amazon it was around 2.3k

I've been meaning to ask about the MacLean book. Do you think it's a good buy for someone without a math background? It's kind of expensive, and I'm a bit afraid of getting a math textbook that I mostly won't understand. Security Analysis is indeed drier and more complex than Intelligent Investor, but I can understand it just fine. Is it the same with Kelly Capital Growth or is it a lot more like a statistical journal paper that is 800 pages long? Thanks.

Margin of Safety is impossible to find in physical form unless you want to pay a few thousand bucks, but I found a PDF pretty easily online. I'm halfway through, but it's great.

Thanks. Is his approach value investing? I have to say that the first review scared me: This seems to make sense if you are passively indexing, but I'm not sure what I would do with this information considering my portfolio is 100% equity and has ranged between 3-9 stocks so far (I'm Mungerian that way)...

It's like a Wikipedia entry. The new ones build on the past ones. Just get the latest one and enjoy 8)

I've actually never read a Costco 10k. I think I'll go check out a few, I'm sure I'll learn a few things. Update: I've only read a couple dozen pages and I've already started to understand why Munger likes them so much :)

Could you elaborate a bit on what makes it good and what is approach is? Is it as useful to an individual investor? Thx.