Ben Graham

And just to be curious, as I'm not aware of the answer, what was you full-time job back then Sanjeev, before the fund? When I started the message board, I was a supervisor for Loblaws! I quit that year and started working as a mutual fund and insurance dealer because I wanted to get into the financial industry after meeting Buffett. I had no idea how, and I quit university after my father died when I was 21, so that was my stepping stone into the business. But over the next few years I was really frustrated with the incestuous relationship between the dealers and brokers in the industry. They do a complete disservice to the investor! It wasn't until 2006 when I started the fund...the best thing I ever did. And it would never have happened if I didn't have lunch with Prem, who said just start the fund with whatever money you have saved and can raise...build a track record! But that lunch only occurred because we contacted Fairfax regarding the short attack in 2003, which we only noticed because a handful of us Fairfax shareholders had gathered on this board and were wondering what the hell was going on! Very funny how little things can make a big difference in someone's life and how interconnected they all are! ;D That first time I went to Fairfax's office was incredible! Francis and JoAnn just spent the whole day taking me around to everyone's office, and then I was allowed to sit with each person in their office and ask questions for about 20-30 minutes. You name them, I spent time with them that day...Fairfax executives, vice-presidents, Hamblin-Watsa principals and analysts. I also got to see their archive room, where they have an actual part-time librarian who catalogs and organizes all of the historical annual reports Prem has accumulated through the years...thousands and thousands! I saw the trading desk where Frances Burke constantly executes their trade orders directly from. In the middle of all that, I had a nearly two-hour lunch with Prem in the boardroom...Indian food! I barely ate anything because I was so busy asking him questions and listening to what he had to say. Every year, I would go visit the office and spend some time there. I remember one year I was supposed to meet Francis for a while, so JoAnn arranged for us to meet him in the smaller boardroom at Fairfax, since he had already left his vice-president position and was now solely at the Chou Funds. We sat there and talked for about four hours making little cappucinos from the automated coffee machine Fairfax has in their kitchen! ;D Francis, my friend Dr. Ajay Desai, our director Andrew Cooke (whose father JoAnn originally worked for before joining Fairfax), Alnesh and myself...four hours plus just sitting there and talking about investing! JoAnn would come in and check up on us every half hour and see if we needed anything. She was fantastic! That's why I do the dinner in her memory now, and why we raise money for "The Crohn's & Colitis Foundation of Canada". You've got me reminiscing. Anyway, so that's a bit of that. Cheers! WOW! A dream come true. Value Heaven. Great story.

Ericopoly = Arnold Rothstein from Boardwalk Empire 8) hehehe but he thought of himself a gambler not a value investor ... and he died young I think http://en.wikipedia.org/wiki/Arnold_Rothstein I believe what I do lights up the same reward centers in the brain that keep gamblers at the table. It feels good when it goes up, I want to buy more when it goes down, it's never "enough". That's a gambler. However that 20% is still a nice amount of money that pays off our mortgage, funds the education for the children, and leaves a few year's of my prior pre-tax earnings to fund our after-65 nest egg. So I'll still be comfortable. It will be one of those "better to have loved and lost than never to have loved at all" stories. My kids might actually grow up much better seeing us as a normal working family -- did you see that photo of the Romney boys??? Yuck!!! Disagree with you. The same part of the brain may activate, but what you do is completely different than a gambler. - Gambler's make bets solely on the probability of a specific event possibly occurring. - You, along with any intelligent investor, do not make "bets" on an event possibly occurring, but that an event is completely inevitable...the event being that other investors eventually recognize the underlying value of something that has been completely mispriced. I would say it's more akin to someone rumaging through garage sales or attics, and looking for things that other people haven't recognized as having enormous value. The same joy may run through your brain and veins as a gambler who has won big, but it is as dissimiliar as any two things in life could be. Cheers! ******************************************************************************* I disagree. If you see a company that has $10M in cash, no debt, no other liabilities and is not losing money, but its market capitalization is at $6M, how is that gambling? There may be gamblers in the stock market, and investors in casinos, but they don't look for the same thing as the intelligent investor, nor do they conduct themselves in that manner. Cheers! 1. I would say it's more akin to someone rumaging through garage sales or attics, and looking for things that other people haven't recognized as having enormous value. This is where the Kings of value investing look first. Francis Chou Value investors like stocks that are obscure and undesirable. It's an investing style once described by the late, great value guru Benjamin Graham as the equivalent of rifling through a store's discount bin. In other words, if you are patient enough to search endlessly and smart enough to know the difference between a true bargain and a bad knockoff, then you can make terrific money. http://v1.theglobeandmail.com/partners/free/globeinvestor/investment/may08/chou.html ******************************************************************************* 2. If you see a company that has $10M in cash, no debt, no other liabilities and is not losing money, but its market capitalization is at $6M, how is that gambling? This is exactly what SEAM does. Southeastern Asset Management.Inc. Investment Approach http://www.longleafpartners.com/about_us/investment_approach Good Price P/V = 60% or less where intrinsic value is determined by: •Present value of free cash flow •Net asset value •Comparable business sales

Looking Deeper Into Capital Allocation Market-leading companies not only achieve success through their business results, but also by properly allocating capital in a way that is most beneficial to shareholders. Often overlooked as a central theme, capital allocation decisions are vital in determining the future of the company and, as such, are some of the most important responsibilities of company management. This article will examine some of the metrics that help us evaluate management's ability to effectively allocate capital in any set of market conditions. Read on to learn how to use these metrics to facilitate stock research and find companies poised to succeed over the long haul. "Thanks, Keep the Change" Should the company issue or increase dividends? Should it build that new factory or hire more workers? These are the dilemmas facing managers of today's publicly-traded companies. In the past, for example, Microsoft came under increasing shareholder scrutiny for holding onto more than $48 billion in cash and equivalents. Investors rightly asked when Microsoft was going to start sending some of the shareholders' money back their way. In March of 2003, Microsoft finally answered that question by issuing a dividend (worth $0.08 per share) for the first time. Every company follows a life cycle; in the early stages of life, capital allocation decisions are pretty simple - most of the cash flows will be poured back into the growing business, and there probably isn't going to be much money left over. After many years of strong, steady earnings growth, companies find out that there is only so much market out there to be had. In other words, adding the next product to the shelf, or adding the next shelf for that matter, is only half as profitable per unit as the first things that were put on that shelf many years ago. Eventually, the company will reach a point where cash flows are strong, and there is extra cash "lying around". The first discussions then can begin about such things as: •Entering a new line of business - this requires higher initial outlays of cash, but could prove to be the most profitable course in the long run •Increasing capacity of the core business - this can be confidently done until growth rates begin to decline •Issuing or increasing dividends - the tried and true method •Retiring debt - this increases financial efficiency, as equity financing will almost always be cheaper •Investing or acquiring other companies or ventures - this should always be done cautiously, sticking to core competencies •Buying back company stock Management makes these kinds of decisions by using the same metrics available to investors. These include: Return on Equity A stock's return on equity (ROE) reveals the growth rate of the company in "shareholder dollars". When looking at a company's ROE, there are a few considerations to take into account, such as the age of the company and what type of business it operates. Younger companies will tend to have higher ROEs because cash deployment decisions are easy to make. Older firms, and those operating in capital-intensive businesses (think telecom or integrated oil), will have lower ROEs because it costs more up front to generate the first dollars of revenue. Return on equity is very specific to the industry in which the company operates because each has unique capital requirements; therefore, comparisons should only be made to similar companies when reviewing this valuable metric. A return on equity above the industry average is a good sign that management is wringing the most profit possible out of every invested dollar. Return on Assets Return on assets (ROA) is similar in theory to ROE, but the denominator of the equation is changed from stockholder equity to total assets. The ROA number tells us what kind of return management is getting on the assets at its disposal. As with ROE, ROA figures will vary greatly within different industries, and should be compared with this in mind. Return on assets performance will, over the long run, provide a clearer picture of profitability than ROE will. Why? Because in the ROE calculations, current net income and last year's net income are major variables; they also happen to be much more volatile than long-term growth rates. When ROA is calculated most of the denominator is made up of long-term assets and capital, which smooths out some of the short-term noise that ROE can create. Essentially, ROE can vary widely for a company from year to year, while ROA figures take longer to change significantly. Capital Requirements and Cash Management Let's say that Company X has averaged an 18% return on equity for first 10 years of its existence. This represents a strong record of growth, but it was achieved during a time when there were ample new markets to get into. With a leading market share, Company X can already see that it won't be able to keep up this rate of growth, and must begin looking at other ways to increase shareholder value. The capital requirements to keep up the business are known and set aside, and the free cash flow that is left over can be assessed for its durability and consistency. Once this has been verified, management can sit down and decide the best use of the funds. One or more of the options mentioned above may be used, and once this process begins investors can really start to evaluate the company's effectiveness outside of simply running the core business. Dividend-paying stocks are attractive to many investors. Dividends are an effective way or returning free cash flow to shareholders, and they encourage long-term investment in a company. By looking at the payout ratio for a stock's dividend, an investor can easily tell what percentage of net income is being used to pay dividends. The smaller the payout ratio, the more room management has to increase this amount in the future. The most mature dividend-paying companies are paying out 80%+ of all their net income to shareholders, which provides for a nice yield, but leaves very little cash behind to generate future earnings growth. These stocks end up resembling real estate investment trusts (a security where at least 90% of net income must be distributed to shareholders annually). As a result, investments in companies with very high dividend payouts will experience little price appreciation. Stock buybacks are another common way to allocate excess capital within an organization. When is this in the shareholders' best interests? If the company truly feels that its stock is undervalued, buying back stock could very well be best use of the funds. This will increase the percentage ownership of all the other shareholders, and is generally seen as a positive sign that management believes in the future of the company. Conclusion For the individual investor, part of any effective due diligence should include understanding the history of, and expectations for, the capital allocation abilities of a company. When looked at along with the valuation and growth, management's ability to allocate capital effectively will determine whether it is destined to have a front-running stock, or an "also-ran". Read more: http://www.investopedia.com/articles/basics/07/capitalallocation.asp#ixzz1ly5HPgWU

Hi Parsad, When I read this it made me so very happy!!! It touched my heart - my core belief coincides with this highlighted comment. This is where you find the most intrinsic value - bang for the buck. Your other comment of "Things will get cheaper again, be it the entire market or an individual stock...just wait for the fat pitch." Also drove home the principle to wait until Mr. Market serves you, then hit it out of the park. Take advantage of a bargin. Sell when the Margin of Safety is removed. Disclaimer: Only buy, if the business is quality, run by good people, and selling well below Intrinsic Value.

(3) Cheers for BAC!!! I applaud all value investors who have jumped on the WEB BNSF railroad band wagon to buy BAC dollars for 50 cents or less. We are all from the same family - in knowing when to pull the trigger to buy value. Take advantage of Mr. Market. Always think ahead - Margin of Safety - Buy at a discount, the deeper the better!!! Internet_Explorer_Wallpaper.bmp

There is a way! Just use this link in a PM. I'll prove it by sending you a PM with it in it ok. http://www.opap.gr/documents/11503/180675/fs+2010+ENG+.pdf

Francis Chou is a Saint in the value investing world. He is a Northern Star - the guiding light that all value investors need to follow. He had a burning desire to apply the principles of Ben Graham to the fullest extent with the highest integrity across the board in all ares of his life. Without a doubt Francis Chou made a dream come true by over coming all odds. He never gave up. He stands above all with honor!

Hi elltel, I use this on my iPod Touch - Mini Microphone for iPhone 3G/iPod/touch/classic http://www.amazon.com/Mini-Microphone-iPhone-touch-classic/sim/B00277EMQ2/2 and it only cost $1.70 USD. It works just fine for what I use it for. The app that I use from the itunes store is free. Audio Memos Tutorial This adapter allows you to connect a standard microphone with 3.5mm (1/8 inch) connector to the iPhone/iPad/iPod or other compatible device for quality recording. http://www.kvconnection.com/product-p/km-iphone-mic.htm I just need the cheap or free stuff.

This is for ears only - Audio Can you hear me now? Blue brings the Mikey Digital and Spark Digital to Macworld | iWorld 2012 http://www.tuaw.com/2012/01/28/blue-brings-the-mikey-digital-and-spark-digital-to-macworld-iw/ Blue Microphones are a favorite of ours around here at TUAW. We've used Blue's mics to record countless streams and podcasts, and most of our staffers have bought one or more with their own cash before. So it was nice to see them again at Macworld | iWorld 2012 in San Francisco this week, where PR Manager Hillary Money kindly showed us two new models due out later on this year. The first is the Mikey Digital, which is an update to Blue's Mikey, the company's original mic built to plug in directly to the iPod touch's 30-pin connector. This model is for the iPhone. Apple slightly changed the protocol between the two devices when the Mikey was first introduced, so this version is designed to work specifically with the phone hardware rather than just the iPod. But that tweak isn't the only difference -- there's also a three-setting switch between low, medium, or high gain (and the switch is hooked up to three LEDs that will provide some indication of where you're setting it, which is definitely a helpful improvement). And the middle LED will flash as well when the mic gets distorted, so even if you're not listening during recording, you can see when things are too loud. The other big update is that the 1/4" input on the outside of the mic now will also accept both line and instrument inputs, so you'll be able to just plug your electric guitar right into the mic, which is a nice bonus if you don't already have a solution for that. The Mikey Digital will retail for $99, and should be out later this spring. The Spark Digital is a new mic that's designed specifically for the iPad. It's a version of one of the company's most popular studio mics that instead plugs directly into the iPad's dock connector, allowing you to record straight onto Garageband for iPad, or any other audio recording app (more on that in a second). The Spark also comes with a USB adapter, so you can also use it as a standard PC or Mac mic as well. It also has a gain control and a port for monitoring the audio off of a splitter, and there's a button called "Focus Control" that will change the mic's pickup two different ways, for closeup sound or wider recording. The Spark is suspended by a cord inside a stand, which helps prevent vibrations from reaching the mic's sensitive equipment. We didn't get a chance to hear the output of either microphone, but Blue's microphones are always quality -- especially for the price they're available at, these mics are some of the best value for the money. The Spark will be available this spring as well for $199, and that includes all of the cables, as well as a six-month subscription to both Soundcloud and Gobbler, for storing and sharing audio. Finally, we asked about Blue's iPhone app, Blue FiRe, and if it would ever arrive natively on the iPad. Money told us that while the app itself is still being supported by its developers, Blue's deal with them has ended, so it's no longer funding development on that app. Blue is apparently looking into possibly making a brand new official app, but Money says the result will probably be a long way off. "It's on our radar," she promised. In the meantime, these mics still work with any app that will record audio, including Apple's own Garageband, so there are still plenty of uses for Blue's products. Always good to see Blue and what they're putting out. We'll look forward to getting our hands on these later on this year.

"A picture is worth a thousand words" "A video says a billion words and is worth a lot of money to companies who deliver it" Fostex AR-4i turns iPhone 4 into handheld stereo HD video powerhouse http://www.tuaw.com/2011/09/01/fostex-ar-4i-turns-iphone-4-into-handheld-stereo-hd-video-powerh/ Two Lens Attachments Turn the iPhone into a Video Powerhouse http://www.onlinevideo.net/2012/02/two-lens-attachments-turn-the-iphone-into-a-video-powerhouse/#axzz1ls0GK4Wp

*Suggestion To better serve this message board, might we all try to follow one of Prem's principles on Values: no “egos”. A confrontational style is not appropriate. __________________________________________________________________ Fairfax Guiding Principles VALUES: We are team players – no “egos”. A confrontational style is not appropriate. We value loyalty - to Fairfax and our colleagues. http://www.fairfax.ca/Theme/Fairfax/files/newsletters/FairfaxNewsletter7%2012-20-11.pdf

It was nice to see how important Francis Chou's idea was! Use the float wisely - take advantage of Mr. Market, by not paying too much for assets.

Prem Watsa specializes in applying a decentralized approach to running the Fairfax business. Is he now applying a robust, decentralized approach to RF-based localization for upcoming new RIMM devices? Existing approaches to radio frequency (RF) -based localization are centralized (i.e., they require either a central server or the user’s roaming node, such as PDA or laptop, to compute the user’s location) and/or use a powered infrastructure. In a fire, earthquake, or other disaster, electrical power, networking, and other services may be disabled, rendering such a tracking system useless. Even if the infrastructure can operate on emergency generator power, requiring wireless connectivity is impractical when a potentially large number of wireless access points may themselves have failed (e.g., due to physical damage from fire). In addition, most previous approaches are brittle in that they do not account for lost information, such as the failure of one or more transmitters, or perturbations in RF signal propagation. As such, existing approaches are inappropriate for safety-critical applications, such as disaster response, in which the system must continue to operate (perhaps in a degraded state) after the failure of one or more nodes in the tracking infrastructure. In this paper, we present a robust, decentralized approach to RF-based localization,called MoteTrack. MoteTrack uses a network of battery-operated wireless nodes to measure, store, and compute location information. Location tracking is based on empirical measurements of radio signals from multiple transmitters, using an algorithm similar to RADAR. To achieve robustness, MoteTrack extends this approach in three significant ways: First, MoteTrack uses a decentralized approach to computing locations that runs on the programmable beacon nodes, rather than a back-end server. - Second, the location signature database is replicated across the beacon nodes themselves in a fashion that minimizes per-node storage overhead and achieves high robustness to failure. - Third, MoteTrack employs a dynamic radio signature distance metric that adapts to loss of information, partial failures of the beacon infrastructure, and perturbations in the RF signal. http://www.eecs.harvard.edu/~mdw/papers/motetrack-loca05.pdf

Prem Watsa, make sure your new devices have DASH. DASH promises stutter free streaming video over LTE. We've all been there: fire up a clip from YouTube or a movie on Netflix and things start out great. But, then, after just a few moments, that LTE connection starts to give up the ghost and suddenly you're faced with unbearable stutturing or a video that just dies mid stream. Researchers at the Fraunhofer Institute for Telecommunications are looking to solve that conundrum with DASH, or Dynamic Adaptive Streaming over HTTP. The idea is actually surprisingly simple -- files of different sizes and qualities will be available depending on signal strength and network load, and the stream will be able to seamlessly switch between them as these variables change. http://www.engadget.com/2012/02/05/dash-promises-stutter-free-streaming-video-over-lte/

The market values Wells above Bank of America, Goldman Sachs and Morgan Stanley—combined. WOW! Amazing, Mr. Market can be right sometimes in valuing a business correctly. Wells does what banks are supposed to do: take deposits and then lend the money back out. As Stumpf’s bible puts it: “There are only three ways a company can grow. First, earn more business from your current customers. Second, attract customers from your competitors. Or third, buy another company. If you can’t do the first, what makes you think you can earn more business from your competitors’ customers or from customers you buy through acquisition?” “There’s only three jobs at Wells Fargo: taking care of existing customers, getting new customers and managing the risk of those two things,” adds Wells’ chief risk officer, Michael Loughlin. Wells Fargo is an excellent business model.

If you're stuck at work or nowhere near a TV for Super Bowl 46, don't fret. This year, for the first time ever, NBCSports and NFL.com will offer a live stream of the big game. NBC Sports has been streaming Sunday Night games for a few years now, so here's what you should expect: You'll get additional camera angles, DVR-like controls to pause live game play and social networking capabilities. You can have the game delivered live and flawlessly to any screen. Super Bowl 2012: Top 5 Apps to Follow Big Game Online: http://abcnews.go.com/Technology/super-bowl-xlvi-2012-top-free-apps-follow/story?id=15489940

Warren Buffett's Secret Formula and Methodology Buffett Stock Value Formula: Free Cash Flow / Risk Free Rate http://www.wikiwealth.com/dictionary:warren-buffett-intrinsic-valuation

Once again, the wolfsons were just the grease in the machine, they were the enablers that allowed the funds to short synthetic shares, electronically of real businesses. Why aren't the funds being sued? Because it's not that Stevie Wonder is blind, it's because Justice is blind!

BlackBerry London's makeover gets leaked by Dara Kerr | January 31, 2012 8:35 PM PST http://news.cnet.com/8301-1035_3-57369382-94/blackberry-londons-makeover-gets-leaked/?tag=mncol;cnetRiver Ten things RIM's new CEO must do right away: http://news.cnet.com/8301-30686_3-57364084-266/ten-things-rims-new-ceo-must-do-right-away/?tag=mncol;8n Things BlackBerry MUST Do! 2012 is the make-or-break year for the BlackBerry; here's how to make it the former. http://cnettv.cnet.com/things-blackberry-must-do/9742-1_53-50119187.html?tag=api&tag=nl.e758

This scum makes me sick. You don't want to know what I'd like to do to these criminals. I'd be arrested for making terroristic threats. ;D

Forgot to ask: How does that set up work if I have Cable Internet (I have cable phone also)? Currently I believe the line from the cable modem goes to a jack that is 2 pronged(dont quote me) and then the actual phone just goes into the other jack and same as the other hard lines in the house. Would this Voice Service Bridge and VoIP Telephone Adapter plug into the computer? eFax offers a solution for you: http://home.efax.com/s/r/efax-brand9?VID=33675&gclid=CODc4ZuW_K0CFUKFQAodRWIFuw • Send, receive and manage your fax communications through the Internet • Robust fax software and world-class fax management tools • Get a toll-free, local or international number • Compatible with Outlook and other email accounts • Online solutions for individuals, small offices and enterprises Full-Featured Fax Software: Annotate, sign, highlight, zoom, forward, store, convert to PDF-even add digital signatures in a snap. More Fax Numbers: Choose a local, toll-free or international number from the world's largest digital faxing network. Voicemail to Email: Have your voicemails automatically converted to files and emailed to you as an attachment. Listen to your files through most popular media players or eFax Messenger software. Green: Managing faxes digitally saves time, trees, ink and paper supply costs. Scalable: With over 11 million satisfied customers, eFax has the proven scalability to meet any fax solution need. Direct Faxing: Our faxing software automatically converts documents to faxes from over 31 software programs-so you can send faxes via email with ease. Fax Privacy: eFax offers secure encryption alternatives to traditional fax machines. No more confidential faxes sitting in the fax machine. Storage: Never lose a fax again. Store your faxes for up to 2 years.

Skype works great. I've used it for years. http://www.skype.com/intl/en-us/home Magic Jack is another great VOIP. http://www.magicjack.com/plus-v05/ Both are ultra cheap! I use Google Voice as well - excellent.

[01/30/2012 08:30 PM] Intel Corp. has signed an agreement with RealNetworks to purchase approximately 190 patents and 170 patent applications worldwide, as well as next-generation video codec software, for $120 million. The acquisition enhances Intel's ability to offer richer experiences and solutions to end users across a spectrum of devices, including through notebooks, smartphones and digital media. http://www.xbitlabs.com/news/multimedia/display/20120130203043_Intel_Buys_Video_Codec_Video_Streaming_Technologies_from_RealNetworks.html RIMM will need to obtain patent rights to compete. It seems like a wise move for Prem Watsa with his new board position at RIMM, would be to partner with IBM & Level 3. The companies entered into a long-term patent cross-license agreement. http://level3.mediaroom.com/index.php?s=23600&item=51470 EDIT: Under the terms of the agreement, IBM granted Level 3 licenses to IBM's approximately 42,000 pending and issued patents which cover a broad range of telecommunications services and technologies. In turn, Level 3 granted IBM licenses to those of Level 3's more than 850 pending and issued patents which cover a broad range of information handling systems. The licenses will last as long as the lives of the respective patents. Other terms of the cross-license agreement were not disclosed. "We have long admired IBM's legacy of innovation," said Jack Waters, chief technology officer of Level 3. "This patent cross-license agreement provides Level 3 the opportunity to take advantage of IBM's innovation as we continuously expand the range of services we provide our customers." "IBM enjoys a widely recognized reputation of innovation and invention for technologies related to telecommunications, networking, media and entertainment," said Dan Cerutti, IBM's general manager of intellectual property. "With this cross license, we look forward to deepening our relationship with Level 3, and reaping with them all the benefits of collaboration."

The problem with this notion is that it is very difficult to predict how the market will react to either good or bad news in a situation like this, unless you have "trader's sense." Therefore, it's best to rely on the concept of MOS and prepare to average down if there is a manic sell off. In other words, don't buy a full position unless it's going to be a small one. Edit: I suppose you can buy a full position if you really believe it's very undervalued, for example, if you think RIMM sells well below liquidation/runoff/break up value, but I'm not there yet. The problem with this notion is that it is very difficult to predict how the market will react to either good or bad news in a situation like this, unless you have "trader's sense." Therefore, it's best to rely on the concept of MOS and prepare to average down if there is a manic sell off. In other words, don't buy a full position unless it's going to be a small one. Edit: I suppose you can buy a full position if you really believe it's very undervalued, for example, if you think RIMM sells well below liquidation/runoff/break up value, but I'm not there yet. txlaw, You have an excellent approach to value investing. Prem Watsa needs to hire you.

Wilbur Ross is an excellent role model. This link is an interview with Wilbur Ross by Charlie Rose http://www.charlierose.com/view/interview/11150 RIMM needs to halt production of consumer oriented handsets and only make enterprise-oriented ones, also eliminate the BIS service as to take strain off the aging BES infrastructure which has shown severe issues with scalability and reliability in the last two years. The PlayBook also needs to be pulled from the consumer market and actions taken to secure enterprise partners that can develop real business applications for it and the forthcoming BlackBerry 10 QNX-based handset OS. Interesting. The more I see HWIC invest, the more I am tempted to buy FFH shares even though I'm pretty sure I can do better than simply holding FFH, and the more I even think I would like to work with folks like HWIC someday. Don't you guys like the fact that HWIC is trying to expand their circle of competence into technology, given that WEB and Munger have explicitly said that if they were younger, that's a sector they would like to better understand? I think HWIC is starting to come into their own as a distressed investor, though they have had some missteps in the past. They appear to be quite enamored with Wilbur Ross, who is someone I would certainly try to emulate.