Ben Graham

No one has quite figured it out yet, but there seems to be little doubt that tablet devices have their place on the couch to serve as a second screen while Americans enjoy their favorite past time -- watching TV. In addition to many independent startups we've discussed in the past, the old guard, that already owns most of broadcast TV stateside, has a startup of its own called ConnecTV. In development for two years already, ConnecTV is currently in beta and has the hopes to go live in January. The idea is of course to put what you might want to see on your second screen while you watch the main action on the big screen. This includes sports scores, statistics, as well as what your friends may or may-not be saying on Twitter or Facebook -- and of course advertising. We'd be shocked if most tablet owners weren't already using their slate in front of the TV and can imagine how many more might if there was a great app that brought it all together. TV broadcasters hope to dominate the second screen with ConnecTV http://www.engadget.com/2011/11/19/tv-broadcasters-hope-to-dominate-the-second-screen-with-connectv/

The key thing to keep in mind is that stocks and the economy really have very little to do with each other. I know that sounds crazy, and counterintuitive, but it's true. Bear markets for stocks and recessions for the economy tend to overlap, which make them linked in the minds of the public and media, but they are asynchronous, which means they start and end on different timetables. Economists have competed with each other for decades to devise a formula that shows the secret yoke between the two, but to no avail.

I happened to find this old article after hearing about "epic potential" mentioned on a different thread, and it also talks about stocks poised for a rare '10-bagger comeback. http://articles.moneycentral.msn.com/Investing/SuperModels/2-tech-stocks-with-epic-potential.aspx I will stay focused on being a shareholder of businesses that can meet the demand that the "Cisco Visual Networking Index Forecast" is predicting in this link: http://www.cisco.com/en/US/solutions/collateral/ns341/ns525/ns537/ns705/ns827/white_paper_c11-481360_ns827_Networking_Solutions_White_Paper.html

In computing, the trash (also known as the recycle bin and by other names) is temporary storage for files that have been deleted in a file manager by the user, but not yet permanently erased from the physical media. Typically, a recycle bin is presented as a special file directory to the user (whether or not it is actually a single directory depends on the implementation), allowing the user to browse deleted files, undelete those that were deleted by mistake, or delete them permanently (either one by one, or by the "Empty Trash" function). Within a trash folder, a record is kept of each file and/or directory's original location. On certain operating systems, files must be moved out of the trash before they can be accessed again. Whether or not files deleted by a program go to the recycle bin depends on its level of integration with a particular desktop environment and its function. Low-level utilities usually bypass this layer entirely and delete files immediately. A program that includes file manager functionality may or may not send files to the recycle bin, or it may allow the user to choose between these options.

Keyboards & Monitors will no longer be needed. http://news.yahoo.com/blogs/this-could-be-big-abc-news/death-keyboards-monitors-omnitouch-202115388.html

OAKLAND, Calif. — Occupy Wall Street protesters declared victory after thousands of demonstrators shut down evening operations at one of the nation's busiest shipping ports late Wednesday, escalating a movement whose tactics had largely been limited to marches, rallies and tent encampments since it began in September. http://www.msnbc.msn.com/id/45134339/ns/us_news-life/#.TrKdo3KwVqg With video

With Card Case, Square launches hands free payments on iPhone By Ryan Kim Nov. 2, 2011, 7:00am PT Square is making its Card Case digital wallet app hands-free, enabling users to walk into a store and pay without ever pulling out their smartphone. They just say their name and order. With Card Case version 1.1 for iPhone, users will be able to automatically open a tab with a participating merchant just by walking into their location after opting in with that merchant. Using iOS 5′s geo-fencing capabilities, Square’s card case app can automatically establish a user’s presence when they’re within 100 meters of a location, letting a merchant see them and their face on their Square register iPad app. Users used to have to launch their card case app and open up a tab with a merchant to begin a transaction. On the business side, nothing changes. Merchants confirm a customer by face and ring them up with a receipt sent to the user. The money is pulled from a credit card or debit card loaded up on the Card Case app. It’s another sign of progress from Square, which is now up to 800,000 customers using its products. Although details weren’t shared at the time, Keith Rabois, COO of Square had shared at GigaOM’s Mobilize conference that the company had some big updates coming before the end of the year. Hands-free payments is not a blockbuster feature by itself but it shows that Square is working on perfecting the entire consumer experience, not just improving the actual transaction. I think that’s a smart move because the novelty of mobile payments gets old. What matters is strengthening that relationship between consumers and merchants. This is one way to do it: By helping ease the buying process and fostering more face-to-face communication between business owners and their customers. “This is truly the most seamless way to pay,” said Megan Quinn, director of products for Square. “It becomes more about the interaction between customer and merchant and that relationship rather than the actual act of the payments. We want to make payments fade away. People don’t appreciate that; they enjoy making a purchase and feeling like a regular at places they shop.” Square’s Card Case, which first launched in May with 50 merchants and opened up in late August to all businesses, is now up to 20,000 merchant locations nationwide. The latest Card Case update for iPhone is also gaining other improvements including an enhanced directory of merchants. Users can now browse by “featured” and “nearby” merchants. Merchant cards, the pages for merchants inside the card case, now feature more information like an expanded merchant bio, click-to-call options and specials and sell-out updates. There’s also Twitter integration so users can check out a merchant’s Twitter stream and see what people are saying on Twitter about that business. Square is also working on updating the Android version of card case with these new features. I think the improvements to Card Case is a nice step and it shows where Square needs to go. Square should continue to foster that relationship between users and merchants by making it easier for merchants to reward loyalty. Right now, merchants have to keep track of how many times a user makes a purchase. But it would be good to create an automatic punch card-like system to reward customers after a set number of visits or after purchasing a certain amount. It would also be helpful to allow people to now just browse menus from their card case but order from there, even ordering before they physically arrive in the store. Quinn tells me the company is looking at all kinds of ways to make the purchase system more seamless. Square’s Card Case still needs to get accepted at more locations to really gain traction. Right now, I only see a handful of places within a mile of me in New York. But overall, I like what Square is saying. I don’t think payments by themselves are inherently interesting over the long haul. It’s about creating a better overall experience for consumers and providing more data along with acquisition and loyalty tools for merchants. I think the best next-generation payment systems and digital wallets will combine not only ease of use but all these extra features including smart offers and personalization. That’s when payments becomes powerful because it builds upon a relationship that goes deeper than the swapping of money for goods or services. http://gigaom.com/2011/11/02/with-card-case-square-launches-hands-free-payments-on-iphone/?utm_source=GigaOM+Daily+Newsletters&utm_campaign=63e43492c9-c%3Amob%2Ctec%2Cvid+d%3A11-02&utm_medium=email

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Box Top's mission is to bring free broadband - FreeBand - to households globally by enabling an open and rich ecosystem whereby application providers subsidize the cost of residential broadband by directly reimbursing the broadband carrier for residential connectivity. FreeBand Tutorials Please find below five FreeBand tutorial videos outlining the conceptual and technical aspects of the technology, as well as an overview of free and/or subsidized bandwidth delivery markets, and how this growth market can be developed and maintained via apps resident on the end user device (e.g., mobile phone, tablet, computer, set top box). You may also view the PDF slides on which the tutorial videos were based. I preferred viewing the slides myself because you can pause and it some how goes faster. http://www.boxtop.tv/tutorials.htm

Microsoft Preps Yahoo Bid Microsoft (NASDAQ:MSFT), private equity firm Silver Lake Partners and the Canada Pension Plan Investment Board are reported putting together a proposal to buy Yahoo (NASDAQ:YHOO). The Wall Street Journal reports Microsoft would contribute several billion dollars in funding, with additional financing to be arranged by banks. The newspaper said Silver Lake and the Canada Pension Plan Investment Board would contribute the remainder of the funding, although the report did not specify further the potential financial terms of a proposal. The Journal noted that at least nine private equity firms have been looking at Yahoo. Alibaba.com founder Jack Ma said at a conference today that he is in talks with private equity firms about a potential deal. http://www.marketnewsvideo.com/story/201110/microsoft-preps-yahoo-bid-ebay-earnings-disappoint-msft-yhoo-ebay-YHOO102011/

Kraven, You have a gifted sense of humor. After looking at a company in my portfolio it will go by the name guppie from here on out. Thanks to you ;D

tombgrt, Thank you for your keen observation and placing the end of this thread through the eye of the needle. By pointing out with emphasis on moore_capital54's posted message. I defiantly will be monitoring the companies in my portfolio year over year to determine if they are meeting my milestones then I will continue to hold, and if they don't then I will sell. I will focus on the dynamics of the underlying business and not the market price. I will never look to the market price for guidance. The market price is only used to take advantage of an out of kilter price to the intrinsic value relationship. I appreciate your focus and direction to realign this topic to why super investors hold 10 baggers and highlighted moore_capital54"s posted message that drives home the point. The only measure that matters is the valuation based on the underlying fundamentals of the business.

I Love it when Parsad points out the greatness of Prem Watsa and Fairfax Financial, because Prem deserves the same recognition that Warren Buffett gets and needs be placed in The Great Super Investor Hall of Fame. Prem Watsa and Francis Chou are both number one in my book. The common thread that these masters of value investing have, is their ability to wait or look for the fat pitch. That is what Ted Williams calls it and Ben Graham calls it the "Margin of Safety" - Intrinsic Value bought at a deep discount. Who today better deserves to be put in The Hall of Fame than Walter Scott Jr. He is literally a great builder of Intrinsic Value that investors allocate capital to. Just like Steve Jobs who built the On/Off button to the Internet - the access device with a touch screen to the Internet. Walter Scott Jr. built the world-class video fiber Internet Backbone. The holder of another 10 bagger. In April 2000, the Smithsonian (Institution) cited Level 3 Communications as a Computerworld Laureate for its historic achievement in creating a new kind of network infrastructure. The Smithsonian noted that Level 3 is changing communications at a fundamental level – and “helping to stimulate the biggest change in communications technology in 100 years". Fairfax has been a greater than 100 times bagger for those that bought 20+ years ago. In fact, the annual dividend is now 3-4 times greater than the share price was 25 years ago. WOW!!! This is a value investors dream come true. The Fairfax annual dividend payout is 3-4 times greater than the share price was 25 years ago. ;D :) :) ;D

If both O. Mason Hawkins and Prem Watsa are major shareholders in a business then something tells me they understand and know the intrinsic value of that business and have factored in the future operating income of that business, and are prepared to hold until full value is reached. If or whenever the gap from purchase price to appraised value is squeezed out , a margin of safety erodes (protection against loss). Growing Intrinsic Value is the key and having the Circle of Competence to analyze the business is critical. I would put my faith in Prem Watsa and O. Mason Hawkins. *** rmitz, Hawkins has said he is not oblivious to the results and performance of a business nor would be idle. I take that to mean he can have a material impact / influence on a company as a major shareholder. And when you have both Prem & O. Mason as combined major shareholders in one company that indicates even more positive ideas will be implemented............. I would also argue that there is a significant difference in holding when you have a material impact / influence on the company in question...

Prem Watsa is without a doubt a Super Investor! Along with Francis Chou one of the original investors of Fairfax Financial Holdings Limited. If my memory serves me correctly Francis Chou has never sold any of his original shares of Fairfax. He mounted the tiger ( like namecsw referenced ) and held on through all the ups and downs. Buying the intrinsic value of a business at a deep discount, with good management that has a durable competitive advantage, with sustainable free cash flows makes an investor never want to allocate capital else where. Why leave a good thing, let it ride. Francis Chou is a true Tiger and Super Investor who holds 10 baggers. http://www.valuewalk.com/francis-chou-resource-page/ Mounting the tiger is hard. Holding on is even harder. - namecsw

One particular special situation that came to Ben’s attention in 1948 was Geico which Graham-Newman ended up buying at $27 per share. Geico had the novel concept of selling discounted automobile insurance by mail to the consumer by cutting out the middleman (the agent), policies being sold only to government employees who, as a group, averaged fewer claims. In 1958, Geico extended the avalability of their coverage to professional, managerial, technical and administrative workers, thus extending their market base from around 15% of car owners to 50%. By 1972, the Graham-Newman holding was worth $16,349 a share at the peak valuation of Geico stock. Although the stock slipped back after that, Ben observed that this one stock generated far more profit for him than all of his other investments combined. In 1996, Warren Buffett purchased all the outstanding shares of Geico and it became a wholly-owned subsidiary of Berkshire Hathaway. Once again, Buffett the pupil followed Graham the teacher. http://www.grahaminvestor.com/articles/benjamin-graham/the-intelligent-investor/

Absolutely moore_capital54, I think our messages coinside when we boil down what is most important. You said it is the valuation based on the underlying fundamentals of the business and elaborated by saying focus on the dynamics of the underlying business and not the market price. The most important message in my post is "super investors" buy at a deep discount to the appraised intrinsic value and hold for 5, 10, 20 years, or forever, in order to see the market price multiply 10 fold. Same thing just said slightly differently, I think. Then I elaborated by focusing on: 1. growing intrinsic value 2. operational income, future cash flows 3. having a competetive advantage. You said the market price is irrelevant, and is only a function of the price I paid the participants vs. the price they are now willing to pay. - Agree 100% I posted the net income is meaningless. moore_capital54 I agree with everything your message said, we just pointed out some differnt points "super investors' focus on to obtain 10 baggers. As the business grows, it is incumbent on the investor to monitor the moving intrinsic value to ascertain if full value has been reached. ************************************************************* Pay attention to the changes in realized and unrealized gains (intrinsic value) and to the course of operating earnings, and you will be on the right track.- Warren Buffett source: Berkshire Hathaway 2010 Annual Report: (page20-21) http://www.berkshirehathaway.com/2010ar/2010ar.pdf

All one has to do is look at the great super investor Warren E. Buffett to see he has held The Washington Post for a 10 bagger and Berkshire Hathaway it self, he will hold forever - 10 baggers. All Value Investors are taught at Heilbrunn Center for Graham & Dodd Investing -Columbia Business School and The Ben Graham Centre for Value Investing at Richard Ivey School of Business, both teach all of this to their students. Below is what is taught at these value investing schools. (3) Principles of Value Investing First, think of stocks in the same way that a business person would think of a business. Second, do not follow but instead try to take advantage of the manic depressive Mr. Market. Third, always look for a margin of safety. http://www.bengrahaminvesting.ca/ http://www7.gsb.columbia.edu/valueinvesting/ I don't understand a thing you are saying. All value investors go to Columbia or the Richard Ivey School of Business? Buffett's Washington Post and Berkshire investments define value investing? All very intriguing. OK I reworded it, maybe it will help you

All one has to do is look at the great super investor Warren E. Buffett to see he has held The Washington Post for a 10 bagger and Berkshire Hathaway it self, he will hold forever - 10 baggers. All Value Investors are taught to treat a stock as a business. At the Heilbrunn Center for Graham & Dodd Investing - Columbia Business School and The Ben Graham Centre for Value Investing at Richard Ivey School of Business, both teach all of this to their students. Below is what is taught at these value investing schools. (3) Principles of Value Investing First, think of stocks in the same way that a business person would think of a business. Second, do not follow but instead try to take advantage of the manic depressive Mr. Market. Third, always look for a margin of safety. http://www.bengrahaminvesting.ca/ http://www7.gsb.columbia.edu/valueinvesting/

Most Super Investors hold shares in companies that were bought at a deep discount to the appraised intrinsic value and hold for 5, 10, 20 years, or forever, in order to see the market price multiply 10 fold. A good CEO will always focus on growing the company's Intrinsic Value and consider net income, that is reported quarterly for the media, to be meaningless. All Value Investors seek to own a business that has growing operational income, future cash flows that will be huge ideally, with a competitive advantage - that is a weapon to be feared by their competitors. Investors however need to also have the courage and conviction to hold for the long term, giving the company ample time to reach it's full potential.

This site provides news videos on a lot of companies, just enter ticker symbol to watch video of your choice: http://www.marketnewsvideo.com/?ticker=lvlt

Why Facebook’s frictionless sharing is the future By Mathew IngramSep. 30, 2011 http://gigaom.com/2011/09/30/why-facebooks-frictionless-sharing-is-the-future/?utm_source=GigaOM+Daily+Newsletters&utm_campaign=93fa29ab2e-c%3Amob%2Ctec%2Cvid+d%3A10-01&utm_medium=email ***************************************************************** It’s official: Google+ will be connected to everything By Mathew IngramSep. 30, 2011 http://gigaom.com/2011/09/30/its-official-google-will-be-connected-to-everything/?utm_source=GigaOM+Daily+Newsletters&utm_campaign=93fa29ab2e-c%3Amob%2Ctec%2Cvid+d%3A10-01&utm_medium=email The New Amalgamation - Modern IP Optical Global Network

Competition is not Verizon's business. It is a regulated monopolist.

Will a border fence stop this? http://www.youtube.com/watch?v=NudzVA8bbak