Buckeye

Hey Peter_Burke- Have you watched this video? http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Guest_Speakers/2009/Klarman_2009.htm It's been a while since I watched it, but it may be more of what you are looking for. Let me know what you think.

Peter Burke, I am with you! I think one of Buffett's most impressionable statements is "thinking like a business owner." He has taught me to think about my investments as owning a piece of a business. If I own shares in Coca Cola, I am a partial owner of the business. If I think there is going to be a recession should I sell my company because profits may fall? Hell no! It seems like buying and selling businesses based upon near-term struggles is speculative at best. As a former small business owner I think back to the idea of selling my business anytime I thought there was going to be a recession, with hopes of buying it back cheaper, and it seems ludicrous. This ECRI guy may be correct in his predictions, but if he is such a phenomenal business person why hasn't he created a 200 Billion dollar company? He reminds me of the guy who sells the "How to Get Rich Book" that tells the reader the best way to do it is to write a book on how to get rich. I think part of the enjoyable thing with investing in equities is finding companies that you are willing to "ride it out" with, in good times and bad. Knowing you have selected "business partners" who you trust and admire and are willing to forge through the tough times with makes the end result that more gratifying. That's my two cents. Anyone can feel free to send me a nickel and I will send you back your three cents change.

Hey Sanj- I am going down to "Occupy" with my Levi's Blue jeans, Nike Shoes, Northface Jacket, while sipping on my Starbucks coffee. I will be sure to post some videos, pictures, and texts with my Iphone depicting my complete disgust with corporate America!!!

Hey Biaggio I think the value he quoted was @90.00 per share. This was pre 2008, I believe, which may mean that the real estate value has decreased substantially. However, the share count has also decreased substantially. If the percentage decrease in share count equals the decrease in real estate value it may still be @ 90.00 per share. I will look for the article or interview where the real estate value was quoted.

Another interesting tidbit with regards to MLI- I live in Columbus, Oh and every single metal cap on the water-main lines (located on all the streets, lawns, and sidewalks) is stamped "Mueller Industries." I noticed this the other day and thought that maybe part of Leucadia's thesis is a play on the aging water and sewer infrastructure in the United States. Maybe I am giving them to much credit. Thoughts? Comments?

This seems like an interesting pick. As a (biased) owner of CNI it looks like the better company, of the two, by far. Better margins, end-to-end network from Atlantic to Pacific, rail to Gulf of Mexico, rail into upper provinces and priced far lower on an earnings basis. Maybe with Gates being a large holder he wanted to stay away from CNI. Also, for you Canadians, wasn't there a stipulation when the two rails went public that there was a limit on the percentage of ownership one could have in either of them? I often that if not for this that Buffett's Burlington could make a bid to create the mother of all rail distribution system. Thoughts? Comments?

Thanks AZ and Liberty. I have read the other four as well, maybe Quality of Earnings is worth adding to the library. It's funny that Amazon just sent me an email recommending this book based on my previous purchases. I will make sure to post once I have purchased and read this one.

Hey Liberty- What are the other 4 books mentioned? Thanks in advance

The funny thing about DECK, that any Cali kid can tell you, is that UGG's were originally worn by the surfer guys who had cold and wet feet. I guess once they made them popular and the girls started wearing them they lost interest. We should be trying to find out what the surfers are wearing now :)

Got it. Thanks Sanjeev, I wasn't sure what the outcome of that endeavor was.

Is this one of the companies that he helped "turn around"?

I am looking forward to reading the transcript from what should be today's interview. It is perfect timing to actually hear some thoughtful explanations and reasoning with all of the recent macro financial porn!

-Confidence - probably not enough to ask everyone I know for their money to invest, I feel I need to learn a LOT more -I do have enough of a cushion to live without income for a couple of years. I do have savings outside of my current equities, however I wouldn't be able to continue to contribute to my investment portfolio. -I have been investing for myself for the past two and a half years which I know is only a drop in the bucket. I opened my brokerage account on April 8 2009 :), of all times. Therefore my returns have been great so far, but I feel it is more of an anomaly because of my timing - I am 33 years old, no kids, not married (yet:)), with a very supportive girlfriend, -Net worth- not enough to live on with 10-20% returns. -If it is very hard to break into the business working for someone else in your 30's to 40's do most just start out on their own from the very beginning? I thought maybe there are some types of careers that could lead future investing opportunities. I have met with Merrill Lynch for financial advising but wonder if that would take me down the wrong path. Not really sure what to think, hence why I posed this question here. Thanks again to all for any comments or suggestions. Feel free to ask and additional questions.

Hello all, This is my first post although I have spent many, many hours reading the posts on this forum. Here is my situation: My name is Brady. I recently left the business that I helped found and run for the past nine years. The business we were in designed and manufactured life-size animated monsters and characters for theme parks and haunted houses. About three years ago I picked up Lowenstein's "Making of an American Capitalist" and the rest was history. I have always been entrepreneurial and something clicked when I read Buffett's story. Please note: that I know that I am no Buffett:) However, once I discovered investing my world was opened to the thousands of companies that I could take partial ownership in through equities. Like many of you I am sure, I have spent every waking hour of the last three years to learn everything I can about financial markets, equity analysis, qualitative and quantitative business fundamentals. That brings me to now: I decided to leave my business to pursue a career in the financial industry. For the last couple of months I have been trying to decide which career path I should follow. Although I love the analysis the most I know that I need to "walk before I run." I do have a college degree in Communications and Business though no formal experience in finance (besides running the financial side of things in the business I just left. So my question to you all is: What type of career would you recommend for me to "get my foot in the door." The options that I have come up with thus far are: Financial Advisor, Retail Banking, Commercial Banking, Analyst, Investments on the Banking Side, Insurance Investments. I do not have any close friends that are into investing like the members on this board which is why I thought I would pose this question here. Although no of you know me personally I feel you all would offer the best information. I am looking for any comments or suggestions. Feel free to be honest. Thank you for you time and I appreciate any responses! Brady