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SFValue

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Posts posted by SFValue

    Watsa vs. Buffett

    in General Discussion

    Posted

    In the Investment Ideas section, why don't you provide us any? 

     

    Tks,

    S

     

    i also see alot of people analyzing companies like apple. Why would you do that? It seems time is better spent finding some badly mispriced microcap with a market value of 90 million in some niche market. Seems that if you would spend an equal amount of hours on both large and small caps, that the latter will yield much better results over time.

     

    Plus there are less moving parts :) . And if you do this, it seems hard to not be close to 100% invested most of the time.

    I did actually. Plus if you read VIC, you can see a few interesting ideas being posted there lately. All ideas that only the smallest hedge funds can touch. And that have a much better risk/return then almost any 1bn$+ market cap out there. Which is what it is all about with valueinvesting in the end right? Finding the most asymetrical risk return scenarios where you dont have to be some kind of predicting genius to make a decent return.

     

    I think I read a buffett quote a while back where he wished he was a small time investor again. Because the opportunities out there in the small cap space are so abundant.  Especially when the market is depressed. So why handicap yourself by looking at really large investors? Unless they invest in something really small.

     

    Personally I like to look at concentrated hedgefunds and smaller hedgefunds with really good track records. And see what their highest conviction ideas are. If they invest in a smaller company then they normally do, then it probably means that is a really good idea. Why else would they devote time to it if they can only invest a small amount. They would only do that if they believe there is significant amount of upside with a managable amount of risk.

     

    woudl you list some of the funds you like to track?

    FFH results out

    in Fairfax Financial

    Posted

    How can these be called hedges? If the market moves higher, they lose? This sounds more like a net short position or we hope for the market to go down.

     

    the market moved higher than their holdings.

    Premier Exhibitions

    in General Discussion

    Posted

    it is complicated (judge approval etc) regarding the parts and the whole, did not Buffett once said sell a little bit of you have and that is market price? just for argument's sake.

     

    I really don't know but find it fascinating and looking forward to what happens here.

    Premier Exhibitions

    in General Discussion

    Posted

    That's how I read it too, although in auctions timming  and deadlines do have an effect on participants.  base case was appraised value of 190 mill, who knows, since this is not a cash flow based investment it could be all over the place. More interest is net positive and sellers is definitely aligned with shareholders.

    Premier Exhibitions

    in General Discussion

    Posted

    ATLANTA, April 4, 2012 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI - News), a leading presenter of museum-quality touring exhibitions around the world, announced that due to the level of interest in its auction of the Titanic artifact collection and the late entry of additional potential bidders, the Company has extended the deadline for the submission of bids to 5 p.m. on Monday, April 9, 2012. As stated previously, the Company will announce additional information on April 11, 2012

     

    so people have been trading on insider info this past few days?.....

    LEAPS, margin, and higher returns

    in General Discussion

    Posted

    "You will note on our yearend balance sheet (part of the audit you will receive) securities sold short totaling

    some $340,000. Most of this occurred in conjunction with a work-out entered into late in the year. In this case,

    we had very little competition for a period of time and were able to create a 10% or better profit (gross, not

    annualized) for a few months tie-up of money. The short sales eliminated the general market risk."

     

    So it looks like Buffett would short as a hedge to protect his portfolio against general market behavior just like the Fairfax team and maybe the answer is just that given his current position and the kind of balance sheet that BRK has (virtually bulletproof if you ask me), he just doesn't see the need but that doesn't mean that put in a different situation he wouldn't short. This is just an example of us taking his word verbatim, me included, and not thinking about the context that he doesn't expand on.

     

    sounds to me the WEB was eliminating market risk for a specific work-out, maybe shorting the stock of an acquirer on a stock deal? 

     

    I remember the story of WEB asking around (columbia?) for somebody to lend him shares to short, but have never heard any specifics about this, anybody more familiar with this story?

     

    thanks,

    Buffett Puts $5B Into Bank of America!

    in General Discussion

    Posted

    “Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it,” said Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett. “I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That’s what customers want, and that’s the company’s strategy.”

     

     

     

    Block's Conduct Smells Fishy To Me!

    in General Discussion

    Posted

    a bunch of filings related to the merger agr. today

     

    this gives me pause

     

    If completed, the merger will result in the Company becoming a privately-held company, and the Shares will no longer be listed on any public market.  Morgan Stanley & Co. Incorporated and Lazard Frères & Co. LLC are serving as financial advisors to the Special Committee.  Goldman Sachs (Asia) LLC is serving as financial advisor to Mr. Tianfu Yang.  Gibson, Dunn & Crutcher LLP is serving as legal advisor to the Special Committee.  Loeb & Loeb LLP is serving as legal advisor to the Company.  Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Mr. Tianfu Yang.  Davis Polk & Wardwell LLP is serving as legal advisor to Abax.

     

    fascinating....

    TRE - Sino-forest put.

    in General Discussion

    Posted

    no dog in this fight but:

     

    "While Sino-Forest has refuted the bulk of the allegations and has set up an independent committee to investigate them, Moody's is concerned that its financial position and business plan will be negatively affected in the interim, and even if they prove to be unfounded," Moody's analyst Ken Chan said in a statement.

     

    are you serious?

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