nkp007

That's not a legal argument though. It was placed in conservatorship, not receivership. Government received preferred security with 10% dividend and effectively 79.99% of the common. Then in 2012 things went haywire. The takings issue.

You got that everyone? No more Biglari bashing. You heard it here first. Ha.

I really like their style and the descriptive letter.

I love the old school vs new school, Icahn vs. Ackman battle. I do think Ackman is acting a lot classier though. He still has the higher ground in my book since he's not publicly insulting Icahn.

Cale is awesome. I met up with him after I read his stuff online a few years ago. A true class act and a rising star. Definitely a name to keep track in the future.

Been buying for a couple days. I can't imagine any major funds buying these in quantity unless they approach major holders (regions banks, other funds, etc) directly.

FNMAS: $5.10 today. Preferred Series S Fixed to Floating Rate FNMAI: $4.37 today. Preferred Series Q. 6.75% FNMAJ: $4.50 today. Preferred Series R 7.625% Is the difference purely due to the int rate or do you all think FNMAS is just the most noted one in the media?

The security's claim still has standing. If the sweep amendment was illegal, it still is. It doesn't matter who now owns the security, but rather that the security itself was wronged. Caution: I am not a lawyer. I know nothing about law so the above could be complete BS. I did take the LSAT though. I hate logic games.

So this is what saves CNBC. How convenient. ;D

Breaking from CNBC Twitter Feed: BREAKING: Fairholme Fund says will sue this week to receive Fannie, Freddie dividends; suit appears similar to Perry Capital suit filed Sun. (More) Fairholme Fund argues that the amendment to government ownership of Fannie and Freddie is unlawful, @KateKellyCNBC reports.

I loved the speech so much I ordered the book on amazon. I'm sure it's going to be great.

I will never forget his promotional tirade during the Berkshire meeting. He got the chance to ask Buffett anything he could possibly want and Kass decided to asked him for money in some veiled bet.

Manage approximately $5 million in assets. Estimated: 30% AIG warrants 30% Bank of America common, warrants 30% Chesapeake Energy common 5% Jamba Juice 5% Cash

Never trust a hero member. Do your own due diligence. - Warren Buffett

I want this too!

Better than accidentally deleting the entire "Investing Ideas" section.

Spot on.

Haha. Maybe that means I will have a chance to buy back in 50% lower. 50% lower AND with more clarity.

He put $500mm into the prefs. It looks and smells like a speculation, but there's no way he puts that much money in there without knowing something else.

http://video.cnbc.com/gallery/?video=3000171775&play=1 Oh boy

Did anyone catch the tone Buffett and Munger used when discussing Henry Singleton at the annual meeting? They mentioned how he took advantage of shareholders and it seemed to irk them greatly. I think it's safe to say they would at the very least view him as borderline unethical.

RUDE

I made a donation and you should too!

I'm on watch, but I own some very cheap securities (90% of my portfolio is in $AIG $BAC $CHK). I won't let the herd decide when I enter / exit, but I can sure hear their footsteps. In this thread: a lot of investors discussing macro themes and ignoring underlying valuations of individual companies.

Not quite an accurate summary. They said they don't make decisions solely based on the numbers. There is no set formula.