LC

This is my favorite of WB's lines. It just resonates with me, maybe because I am lazy? :) I agree with the poster who said you have to really enjoy the short term pain. It's not the worst thing in the world for your stock price to go down. It's important to remember that. Even temporary business fundamentals (see the FHCO thread). Be a real business owner, not a guy who has read all the value investing books and wants to trade stocks (albeit at a slower rate than 'traders'). What also helps me a lot is to do reading that is totally opposite of most of the reading done to invest. We read 10ks, business news, trade reports and statistics, words from 'famous' investors...that stuff can fry you out after a while! I try to, at the same time, try to read stuff completely opposite of this. I just finished the Nightwatch series, a fantasy epic set in Russia. Great series, thought provoking, easy and fun to read. Totally opposite of a 10k. But it keeps my mind from being burnt out. It makes it easier to be lethargic with respect to my portfolio because it balances me out. So that practice helps a ton. And also, is it so bad to be wrong? A lot of times people trade out of a position due to fear. Well, what's the worst that happens? As long as you won't go hungry and live on the street, what are you really worried about? Ok ok I guess that applied to me moreso than the older members here with families, kids, OPM, etc. but I think the fundamental truth that it's OK not to fear being wrong is a good thing. Just my 2 cents.

Wage fixing: http://www.cartoonbrew.com/business/pixars-ed-catmull-emerges-as-central-figure-in-the-wage-fixing-scandal-101362.html

My bunker is stocked with 3 years worth of DQ astronaut ice-cream, cherry coke syrup (just add water via my SODA), a dialysis machine from Davita (for when I eventually get diabetes from my wonderful diet), a shrink-wrapped copy of "Security Analysis", and a literal ton of annual reports ready to go! Time to catch up on some reading, 500 hours here I come! :D

Personally I await the end of the world with an open mind, warm heart, fridge full of beer and a safe hidden behind my favorite piece of art filled with gold coins, a handgun, and an encoded map to my underground bunker located in Alaska. Let the revolution begin, comrades! ;D (oh, and I plan on using all the doomsayer books I've accumulated over the years as fire-starting material)

I presume they are converted into a new share. I also believe they are eligible for legacy voting status as well, not sure what that counts for.

Happy birthday!

For what it's worth, I do in fact still think Eddie is dreamy.

What are the terms of these recalls? Are dealers/owners given some sort of credit towards a new vehicle?

When the main character goes to Hamburg looking to buy up cheap debt on some shipping assets to gain control of the asset, the German banker pretty much tells him that the entire industry is aware of the cyclical nature and nobody is willing to sell them any debt at anything resembling a bargain.

Well, for those who have read the shipping man, there's a great conversation in there about how the veterans of the industry won't allow newcomers to come in at the bottom of the cycle and buy up claims on the asset for pennies on the dollar and then wait for the cycle to turn.

A really shameful World Cup for Italy… And the second in a row!!… Very bad! :( But I am a tennis player, and I am enjoying Wimbledon right now: I think Nole Djokovic is the best tennis player out there, and the way he plays is simply amazing… though I must admit Rafa Nadal is a wonder athlete, and to defeat him in a 3 out of 5 sets match is almost an impossible task! ;) Cheers, Gio The zombie Suarez incisor incident was equally appalling!

Assume the worst: he wants to milk it for himself. When seen through this light, all his actions seem to make sense. Frankly, it's why I never invested. Why bother dealing or going into business with someone with that aim?

I completely agree with you. I don't know enough about the organization to know whether these expense investments are maintenance or growth. And I don't see convincing evidence one way or the other. This is what the investment hinges on, therefore if I don't know then I don't invest.

A lot of smart people have said that temperament is the most important factor: not more data. In that case, learning from someone else's experience seems like a good way to refine and mature your own temperament, does it not?

wachtwoord - "re" is a preposition essentially meaning "about" or "with respect to" of course (here comes the nerdy part) its etymology is derived from the ablative singular of the Latin "res" meaning "thing" or "matter" from which we also get the word republic :) LC - you'll surely find this one familiar ... Multa renascentur quae iam cecidere, cadentque quae nunc sunt in honore vocabula :) Andy: that is one of my favorites as well, and relevant for this board. Reversion to the mean! :)

Through various hazards, through many difficulties we move Another one, my favorite: Arma virumque cano, Troiae qui primus ab oris Italiam fato profugus Lavinaque venit Litora... (Disclaimer: huge Virgil nerd...did anyone else translate the Aeneid in school?)

I don't think anybody is thinking that is a realistic scenario. I'd agree. The problem then becomes how to monetize the undervaluation. Aside from a same of the co and a return of the cash, what other options are there? I can't think of any. So, what are the chances of a sale given the dynamics between equity holders, how long will it take, and what is the IRR? That's my approach at least.

I think it has to do with "intrinsic value" To use a famous example...a bridge, from an engineering standpoint, has an intrinsic value. And it can be quantified. Spans X meters, can bear up to Y weight, etc. etc. From an investing standpoint, the same bridge costs X dollars to build, but can generate Y dollars in revenue. Same type of analysis just focused on different factors/variables.

Following your theory, the more niche brands will retain value better as they attract less competition. Also, the best value proposition will win out (versus the highest ad spend).

So this is why you guys are never in new york city...it's the parking! Whew, I thought it was me.

For what it's worth, as a 27 y/o male, it made me laugh I can haz turbo? lol, it's funny :)

I don't really hedge other than selling and holding cash, which is my preferred "method" because I think the call option on cash is valuable, but as a second option I think selling calls would be the best bet because you obtain the float up front. It's an insurance policy so you have to value it as such, and as any insurance policy it becomes more valuable if you have the solvency to weather intermittent volatility.

If you're buying distressed bonds you have to value the company's ability to meet debt obligations, which is much like valuing equity prospects.

Yes, he criticizes the focus on income statement priority of most of Wall Street and focuses on the balance sheet first. I personally think both have faults in equal merit: asset write downs are usually after the fact and can happen unexpectadly the same way earnings can fall off a cliff unexpectadly.

woohoo! we got HJ :) is there a location in mind?