giofranchi

The Brooklyn Investor on Charter Communications (CHTR). giofranchi charter-communication-may242013.pdf

Exactly!! ;) But I would also argue the average ROE the author of the article is considering (16.7%) is the average 5-year ROE, which is skewed to the downside because of a “poor” 2008. As twacowfca has repeated many times, Mr. Brindle’s long-term track record is closer to 19%. This being said, I don’t really understand how the author gets to such a low P/E ratio. Right now LRE is selling for 1.7 x BVPS. If average ROE is 19%, and you buy at 1.7 x BVPS, your yield should be: 19 / 1.7 = 11.18%, which is the same as a P/E of 8.95. Still very good indeed, especially for such an high quality company, but higher than the author suggests… twacowfca, am I missing something here? Thank you! :) giofranchi lancashire-holdings-may222013.pdf

giofranchi

I agree. And I also like the blog! :) Here is a good summing up on BAM Q1 2013 results: http://www.valuebygeorge.com/2013/05/10/brookfield-asset-management-bam-1q13-results-ffo-up-34-more-to-come/ giofranchi

Sustained Pain. giofranchi

Felix Zulauf on stocks: http://www.businessinsider.com/felix-zulauf-stocks-look-like-gold-2013-5?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29 giofranchi

http://www.gurufocus.com/news/219499/vulture-investing-guru-wilbur-ross-calls-bank-of-ireland-his-best-recent-investment giofranchi

USD bull market. giofranchi Daily+5.20.13.pdf

Wow! As the saying goes, all’s well that ends well! ;) twacowfca, enjoy your new town, I am sure it is a real pleasure to live in! But… also be careful!! Your amazing financial prowess won’t make a racing bike win against a golf cart anytime soon!! ;D ;D ;D Best regards, giofranchi

What is happening to Gold is clear enough evidence to me that it doesn’t behave like a currency. And among currencies not only the USD is the strongest of a bad lot, it actually remains the only game in town. So, if you believe in holding some cash as a strategic asset, to be used opportunistically when a compelling investment finally presents itself, then hold US dollars. giofranchi

I hate these kind of articles from Seeking Alpha. The only aim of the author is to name-drop stocks with a big following in order to generate clicks (and as a result a higher payment from SA). I honestly do not understand why the editors ever allow these kind of articles to go online. Hi Sportgamma, I thought the fact two behemoths like Apple and Google are both interested in Sirius XM is a piece of news worth mentioning. I also find intriguing the hint that Google might buy Sirius XM out: it would be the perfect end to one of the greatest trade of the century so far! 8) So, I can basically think of two reasons why you “hated” the article: 1) its news were obvious to you (I follow neither Apple nor Google so closely, so I cannot judge), 2) its news were just “rumors” to you, and therefore probably false (in this case, I guess we have to wait and see what will actually happen in the months ahead). As far as the author’s motives for penning that article are concerned, I have really no clue, and I really don’t care. :) giofranchi

+1!!!! ;) giofranchi

http://www.usdebtclock.org/ giofranchi

Well, it seems to me that debt in the past has always led to war, not the other way around… Total debt / GDP peaked at 300% in the US by 1933, then WWII raged from 1939 to 1945… Let’s hope we have become wiser… still, we must find a solution to all the debt accumulated during the last 60 years… and European banks must be recapitalized, just like US banks were… I don’t understand how this will be pretty… giofranchi

--Zero Hedge giofranchi

Diminishing Returns giofranchi

I received my copy a few days ago and I agree! The right opportunity to reread Mr. Buffett’s letters once again! :) giofranchi

I agree 100%! And, Sanjeev, fantastic letter! 8) giofranchi

Eric, with the only possible exception of 2009, have you ever seen things break down and then find support at “fair value”? I am not saying things will break down, what I am saying is just that, if things do actually break down, this time might be very different than back in 2009. That time the central banks around the world had their guns fully loaded, now interest rates are as low as they can be and money printing is as rampant as it can be… not many bullets left to shoot! What will keep this time the markets, if they do actually break down, from reaching fair value and proceeding downward? Mr. Shilling himself has often repeated that this secular bear in stocks will end with S&P500 earnings of 80 and a multiple of 10: S&P500 at 800. giofranchi

I would also add that Mr. Loeb needs a lot of capital: how else could he implement his activist strategy? To be successful at what he did with Yahoo and what he is trying to do now with Sony, he needs enough capital to control a significant portion of the shares outstanding, then to ask for board seats, and finally to agitate for changes. And still without betting the whole fund on a single idea! giofranchi

The latest speech by Mr. Fisher of the FED in Dallas. giofranchi Fiscal-Policy-Oy-130516.pdf

Part 5 in attachment. giofranchi “As time goes on I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.” - John Maynard Keynes Part 6 in attachment. giofranchi Part 7 in attachment. giofranchi on-insurance-investing-part-7-final.pdf

Sirius XM: Google and Apple fight for its rights? http://seekingalpha.com/article/1440291-sirius-xm-google-and-apple-fight-for-its-rights?source=email_investing_ideas&ifp=0 giofranchi

Very good piece by Mr. David Hay and his staff on Mr. Gundlach, Mr. Rosenberg, Mr. Ferguson, Mr. Bass, Mr. Shilling, Mr. Roubini, Mr. El-Erian, Mr. Louis Gave, and Mr. Charles Gave. giofranchi PS For those who had the pleasure to attend Mr. Mauldin’s Strategic Conference, like David, of course this is old news. For those who couldn’t, myself included, it might be of some interest. :) EVA+5.17.2013+NA.pdf

Yesterday I read what is said to be one of the most famous letters in the history of American business. After the discovery of treachery by some partners of his, Mr. Vanderbilt wrote: That magnificent son of a bi…!! ;D giofranchi