Grenville

Interesting. Here is the info from Merrill's 10Q. At first I thought they would dissolve the name/brand, but it sounds like its more to get out of separate reporting.

Amazing. A 19 page letter. Thanks!

That's ridiculous. At least you have an early indication of their customer service level before investigating any of their US products for your own use. Thanks for sharing your experience.

That's really weird. On the website they list that address as their "Auto" destination (cars presumably). http://www.byd.com/na/service/salesinformation.html And for all the other departments they say you should contact China. And it's funny, the "Autos" for North America is the only department on that sales page that lists a non-Chinese number. They only offer Chinese numbers for Africa, Europe, Australia (and all of North America excluding "Autos"). Yeah that's weird.

How about this number:

Have you tried calling them instead of email?

Pretty interesting discussion around the whale incident with Preet Bharara. This is the press conference today around the charges against the two traders at JPM. http://www.cnbc.com/id/100963099

Not trying to be a pessimist, because I would like to believe the huge catalyst. Another thing that is somewhat bothersome is the CEO isn't a huge buyer of stock. If EBITDA is supposed to grow that much, why wouldn't one be buying tons of stock?

I looked at Horsehead before. When you look at free cash flow over the last four years, the company hasn't made much money. It makes me somewhat skeptical that this new round of investment will work out. If the new plant works out as they describe than it's great, but if not, not so much.

$17 in the annual report.

There are certainly opportunities that often arise due to opacity of those processes, as well as turnover of the shareholder base that often accompanies such turning points. But seriously, with Watsa resigning, what are the chances they bid? 90%? 10%? A coin flip? I have my opinion, although I haven't acted on it. Re Prem: I hope they don't put more money into BBRY through a private bid. I'd be ok with them contributing their stake for private ownership, but with close to $900mln already invested, I will get worried if they add more.

Good short interview with Don Graham: http://www.niemanlab.org/2013/08/don-graham-on-the-sale-of-the-washington-post-jeff-bezos-and-the-pace-of-newsroom-innovation/

Thanks for posting both.

LUK Q2 results and 10Q out: http://www.leucadia.com/10q_docs/luk_2013q2.pdf

pretty decent bump in prices!

Quote from the story: In a message to employees on Monday, Don Graham quoted billionaire investor Warren Buffett, a longtime advisor to the Post Co., calling Bezos “the ablest CEO in America.”

Txlaw, I don't remember if anyone said that at the meeting. I think others have talked about that on the board. However, I am working under the assumption that the hedges are in place to protect their ability to write if equity markets take a dive. I did a quick search on the last few quarterly transcripts for the word "hedges" and on the Q3 2012CC Prem's response doesn't connect the hedges to the ability to write, but more to just stay protected and conservative like here:

I think this is the quote he read that you are referring to: "It is generally recognized that faith is a great vital force in the conduct of human affairs. It plays an essential part in business, education, medicine, politics, science, and religion. Faith is the master key to great discovery, invention, and achievement. Faith is not blindness, supposition, credulity, or ordinary belief. Belief is of the intellect, faith is of the soul. Faith overleaps all visible horizons. Daily you act and walk by faith rather than by sight. You are constantly exercising faith whether you are conscious of it or not. Your life is built on faith. The antidote for worry, fear, anxiety, doubt, discontent, and other disturbing elements is a supreme faith in God, in men, and in yourself." It comes from a John Marks Templeton book Prem recommended: "Riches for the Mind and Spirit." I enjoyed it very much. It's available online: http://books.google.com/books?id=5YGmnjI96S0C&lpg=PA54&ots=ijapQz6t3v&dq=It%20is%20generally%20recognized%20that%20faith%20is%20a%20vital%20force&pg=PA54#v=onepage&q=It%20is%20generally%20recognized%20that%20faith%20is%20a%20vital%20force&f=false

ValueCFA, It looks like he's got them in FOCIX as well, just not at May 31st. See below:

Saw this on CNBC breaking news and found the following in their just released 10Q. From CNBC: "Bank of America says it has been informed by SEC, Justice Department that bank may face civil charges" http://www.cnbc.com/id/100928561 From the 10Q: Regulatory and Governmental Investigations The Corporation has received a number of subpoenas and other requests for information from regulators and governmental authorities regarding MBS and other mortgage-related matters, including inquiries, investigations and potential proceedings related to a number of transactions involving the Corporation's underwriting and issuance of MBS and its participation in certain CDO offerings. These inquiries and investigations include, among others, an investigation by the SEC related to Merrill Lynch's risk control, valuation, structuring, marketing and purchase of CDOs, and investigations by the DOJ, the SEC and the New York State Attorney General (the NYAG) concerning the purchase, securitization and underwriting of mortgage loans and RMBS. The Corporation has provided documents and testimony, and continues to cooperate fully with these inquiries and investigations. The Corporation has been advised by the staff of the DOJ that it intends to file civil charges against Bank of America entities arising from one or two jumbo prime securitizations. The staff of the SEC has advised that they intend to recommend civil charges concerning one of those securitizations. The staff of the NYAG has advised that they intend to recommend filing an action against Merrill Lynch arising from their RMBS investigation. In addition, the staff of the SEC has advised that it is considering recommending civil charges against Merrill Lynch arising from its CDO investigation. The Corporation has been in active discussions with senior staff of each government entity in connection with the respective investigations and to explain why the threatened civil charges are not appropriate.

Here are some thorough notes from the AGM: http://brooklyninvestor.blogspot.com/2013/07/leucadia-national-annual-meeting-2013.html

sweet video. a year or two ago a friend told me about how they bought the biggest stamp press in the world. I thought they were crazy to be burning through money like that, but now their delivering on that vision. Watching that video makes it make all the more sense. I hope they continue innovating both with their design and battery technology.

Amazon increasing prices. Will have to wait and see what happens to gross margins for proof. As Competition Wanes, Amazon Cuts Back Discounts http://www.cnbc.com/id/100866228

Happy Birthday! With many more to come!