Grenville

Txlaw, Appreciate the color and the excerpts from the CC. The cash burn is important when thinking about a break up value. Thanks!

Interesting! Good to see that he's moving to NY, closer to HQ.

I remember Bruce Berkowitz said before that JEF's leaders are the best Investment Bankers, but I couldn't find the source anymore. Do you see any chance JEF would grow to be the same size as GS, or at least MS? "On the Jeffries/Leucadia Merger: In favor of it. Says Rich Handler, CEO of Jeffries, best Wall Street executive out there. Brilliant succession plan for Leucadia. Great way for Jeffries to have Fort Knox balance sheet." https://www.welchcap.com/csima-conference-notes-part-2-bruce-berkowitz/

Just compare JEF Q1 10Q with LUK Q1 10Q and you can subtract out the JEF BS to get the LUK BS ex JEF. For example, the cash at LUK is 122,463. The AFS portfolio is all LUK, trading assets is JEF. Hope that helps.

Enjoyed the letter! I liked the recap of history along with the stories of their successes and failures. The background adds a bunch to the past letters, a good amount of detail not found in the old letters. Whoever writes the letter is very good! I do wish they had more details on the operating businesses outside of JEF. Each letter has been helpful in assessing the businesses and their potential future value. They do talk about the gasification project briefly and the creation of an auto finance business. Also they talk at length about Jefferies and the new leadership which will be a large chunk of the go forward value of LUK. I am surprised that they still haven't put a link to the new AR and letter on the Leucadia website. Thanks again for posting the proxyvote link.

http://klarmanite.com/s/Apple-write-up-HSH.pdf It's not Seth Klarman, just someone who follows his style.

Awesome! Thanks for posting. They posted the proxy on the sec site as well. http://www.sec.gov/Archives/edgar/data/96223/000090951813000167/mm06-2413_def14a.htm

I was curious since I once owned the BEE prefferreds. Check out this document on the former Equity Inn Preferred which is now unlisted Grace preferred. http://www.snl.com/Cache/1500048147.PDF?Y=&O=PDF&D=&fid=1500048147&T=&iid=103147 I found it here: http://www.equityinns.com

Hi, I read this article the other day in the WSJ and it's something to worry about. It may be the reason for the current discount in the shares. Hotel Deal Sparks Feud Over Preferred Shares http://online.wsj.com/article/SB10001424127887324049504578541603072663338.html

I didn't realize Fairfax had given money to Burry. How much had they given him? Well,... according to Uccmal's knowledge here at the board and my own knowledge speaking shortly with Brian after the AGM,... they were investors in Scion, his old fund. They had some insignificant amount with Burry. Here's my old post about this subject: http://www.cornerofberkshireandfairfax.ca/forum/fairfax-financial/fairfax-betting-on-demography/msg85431/#msg85431 Thanks for the info! I remember hearing that Brian knew of him and spoke to him, but I didn't realize they had invested with him.

I didn't realize Fairfax had given money to Burry. How much had they given him?

Nice! thanks for posting.

LUK reduces stake in INTL FCStone by 700K, now hold 918K shares (4.8%) http://www.sec.gov/Archives/edgar/data/96223/000090951813000164/mm06-1913ifcstone_sc13da7.htm

Thanks for the link to the official press release!

Amazon’s Invasion of the CIA Is a Seismic Shift in Cloud Computing http://www.newspressnow.com/news/local_news/article_9238aec8-85e9-5edf-8142-4a8567fc5301.html Amazon is building their cloud solution onsite at the CIA, which is very different than their current solutions. Pretty interesting. The GAO link in the article provides some additional details. On another note, my prime video is working again with full audio and now they have subtitles. Still not as clean an interface as netflix but I'm happy with the 5.1 again.

official BRK press release http://www.berkshirehathaway.com/news/jun1313.pdf

I was wondering about this as well. I asked IR at JEF if there was a LUK AR/letter coming out along with the proxy. They replied that the annual report with chairman/president's letter will be mailed out the week of June 24th because the AGM is July 25th.

enjoyed it. thanks!

nice article. thanks for posting!

http://finance.yahoo.com/news/bofa-could-still-put-countrywide-225220910.html ""I never bluffed during the course of this negotiation," Laughlin said. However, he denied that he or anyone else at Bank of America had discussed a Countrywide bankruptcy with the bank's regulator, the Office of the Comptroller of the Currency. "What I said was that, in my opinion, I would not see the regulators being any impediment to bankrupting Countrywide." That appeared to be slightly at odds with the opening statement last week of Kathy Patrick of Gibbs & Bruns, a lawyer for the institutional investors who said witnesses would testify that Laughlin told investors the bank received clearance from the OCC to put Countrywide into bankruptcy." Thanks for posting. I'm not happy about them changing their story regarding a Countrywide bankruptcy. Seems odd that during a trial they don't have their story straight.

awesome! thanks for posting.

Happy 50th! Hope you enjoy your day. You're just at the halfway mark!

Thanks! Official press release from NV Energy: https://nvenergy.mediaroom.com/index.php?s=8838&item=136823

Hilarious!!! I laughed even more the second time I saw it. Thanks!

Thanks for posting the letter! You've been a great inspiration to me and have helped encourage me on my path of investing. Thanks for setting a great example of doing things the right way and with a long term focus. It's been great watching you interact with partners, message board members, investors and others in the field. A great learning experience!