Grenville

Thanks for the link. Was curious about standstill agreements and their background!

They granted 283 mio options / restricted stock in 2012. Seems pretty significant indeed on an oustanding base of ~ 11.300 shares. I went back to understand what is happening with shares outstanding. The 283mln from above is part of cash settled RSUs. Here is a simplified number for shares outstanding excluding the warrants from 2012 to 2011 2012: 10,820.3mln + 147.6mln (RSUs) = 10,967.9mln 2011: 10,732.4mln + 254mln (RSUs) = 10,986.4mln (I get the first number from the beginning of the 10K and the second from RSUs outstanding at YE) The cash paid to settle equity awards in 2012 & 2011 was: $779mln & $489mln Share settled restricted stock granted in 2012 & 2011 was: 197mln & 138mln Increase in shares from grants of ~2% The share count doesn't seem to be rising as much. What may be happening is more of compensation is being transferred to stock like instruments (cash settled RSUs) not stock. The cash settled RSUs look to be rising but in 2012 some 283.2mln were granted but only 54mln vested and these cash settled shares are likely replacing cash compensation.

Reported by Bloomberg: http://www.bloomberg.com/news/2013-05-06/mbia-said-to-get-about-1-6-billion-in-cash-in-bofa-deal.html "As part of the settlement, Bank of America will get warrants for a 5 percent stake in MBIA, said the person, who asked not to be identified because the matter isn’t public."

I hope someone writes a book about this whole saga with BAC and the litigation on the transfer of funds up to the parent from the sub.

I'm really happy with this deal, been waiting forever for it! If the deal works out as quoted in the press, the overall cost to BAC won't be that bad. 1.7bln in cash 500mln credit line 5% common position (Plus they own some bonds from the bond indenture change) I've got no position in MBIA but I'm very happy from the BAC side. Close the pandora box of successor liab.

where is the official release regarding the settlement? I won't believe it till I see it. Mbia halted again.

I enjoy going to WF for their pizza. They have high end pizza freshly made and a great deal for two slices at $5. It might seem pricey to some, but they use really good ingredients.

Not sure if this article has been posted before. It talks about the building of a couple of small refineries in North Dakota due to the oil boom there. In North Dakota, a Burst of Energy http://online.wsj.com/article/SB10001424127887324010704578414973536719986.html

thanks, enjoying the posts!

Thanks!

Thanks for posting the interview. I enjoyed the whole thing. Long live Charlie Munger!

A little more detail on the board changes in the WSJ: "Leucadia to Slash Size of Its Board" http://online.wsj.com/article/SB10001424127887323528404578455542470712644.html Robert Beyer (new director) was a colleague of Richard Handler at Drexel. Stuart Reese was a former CEO of Mass Mutual which has a lending JV with JEF.

http://www.fairfax.ca/news/press-releases/press-release-details/2013/Fairfax-Financial-Holdings-Limited-First-Quarter-Financial-Results/default.aspx Combined ratio 94% Book Value 373

Haven't had too much time to follow the discussion here, but I checked the 2009 Zenith National AR and it has details on historical loss ratios that might be helpful. There is detail in Stanley Zax's letter on the loss ratio. Morningstar has the 2009 AR archived. The link is below. http://quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=znt

Update on the board of directors at LUK. Ian Cumming is retiring from the board. I assumed he would stay on as a director. Only two directors remain from LUK's former board: Joseph Steinberg & Jeffrey Keil. Here's the filing: http://www.sec.gov/Archives/edgar/data/96223/000090951813000116/mm04-2613_8k.htm

Awesome article! Thanks for posting. I like the anecdotes on Ted and Todd. I am going to start tracking how much I read on a daily basis. I wish I could read 500 to 600 pages a day!

Nice article, thanks for posting!

Thanks for posting! Interesting to see Berkshire building up their excess and surplus lines.

I haven't really followed this thread, but I noticed this quote while reading the LUK letters and thought it might apply here: from the 2009 AR, written in reference to Keen Energy, the contract drilling sub:

JEFFERIES EXPANDS EQUITIES BUSINESS THROUGH AN ALLIANCE WITH ASIA PLUS SECURITIES IN THAILAND http://www.jefferies.com/News/PressReleases/201/309

Here is a link to the video/webcast. Warren is on about 20mins in. http://www.coca-colacompany.com/investors/annual-meeting-of-shareowners windows media link http://mfile2.akamai.com/9538/wmv/estream.download.akamai.com/9538/cocacola/cocacola_160isl_2013_annual_meeting_of_shareowners.wvx?obj=20130424v1

Apparently he was a special guest at the Coke AGM today. Buffett had a 20 minute conversation on stage with Kent!

Short article about Indian firms listing outside India, commentary about Jefferies in India, and commentary from a Jefferies MD in India who also runs Investment Banking there. http://www.bloomberg.com/news/2013-04-22/u-s-lures-firms-with-ipos-as-home-demand-drops-corporate-india.html?cmpid=yhoo

I'm not sure when it will come out either. It might be delayed given the fact that the annual meeting isn't till July when it's normally held in May.

2012 AR and 2013 Proxy are out. http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-reportsannual#fbid=2Z0fiEj_R5V