Parsad

I think that if you have a second chance then you are able to do whatever you wish. Legally of course. Clean slate etc... My concern here is not the second chance but the covering up of the past... One thing I haven't been able to work out - whats his connection to SAC??? SAC? Where did you see that. Cheers!

That's pretty cool that Munger praised Mohnish. It's like getting a nice pat on the back by one of your heroes...and Munger doesn't throw out accolades very often! Cheers!

I'm all for him making restitution, accepting the blame and moving forward. I believe in second chances. But I'm not sure you get a second chance as a fiduciary or CEO of a public company...there is a very clear line on how you behave as a steward of capital. And then the natural question that comes up is: Was this disclosed to partners before they joined his fund, or to the board of Paragon before they added him? Cheers!

I don't know, but don't you think See's should make chocolate chip cookies too, since they have their own See's chocolate baking chips? Cheers!

To say I'm blown away and shocked is an understatement...hello! Cheers! http://finance.yahoo.com/news/sed-international-holdings-issues-letter-150000626.html

Liberty, how did you do that? The photo edit program I was using wouldn't let me rotate the picture. Thanks for doing that! Cheers!

No, but if you run into him or Buffett, they are usually gracious enough for a photo...just quicker than an autograph. Used to be where you could actually talk to them a bit, but now just way too many people everywhere. They're like Mick Jagger and Keith Richards, except it isn't young women chasing after them, but 20-50 year old value investors. Cheers!

One of our boardmembers had a chance to have his photo taken with Charlie at the Daily Journal AGM. Apparently, Charlie was just sitting off by himself eating some lunch. For you hardcore cultists, he was eating a salad and a cookie! Cheers! [Click photo to enlarge...unfortunately could not rotate the picture in photoshop]

I'm very glad you're not the CEO then. When management starts managing for individual shareholders, I want out. Yup! Einhorn is the present day whiny, spoiled brat...just in value investor garb. That being said, I would like a fatter dividend from Apple...at least double what they are paying now. Cheers!

LOL! I couldn't agree more. Cheers!

no. he is suing them because they have a plan to eliminate pref stock. but someone should sue them for hoarding cash too. oh. I'd rather them hoard cash than blow it on stupid acquisitions, airplanes and other crap like some other companies though. True! At least they aren't like Dell and blowing it on acquisitions or buybacks way higher than fair value. They haven't done anything stupid yet with the money, and they've added a dividend which will probably be increased again this year. Yes, I would like them to return capital, but at the same time, they haven't done anything dumb. Cheers!

Great notes guys! Thanks very much. Cheers!

Since we have evidence that some of you attended, please feel free to share whatever notes you may have taken. Much appreciated! Cheers!

If they want to introduce themselves, that's fine...just in case they want to remain anonymous. Cheers!

No worries! Cheers!

That would be quite under Prem's goal. What is the relationship between Fairfax and Hamblin Watsa? How are investment decisions made? They will average close to 15% annualized over time...I'm talking 10-20-30 years. You have 3.5-1 asset to equity ratio. They've historically averaged close to 5% on the overall portfolio. After operating expenses and viewing their underwriting long-term (since they generally over-reserve and release surpluses), they can get the 15% ROE. The relationship between Fairfax and Hamblin Watsa is that HW is the investment manager for all of the capital. You have six heads plus input from the analysts. The six heads are allocated small pieces of the pie and the analysts are given even smaller pieces. For large investments, there has to be consensus by the six heads. Prem has final say, but it is primarily a collective, team effort. Cheers! Why do people make it seem like Prem is the one making investment decisions when HW the one? It seems like Prem's is more of a veto role. Yes, that would be correct. But as Chairman, CEO and pretty much the face of the company, all decisions ultimately fall on his shoulders. I think the characteristic that Prem provides, which always takes a back seat to insurance, investments and the business, is simply his leadership abilities. In a team environment, you cannot have an efficient, constructive and cohesive atmosphere unless the leader provides it. Buffett does not work in a team environment...managers run everything and he makes all of the investment decisions other than the small portfolios Combs and Weschler handle. That is actually quite different than what HW does...and a testament to Prem and his colleagues. Cheers!

Tim McElvaine sent me a photograph today with the caption..."Stumbled across these hooligans!" Apparently, a mess of our boardmembers were at the Daily Journal Meeting today and Tim was nice enough to snap a photo of the brood. Thanks Tim! Cheers! [Click on photo to enlarge]

That would be quite under Prem's goal. What is the relationship between Fairfax and Hamblin Watsa? How are investment decisions made? They will average close to 15% annualized over time...I'm talking 10-20-30 years. You have 3.5-1 asset to equity ratio. They've historically averaged close to 5% on the overall portfolio. After operating expenses and viewing their underwriting long-term (since they generally over-reserve and release surpluses), they can get the 15% ROE. The relationship between Fairfax and Hamblin Watsa is that HW is the investment manager for all of the capital. You have six heads plus input from the analysts. The six heads are allocated small pieces of the pie and the analysts are given even smaller pieces. For large investments, there has to be consensus by the six heads. Prem has final say, but it is primarily a collective, team effort. Cheers!

Ok, so here is the somewhat complete listing of events for the Fairfax 2013 AGM: Wednesday April 10, 2013 Ben Graham Centre's 2013 Value Investing Conference Fairmont Royal York Ballroom Tentatively: 8am-5pm Host: Dr. George Athanassakos, Ben Graham Chair at the Richard Ivey School of Business The value investor panel will include Francis Chou, Tim McElvaine, Robert Robotti and Tom Russo. The morning speaker will be Gary Shilling and the luncheon speaker will be Jeremy Grantham. Complete details for George's event, including conference ticket and registration information, can be found at: http://www.bengrahaminvesting.ca/Outreach/2013_Conference.htm Norm's 2013 Fairfax Pre-Dinner Meeting Fairmont Royal York Railcar Bar Tentatively: 3pm-6:15pm Host: Norm Rothery, notoriously stingy investor (www.ndir.com) and writer for The Globe & Mail There's room for about 25-30 people, so some of you may be sitting on the Railcar's roof or holding onto the sides "New Delhi" style! Fairfax Financial 8th Annual Shareholder's Dinner Fairmont Royal York Ballroom 6:30pm-11:00pm Host: Sanjeev Parsad, Founder of "Corner of Berkshire & Fairfax" website 6:30pm - Meet & Greet 7:00pm - Speakers & Dinner 8:30pm - Presentation Guests (from you know where!) We will of course have our usual raffle and silent auction. A wonderful dinner is on the menu, and a cash bar will be open again. Tickets are $150 (including dinner), or $75 (no dinner, water & beverages will be available). Get your tickets soon, as we are going to be running low. Just go to the "Corner of Berkshire & Fairfax" homepage (www.cornerofberkshireandfairfax.ca), and click on the ticket purchase box on the right hand side. All profits from ticket sales, auctions, and raffle will be donated to the "Crohn's & Colitis Foundation of Canada", in memory of Prem Watsa's executive assistant, JoAnn Butler. Thursday, April 11, 2012 Fairfax Financial Annual General Meeting Roy Thomson Hall Host: V. Prem Watsa, Chairman & CEO of Fairfax Financial and perhaps savior of Canada's beloved Research in Motion 8:30am - Registration 9:30am - AGM Noon appox. - Cocktail in Lobby There should be plenty of kiosks again for shareholder's to visit. All of the Fairfax managers and executives will be on hand to answer your questions. Prem should have a very interesting presentation as usual, and I'm sure there will be plenty of questions on RIMM, Sandridge and most likely Fibrek. And who knows, we may get another Ajit Jain sighting! ;D MPIC Funds Annual General Meeting Roy Thomson Hall - Pickering & Green Rooms Host: Alnesh Mohan & Sanjeev Parsad, Managing Partners of the MPIC Funds 1:30pm - Meet & Greet 2:00pm - Presentation 2:40pm - Q&A As usual, we will have plenty of beverages and food. We look forward to seeing all of you again!

Incidentally, alot of stores are already sold out of their alottment of Blackberrys in Canada. It also seems as though many are on the waiting list for the Q10, which is the one with the physical keyboard. This may end up being a pretty good turnaround story for Prem and Blackberry. Going to be tough, but maybe they'll develop the cult-like following Apple used to have when Windows and PC's were dominating. Cheers!

Pretty good Bloomberg article on how the Dell deal developed starting back in August of last year. Cheers! http://www.bloomberg.com/news/2013-02-06/dell-s-mr-denali-talks-said-to-break-up-a-few-times-over-price.html

There hasn't been a period of time in my last 16 years of investing, where I sweated even one night about the market leaving me behind and not being able to deploy capital. Cash has never burned a hole in my pocket. Cheers!

The reason I get worried is because you see stuff like this. http://finance.yahoo.com/news/sucker-alert-insider-selling-surges-181720960.html;_ylt=Asw147XxuPTbQNTJF_qHtMKiuYdG;_ylu=X3oDMTQ4YmQwdHRoBG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwNiNDk2OGEzNi1iOWZlLTM3YmQtYmYxYS05MTZjNTEwZjQwM2UEcG9zAzIEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgM3NmE1NjE1MC02ZmMwLTExZTItYmVlYi02YzJiMWNmYmZlZDk-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3 As I mentioned about a month ago...the dumb money is just really starting to flow. I don't think there is any imminent collapse, but when it comes in a few months...year...two years...it's going to be a painful one because you don't have any other catalysts left to push asset prices back up again. May be stagnant for a period. Interest rates are at historic lows; deleveraging on the sovereign level is at the very early stages; debt capacity of sovereigns is not high without pushing up rates on their own bonds; pension plans/institutions/endowments have all suffered low returns for a decade...all the buttons have been pushed. There isn't enough money corporations, hedge funds and private equity firms to bolster another significant downturn without Fed involvement, and the Fed just can't afford to get involved if things turn down. Just not enough premium for some of the risks out there. Pick and choose your battles people! Cheers!

Double entendre? Well, we are getting fuc....! ;D Cheers!

No one is going to make a bid if you know MD wants the company and will block your offer. Who wants Dell without Michael Dell? I agree. Way too much conflict of interest. Dell should have removed himself from the board as soon as there was any intention to pursue this. The board needed to remain completely neutral and removed from Dell. Cheers!