Parsad

Bloomberg article on the capital and dividend question. As plain as you can make it...again, not sure what the world needs to hear, but we are all listening! Cheers! http://www.bloomberg.com/news/2012-12-04/bofa-s-moynihan-says-lender-will-pass-next-stress-test.html?cmpid=yhoo

I thought I would just post this to get a rise out of our hard-core Apple shareholders. This idiot should be parking cars not talking about stocks. Cheers! http://finance.yahoo.com/blogs/breakout/next-apple-131608918.html;_ylt=AktSaN8ZNm6NMjF_FRC2IAWiuYdG;_ylu=X3oDMTNya29tM2twBG1pdANGUCBUb3AgU3RvcnkgTGVmdARwa2cDZmIzODExMTMtYjU4My0zMmEyLTkwNmYtNzhkYjk1MTJjOWIyBHBvcwMyBHNlYwN0b3Bfc3RvcnkEdmVyA2EwOTc0ODcwLTNlMjQtMTFlMi1hZDc3LWJhYWNhNWY2OGYyOA--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

They need some analyst to say it's a "buy"! Which should be around $13-14 and their target price will be $18. ;D Cheers!

No, that's just a normal shelf offering...nothing unusual. Cheers!

SEC going after big four China affiliates. Cheers! http://www.bloomberg.com/news/2012-12-03/sec-says-big-four-audit-china-affiliates-blocked-probe.html

Very good Bloomberg article on how the FBI worked their way up to SAC. Cheers! http://www.bloomberg.com/news/2012-12-03/dream-insider-informant-led-fbi-from-galleon-to-sac.html

Just curious, what other large bets has Eric made (near 100% allocated)? Fairfax. There were other large bets, but Fairfax was the only other one he went 100% into as well I believe...is that correct Eric? Cheers!

Short, but very good article on Buffett. Cheers! http://dealbook.nytimes.com/2012/12/03/for-buffett-the-long-run-still-trumps-the-quick-return/?partner=yahoofinance

Great movie. So what is Moynihan's Wonderboy? I think he cracked his bat trying to get that last dividend approval. Then he went back to the dugout, rebuilt his capital along the way, and has walked back to the plate with a new piece of hickory (9% B3). 100% capital return. Shock and awe. To go one step further, he has done just like Babe Ruth during the '32 World Series. He pointed to centre field, swung the bat and hammered the hanging curve ball. The only question remaining is how far past the fence will the ball fly? SJ The ball won't have to fly...Eric will put it on his lap when he gets into his Netjets plane! ;D Cheers!

I think you are right that many people would be scared and just trying to defend. I'm spending a lot of time reading everything Brian Moynihan says, and reading everything the analysts then make claims about. It's sort of like woman is from Venus and man is from Mars. I might be biased, but to me it looks like they haven't listened to a damn thing he has said lately. Another thing...take a look at the size of this thread. I believe it may be the biggest thread we've had on any one subject...and not the rhetorical, off-topic stuff that was going on in the LVLT thread or some others. This board has probably analyzed BAC in more detail than any analyst report you will ever find...probably in more detail than most investment teams at large firms, including those that we admire! We've take this thing to the woodshed in a big way! You go back to the beginning, and you see how the thought process has changed...even by some posters who originally were providing feedback to kill the idea, but eventually came around as the business turned. It's been dissected in so many ways, and hundreds of questions have been entertained and answered. It's why I started the "Investment Ideas" board...a running history on specific ideas that people can reflect back on. And BAC is one of the ideas that has been a real winner and will continue to be a winner for the next few years at least! Cheers!

Re: the $15-20 prediction, it's actually a game many of us have going. I was saying that we would hit tangible book by Christmas. While Eric and I, among others, believe that the stock is worth tangible book or better right now, and probably $15-20 within a couple of years, he wasn't actually guaranteeing or predicting when the price would hit that. We used to do this for Fairfax, and it's continued with many other stocks over the years. The big thing is if "Sanjeev has gone for lunch" on days when these stocks would go up alot, because coincidentally on days when Fairfax stock used to move 5% plus, I would say I was out to lunch and missed the move...so it became a running joke. In terms of Eric's large bets...he's always made them. And yes, you live by the sword and die by the sword, but usually when any of us make big bets, it's because we've done the work on the analysis side and have already tried to kill it a thousand times over. I'm still trying to kill my ideas even when I'm falling asleep each night...what have I missed...why is it so cheap...what could happen in the worst case scenario? I also spend an inordinate amount of time killing other's theories on why I may be wrong. If I can't, then that's a risk I have to work into the price I've paid so far, and the level of concentration that position is going to have. Investing is as much art as science, and we are constantly reviewing the work before we do anything else...but when you think the odds are in your favor, you have to bet big...that is the only way to outperform the markets by a signifcant margin over time and build wealth. Cheers!

Leverage cuts both ways! Cheers! http://www.cnbc.com/id/100271335

Article on Buffett speaking to small business owners as part of Goldman Sachs Foundation's "10,000 Small Businesses" program. Cheers! http://www.cleveland.com/metro/index.ssf/2012/11/warren_buffett_encourages_smal.html

I know that certain threads can become heated, especially if you have two very convincing arguments for both sides, but please stick to the debate. If your analysis is correct, the eventual outcome will ultimately determine if your argument was right or wrong. If boardmembers find any posts offensive, please report them and I will decide if they need to be removed. Also please examine your own behavior before reporting posts, as it always takes two to tango! Cheers!

We haven't bought Fairfax in a couple of years, but we snagged some right at $341.18. We'll buy more if it goes lower, but I suspect they will be buying back some shares below that as well. Cheers!

Son of a bitch! I was waiting for it to go a bit lower this time before we loaded up. Cheers!

SEC has closed enforcement action on WFC...so nothing is going to happen. BAC seems to be in talks to sell 49% of their Japanese asset management business to Mitsubishi. http://wallstcheatsheet.com/stocks/sec-clears-wells-fargo-mitsubishi-in-talks-for-bofa-merrill-lynch-financial-business-update.html/ Article on U.S. large bank capital ratios. Cheers! http://finance.yahoo.com/blogs/the-exchange/despite-basel-iii-higher-bank-capital-no-silver-000008264.html;_ylt=AqYPpfxc5b2PKKFGzJkWRMKiuYdG;_ylu=X3oDMTRiYTM3Y3NmBG1pdANGUCBDb21tZW50YXJ5IGFuZCBBbmFseXNpcwRwa2cDOWJmOWMzMGEtMmE5Ny0zMDdiLWEzOTYtZTVlMGQxNzQ1Yzk0BHBvcwMxBHNlYwNNZWRpYVNlY3Rpb25MaXN0BHZlcgM4N2U0ZTk2OC0zYTE5LTExZTItOWZhZC0zY2Q5MmJmZjIwMTY-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

I don't think he's right at all. If there was no QE, then yes, he would have been correct. But we do have QE and up the ying-yang! That changes everything...for now anyways. So, plainly he was incorrect as were many others, because he/they did not include Bernanke in the equation. And I agree, at some point it will not end well if they cannot bring it all back in with the same ability as they poured it all out. Cheers!

Superb and very charismatic speaker. Always enjoy his presentations. His Charlie Rose interview from a couple of years ago, is still one of the best interviews I've seen. Cheers!

That is funny. As someone whose grandmother always called the kids meshugana, brings back some memories! He's got that old lady from Brooklyn (or in his case Boston) accent. A great investor though and one of the best at giving honest, clear answers. Cheers!

...we are already in the midst of a recession...he'll be right eventually. Cheers! http://finance.yahoo.com/blogs/daily-ticker/ignore-gdp-fiscal-cliff-u-already-recession-ecri-174612999.html;_ylt=AnmWr8z1QcVcsYx_hYRduZOiuYdG;_ylu=X3oDMTRwN2R2MmhlBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yaWVzIG1peGVkIGxpc3QEcGtnAzA2ZmFhMWJhLThmNjAtM2I5My04M2U4LTFkMGEzNGE0ZGZmNQRwb3MDMQRzZWMDTWVkaWFCTGlzdE1peGVkTFBDQVRlbXAEdmVyA2ZhZWYyM2E4LTNhNWQtMTFlMi1hNDNkLTNjZDkyYmZmMjAxNg--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Great interview! I've loved this guy since he started Fairholme, and I always thought he fell into that category of managers that Buffett would hire. Just has the perfect temperament for the business. And what about that accent...you could pretty much see him raise his arms and say "It is what it is...mashuguna!" Love listening to him talk about investing and the industry. Cheers!

Article with comments from Netjets CEO, Jordan Hansell, as well as discussion on the $17.6B in planes Netjets has started to get delivery on. Cheers! http://www.bloomberg.com/news/2012-11-29/berkshire-s-netjets-updates-fleet-with-plane-orders-after-glut.html?cmpid=yhoo

If you are not in the U.S., you may not be able to watch that link. Here is one for Canadians. Cheers! http://www.thecomedynetwork.ca/shows/TheDailyShow?videoPackage=127462

Knight deal could add to Jefferies windfall as lead rescuer. Cheers! http://blogs.wsj.com/deals/2012/11/28/knight-deal-could-add-to-jefferies-windfall-as-lead-rescuer/?mod=yahoo_hs