Parsad

Most definitely. Also, they will not settle unless the number is reasonable, so all of these settlements are creating precedents for their remaining litigation. Remove uncertainty, and the market will recognize the underlying value. Cheers!

Hi Everyone, Just a reminder, as tickets are going fast: On Thursday, November 22nd, the Crohn's & Colitis Foundation of BC is holding their first annual ICE (Incredible Culinary Experience) Gala at the Marriott Pinnacle (1128 W. Hastings). They hold them in Toronto and Montreal all the time. We raise money for the CCFC from the Fairfax Financial Shareholder's Dinner I organize each year in Toronto, and they asked us to help them with their BC Gala. Tickets are $200 and the proceeds go to the CCFC. Canadian band 54-40 is playing and they will have a number of silent auction and raffle prizes. Dinner is also going to be pretty amazing as well! It's a great networking event too, as we've sold a ton of corporate tables. There aren't a lot of tickets left, so let me know if you want to go ASAP. Also if you can't attend, but your company or you know of someone, who may be interested in donating a silent auction prize…please have them contact me at cornermarketcapital@gmail.com. Thanks and hope to see some of you there! Cheers!

By the way, you should listen to the conference call...that may either make you buy or not buy. I was quite disappointed by some of the responses to the analyst questions, which I just listened to...in particular share buybacks and selling the company. I would be resistant to buy unless the stock dropped significantly below net cash. The analysts were a bit annoying, as they pretty much want all of the answers to all of their questions, but there was one analyst who asked some very compelling questions about share buybacks, and the response from the CEO wasn't a good one. Cheers!

Have no clue where these shares are coming from. That's pretty much 45% of the available float. If they have a profitable 3rd quarter, which looks very likely, the shorts are going to get the crap squeezed out of them, as the 4th quarter is usually profitable. An entire year of profits at Overstock would certainly kill alot of arguments around the business' viability. Cheers! Way to go Overstock! We'll see a full year of profits, and probably about $1.05-1.10 in earnings for the entire year. Thanks to everyone at Overstock.com and the board of directors for their efforts. Head down, focus and keep up the great work! Cheers!

They are out. Cheers! http://finance.yahoo.com/news/fairfax-financial-holdings-limited-third-210200062.html

We've bought it a couple of times when it is under net cash, and then we sell after a reasonable gain. We just did it about 3-4 months ago...bought at cash...and then we sold it all in the last 2 months at about a 14-18% gain. We'll do it again if it goes below $3. They are restructuring their business and moving in a different direction. It will take time. Depending on how they do, it could be worth significantly more than $6-7, but it will take time. In the meantime, we use it as a cash proxy on occasion. Cheers!

This year's auction for "Lunch With Mohnish Pabrai" has begun! All proceeds go to Dakshana. Cheers! http://www.ebay.com/itm/Power-Lunch-with-Mohnish-Pabrai-/121002008088?pt=LH_DefaultDomain_0&hash=item1c2c481e18

The auction for the Charlie Munger bust Mohnish had commissioned is on! Rumor has it that one of these busts sits in Charlie's office, along with one at Berkshire HQ and another in Mohnish's home office. Anyone can bid and own it! Cheers! http://www.ebay.com/itm/Charlie-Munger-Bronze-Bust-/121001990415?pt=LH_DefaultDomain_0&hash=item1c2c47d90f

Article on farmland prices through the mid-west. Cheers! http://www.cnbc.com/id/49518471

John Paulson donates $100M to Central Park Conservancy. Cheers! http://www.bloomberg.com/news/2012-10-23/billionaire-paulson-donates-100-million-for-nyc-s-central-park.html

I'm not a lawyer, but I do manage a fund, and I am fairly certain your suggestion is illegal. If the partnership is formed by non-accredited investors with the sole purpose of investing in a hedge fund it is a violation. Even if it passes that test, it could also be subject to a "look through" in terms of investor count. Meaning if the partnership had ten people the fund would be using up ten slots. Someone please correct me if I am wrong here. Tim is correct. The partners within the partnership would have to be accredited themselves to invest in an accredited fund...regardless of how much capital they have in the partnership. That being said, there is no reason why a bunch of family members or friends could not start a partnership by pooling their resources, and then investing it themselves...if you are a decent investor, your group would beat the markets, reduce frictional costs, and no one would have to come up with huge sums of money to invest. Your partnership could even invest in real estate and other opportunistic investments. But you would not be able to invest in an accredited fund, hold yourself out as an exempt fund, or anything like that. You would be just be invested in a closely held family and friends partnership. Cheers!

Canada seems to be the outlier of most developed nations...most likely going to tighten monetary policy going forward. Cheers! http://www.bloomberg.com/news/2012-10-23/carney-strengthens-bias-to-raise-rates-as-household-debt-grows.html

If you have not bought, get'em while we've got them! 50 sold so far...and I expect them to start going much faster in November and December...if we have any left. :o Cheers!

He didn't go overboard or anything, but I would prefer if he just kept his head down and kept on plowing away. Don't worry about the competition, just go about your business and keep doing the right thing. Cheers!

Deflation is rearing it's ugly head in China. Cheers! http://www.bloomberg.com/news/2012-10-22/china-s-factories-losing-pricing-power-in-earnings-threat.html

With all of the positive things happening economically in India, the realities of the work ahead are made only too clear by this fantastic article in Bloomberg by Mehul Srivastava. Cheers! http://www.bloomberg.com/news/2012-10-22/hunger-stalks-my-father-s-india-long-after-starvation-banished.html

Moore, you are so smart, why even throw around the technical mumbo-jumbo! ;D It's going to $10 regardless, break out or not. And it will hit $12 by Christmas...again, no technical mumbo-jumbo, just the plain fact that they should have a good stress test, 4th quarter, and there is no reason why it shouldn't be close to TBV. Speaking of technical analysis, are you going to the Jefferson Conference in New Orleans this week. My partner Alnesh has to go, as he is CFO on a couple of junior resource companies, but I looked at the list of speakers and just shook my head. I would be pulling my hair out listening to many of the speakers there. Cheers! Haha no way on the New Orleans Conference. Have been there before its pretty crazy. TA helps guide entries and exits while fundamentals are the reason we buy or sell a security. Cant help but notice BAC about to break through a resistance level that was set in March and it feels very exciting. Not all TA is hogwash Parsad even if you follow BAC only by looking at the last stock price without a chart (something I could never imagine anybody doing) you should still be noticing the price action is indicative of a large move to the upside. It's moving up because they are removing uncertainty. As more issues disappear, the stock will be fully priced closer to book...may be two years out though. But there is no reason that it should not be at TBV right now. A discount to book...yes...due to legacy issues and litigation. But the discount to TBV assumes that their provisions should be doubled for losses and I think the markets do not realize that would be incredibly excessive. Their provisions may be out even 30-50%, and you still should have the stock at TBV. It's always fun to watch these things unfold. Cheers!

Nope, still restricted. Cheers!

Moore, you are so smart, why even throw around the technical mumbo-jumbo! ;D It's going to $10 regardless, break out or not. And it will hit $12 by Christmas...again, no technical mumbo-jumbo, just the plain fact that they should have a good stress test, 4th quarter, and there is no reason why it shouldn't be close to TBV. Speaking of technical analysis, are you going to the Jefferson Conference in New Orleans this week. My partner Alnesh has to go, as he is CFO on a couple of junior resource companies, but I looked at the list of speakers and just shook my head. I would be pulling my hair out listening to many of the speakers there. Cheers!

This is the October Letter written by Ben Raybould, who runs Arlington's Ranger Fund. Ben wrote a pretty interesting letter discussing the performance of his partner, Allan Mecham, who started Arlington. I don't post alot of letters, other than a few close friends that I admire, but Allan deserves recognition in my opinion. He's one of the best managers I know out there, and he is an incredibly humble guy. Probably not too keen on this even being printed here, but I do have permission. He'll probably show up to our dinner again this year, so you guys may want to ask him then how his leveraged bet on Berkshire is doing...I'm guessing pretty good! Cheers! Arlington_Value_Oct_2012_Investor_letter.pdf

I'm not sure my BAC position could get much more aggressive... Understatement of the year! ;D Cheers!

BAC's Merrill Lynch nabs #2 female broker in the U.S. and her 11-member team...along with $2.5B in investment assets. Apparently, Merrill is going hard after Morgan Stanley's brokers. Cheers! http://blogs.wsj.com/deals/2012/10/22/bofa-merrill-hires-top-broker-from-morgan-stanley/?mod=yahoo_hs

FMG needed to buy their note, so that they could issue more debt in the future. Without LUK's approval, no new debt could be issued. But yes, with MLI, they had no plans on selling. From everything I know about these guys, they have either a new target or they are buying more of something they already own. Cheers!

If you are interested, here are some photographs of the Martian soil and landscape. Cheers! http://lightyears.blogs.cnn.com/2012/10/18/mars-rover-spots-shiny-objects/?hpt=hp_t3

Valuecfa, I agree with you and given what they said at their annual meeting -- regarding it's "scary" out there, etc. -- at first that is all I thought they were doing when they did the Fortescue deal...just closing that one down opportunistically and possibly worried that Chinese demand for ore was headed in the wrong direction longer term. My comment about the world coming to an end was facetious. So, you could be right that they are just pulling in their horns. I may be guilty of just "hoping" here. But, it does seem like they hope they've got something big brewing. They always fund to watch, in any case. I'm pretty sure they've got something big brewing. We'll know soon enough. Cheers!