Parsad

Okay, so they want to lobby congress for favourable tax treatment. Why does that cost $1 million in a single donation? And why is it not being undertaken through an industry association which is financially supported by numerous insurers who have common public policy interests? Just as Buffett has suggested that owners ought to focus on "look through earnings" I say we should also focus on "look through donations." My share of ORH's donation is far more than I would ever want to contribute to any US politician...and I do not see the prospective financial return to justify it. SJ Exactly SJ...you nailed it on the head! That's why I'm not pleased at all, and it should not happen again. Cheers!

Yeah, this is just ridiculous! A completely speculative investment in the POSSIBILITY that Romney wins and reduces tax rates. How do you justify this to the owners of the company, who are left with egg on their face and are the ones dealing with the media and fallout. What does this say about the thought process at the subsidiary...someone should be taken to task on this one. There's latitude for the subsidiaries and then there is just stupid...someone made a stupid decision at Odyssey. Cheers!

Bloomberg article on the lawsuit. Cheers! http://www.bloomberg.com/news/2012-10-05/mbia-knew-of-risks-behind-mortgages-bofa-s-countrywide-says-1-.html?cmpid=yhoo

Article on U.S. bank deposits. Cheers! http://www.snl.com/InteractiveX/Article.aspx?cdid=A-15932209-13101

Actually, think about what that does to the dog then...maybe I'll bark some more and get rid of a few more cats! The government does about as well as Wall Street in creating rational incentives for behavior and conduct. Cheers!

This is on its face a faulty premise. The average consumer is never wrong. If the banks don't make a mortgage, the banks are wrong. If the banks do make a mortgage, the banks are wrong. I guess you haven't heard that the banks are greedy. I liken it to fast food. The greedy fast food establishments are forcing people to eat their tasty fare. They have no choice but to gain weight. It's a terrible thing. I wouldn't go that far. The fault lies with each party's responsibility. If a bank gives me a mortgage and I default, am I at fault for the bank's lost profits? Of course not. They agreed to lend me the money. Likewise, are the banks at fault for giving me a mortgage I can't afford and repossessing my house? Of course not, I freely entered into the mortgage agreement in the first place. I agree. I think Kraven was just using a bit of sarcasm with all of the negative media around banks right now. Like these lawsuits that investors who purchased MBS's and are now suing the banks because the loans turned sour...do your own diligence...you made the investment, now accept the risk. Too much talk of fraudulent behavior by the banks...why don't investors sue these companies for making such poor choices in investments! The only people getting rich at the end of the day aren't the banks...it's the lawyers! Cheers!

Maybe Fairfax should put in a call to XL Foods and see if they need any financing or a partner. XL would be the equivalent of National Beef in Canada and supplies virtually every grocery store and retail food outlet. They also have a processing plant in Nebraska and supply some stores there too. On another note, this should be great for National Beef! Cheers! http://www.theglobeandmail.com/news/national/xl-foods-admits-its-processes-were-not-enough/article4589815/

Yes, this is very good news for Fairfax. With their partner in ICICI Lombard, they will be the largest private insurer in India. As the middle class continues to grow over the next 20-30 years, this portion of the business will become very large...probably not unlike the growth we've seen in Fairfax Asia over the last 5-6 years. Cheers!

Another article: http://www.bloomberg.com/news/2012-10-04/bofa-sees-savings-in-redeeming-5-1-billion-in-trust-notes-1-.html?cmpid=yhoo All the right little things they are doing...will add up over time. Cheers!

You never know with these things...market sentiment...but I'm still saying we get close. Unless the NY Attorney General comes out with a $50B lawsuit against BAC and Countrywide, which seems likely since everyone is out for a piece of the pie and looking good in front of voters and the populace...they'll eventually settle for 5-10 cents on the dollar. Maybe banks should sue consumers for taking out mortgages they couldn't afford or lying on their applications. How about we finally string Angelo Mozillo up...this guy is like frickin' Bin Laden...oops he's gone! What about Barney Frank? How about Greenspan? ;D Cheers!

Txlaw, don't worry about what other people say. Stick to your own analysis and guns. Milstead has been as wrong about stuff as he's been right...so 50/50...if that! Cheers! http://www.theglobeandmail.com/globe-investor/investment-ideas/david-milstead-picks-that-left-me-embarrassed-or-elated/article535957/

Article on subprime mortgage bonds. Cheers! http://www.bloomberg.com/news/2012-10-04/subprime-up-as-funds-target-shrinking-market-mortgages.html?cmpid=yhoo

BAC sells 12 building complex in New Jersey for $375-400M. Cheers! http://www.bloomberg.com/news/2012-10-03/bofa-agrees-to-sell-12-building-new-jersey-office-campus.html?cmpid=yhoo

The thing with VIC is that you have to be invited, and you have to submit an idea. There are many people here who do not want to post but just read and lurk, so they would not be able to get into VIC. The forum is also a way for us to organize events or gatherings for board members in specific cities, such as Berkshire's AGM, Pabrai Funds AGM, and especially the Fairfax AGM where about 110-120 of our board members attended in April. I expect that number to hit closer to 170-180 at next year's dinner. Cheers!

Good article on how banks continue to be hated, while making the largest profits since the peak of the mortgage heydays. I especially love this quote...this guy is the head of PWC's financial advisory practice in New York...one of the dumbest things I've ever heard: “We may be on the verge of a new kind of banking crisis, and that’s a banking crisis where no one wants to own any banks as an investor,” said John Garvey, head of the financial- advisory practice at PricewaterhouseCoopers LLP in New York. “The future looks very dim.” http://www.bloomberg.com/news/2012-10-03/no-joy-on-wall-street-as-biggest-banks-earn-63-billion.html Cheers!

Professor Jeremy Harris Lipschultz recorded this video of Buffett at the Omaha Press Club back in 1992. Thanks to Shai for sending me the article! Cheers! http://www.huffingtonpost.com/jeremy-harris-lipschultz/analog-warren-buffett-and_b_1920959.html

It's very cheap! I prefer Dell over HP though...balance sheet, management continuity, dividend, focus on small to mid-size firms, etc. We continue to buy lots of Dell. This is going to be a huge bet for us if things persist as they are. Dell is ridiculously cheap! Cheers!

Article on Wilbur Ross. Love listening to what he has to say! Cheers! http://www.thestreet.com/story/11726738/1/distressed-investing-king-ross-loves-the-mortgage-market-exclusive.html?puc=yahoo&cm_ven=YAHOO

I'm not a particularly huge fan of Ellison, but he is a remarkably interesting fellow. Cheers! http://finance.yahoo.com/news/why-does-larry-ellison-4-151813692.html;_ylt=AuztwhmBOjz9UVn.sAS.412iuYdG;_ylu=X3oDMTQ4cjdqb2ZlBG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwM0MjJiNDFjOS1jNGJjLTMxZDAtYTVkNy1mOTc2Nzk1ZTYzYTAEcG9zAzEEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgNjZjQ3NTQwOC0wZDcxLTExZTItYmRmZS0wN2E4Nzg5Y2ZmMzA-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Apparently the apple doesn't fall far from the tree...Charlie's children seem to be as independent-minded as he is. And they are driving Jerry Brown nuts! Cheers! http://www.reuters.com/article/2012/10/03/usa-elections-california-idUSL1E8KRJ0720121003?feedType=RSS&feedName=industrialsSector&rpc=43

Interview with David Winters of the Wintergreen Fund. Cheers! http://www.bloomberg.com/video/railroads-are-indicator-of-economy-winters-says-n22XypMjR1KGYCLjFau31Q.html?cmpid=yhoo

The charts look to me like they are contrary indicators if you look at historical net short and the actual results of the Dow. These guys are retarded! Markets are now fair-valued, but there are still pockets of cheap stocks. I'm not buying the market, and we still have a fair amount of cash. Just buy things that are really cheap and ignore all of the other crap and what anyone else is doing. Cheers!

More detailed Bloomberg article: http://www.bloomberg.com/news/2012-10-02/jpmorgan-rivals-face-billions-in-damages-after-mbs-case.html?cmpid=yhoo Cheers!

Get rid of two small railroads and add two huge wind farms. Cheers! http://www.cnbc.com/id/49258987

Here you go: http://www.investeem.com/2012/01/does-price-reflect-value.html Cheers!