Parsad

We are loading up. It will be one of the best investments we make in the next couple of years. Cheers!

Remember his thesis on Fairfax? This guy gets too much press and far too much praise. Cheers!

Not much good press since I sold my shares! ;D Cheers!

Hi Guys, Keep the subject matter related to RIM please, and also no more moderator reports complaining about people questioning usernames. Don't let it get personal...eventually someone will be proven right and you'll find out whose analysis was correct. Cheers!

Berkshire now owns 17% of Media General after exercising their warrants. Cheers! http://www.bloomberg.com/news/2012-09-24/berkshire-exercises-media-general-warrants-has-17-equity-stake.html

I think something is definitely up. Cash (380) + MLI (427) + FMG (715) = 1,522 Have any details been made public as to when they receive the FMG proceedings? I definitely think they have found or negotiated another target company. The cash from Fortescue is to be received by the middle of December I believe, once Fortescue's new credit line is fully in place. Cheers!

Parsad, if you don't mind telling me, what is it that makes you choose LUK over Fairfax at this point? Just the size difference? Less leverage? Don't like insurance? I would imagine you have more confidence in Prem Watsa than an up and comer like Justin Wheeler, and the price/book ratios aren't that much different for the two companies. I like Leucadia's bet that the world is going to recover and inflation is going to be more of a problem than deflation. I also thought that the underlying assets were quite undervalued, whereas the Fairfax's hedges were going to keep things neutral. I like Fairfax right now, but I'll like it even better if it were a little cheaper. Cheers!

They also had a very funny print ad comparing the iPhone 5 to their phone. Cheers!

Cash is never a bad situation, as long as you just don't sit on it for years. They will find a use for it when others need it most. LUK is the 2nd largest position in our funds after BAC. Cheers! Sanjeev, I thought you had concerns about the lack of successors who could emulate the C&S way. How did you get comfortable? I became more comfortable with Justin Wheeler after I found out he was the one behind the National Beef acquisition. I think he would do fine looking for ideas for LUK if something happened to Steinberg & Cummings. Cheers!

Cash is never a bad situation, as long as you just don't sit on it for years. They will find a use for it when others need it most. LUK is the 2nd largest position in our funds after BAC. Cheers!

Japan had and continues to have restrictive immigration policies. They had an aging population, poor demographics and little immigration. Who was going to buy their houses after the bubble? While the U.S will/may face significant difficulties, I think the fact that more people coming to the U.S., as well as existing residents, will sop up much of the excess housing inventory and slowly elevate prices. Inflation is going to be a bigger problem in the U.S. than deflation. Cheers!

When one door closes...another will always open. Cheers! do you know something we don't or do you trust the management or know management better than we do ? If so please share your insights ? I trust management to do the right thing and maximize shareholder value. I know Tim very well, and I've met Craig Graham and am very impressed with him as well. They will do the best they can. Cheers!

It sort of seems to me like he doesn't follow Bank of America very closely. Look at what he goes on to say: Guggenheim's "capital analysis suggests that BAC has enough capital to pass the Basel I stress test requirement but would be short of Basel III compliance at year-end 2013." The analyst "concluded from that analysis that BAC will not need to raise capital, although BAC still needs to accumulate capital as quickly as possible." Mosby added that "until short-term rates begin to rise, BAC's earnings power is between $10 billion and $12.5 billion a year," and that the company's after-tax mortgage losses ranges will range between $15 billion and $50 billion. Yeah, I thought that was peculiar as well. I've learned to ignore analysts...kind of like the Jehovah's Witness knocking at the door every Sunday morning. ;D Cheers!

Remarkable...and they'll dominate for some time! But remember this? http://finance.yahoo.com/echarts?s=IBM+Interactive#symbol=ibm;range=19701106,19930215;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined; How about this? http://finance.yahoo.com/echarts?s=msft#symbol=msft;range=19950217,20030901;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined; Lastly? http://finance.yahoo.com/echarts?s=aapl#symbol=aapl;range=19840907,19971230;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined; "Those Who Forget The Past, Are Doomed To Repeat It" Cheers!

I believe he did discuss AIG and it was just a comfort thing...anyone else who was there, can you confirm that. I've got the Pabrai Funds presentation, Annual Report, Dakshana Report and everything else floating around in my head right now. Cheers!

If you are dealing with Canadians primarily...start with Prem! Cheers!

That is the funniest thing I've read all week! Beautiful. I heard another one this weekend which would be apropos..."Quite the shame! Alot of horsepower pulling in the wrong direction." Cheers!

Great cartoon pic,...seems to me, that Mohnish & Guy are the Muppet Show's old men from the balcony,... almost like WeB & CM. Buffett & Munger are the old men from the balcony. Mohnish and Guy would be Kermit and Fozzie! ;D Cheers!

About $430M. What did he say about RIMM? Pretty much what Prem stated...that the dollar amount relative to the assets under management is not something that should perturb shareholders. Cheers!

The Winklevosses have invested $1M into their friend's company, SumZero. Cheers! http://ca.finance.yahoo.com/news/winklevoss-twins-invest-social-network-company-report-025826502--sector.html

No he doesn't really comment on his current holdings. There was a long, hypothetical question about BAC, but it did not gain any traction. He did talk about his mistake in buying Fannie & Freddie Preferreds, and that he felt the equity positions in the funds were worth over $1B based on his estimates of intrinsic value, and that they were of the highest quality the fund has held. Cheers!

It was another great time at the Pabrai Funds AGM. I met alot of wonderful people, and it was great to see many faces from the board here as well. One particular individual...thank you very much for the wonderful comments you made to me at dinner about the message board and a small token favor I did for you in Toronto...it made my day! Mohnish switched up the AGM location this year and it was held at SOKA University of America's Performing Arts Center. A stunning campus on a hill in Alisa Viejo with only 300 students...lucky students! You can see from the pictures exactly how beautiful this place is. The Performing Arts Center was a wonderful venue with a screen of nearly IMAX proportions...again see the picture! Mohnish did about a 35-40 minute presentation and then answered questions for over an hour. Plenty of things were discussed including RIM, macroeconomics, porfolio allocation, intrinsic value of the Pabrai Funds, global investing, philanthropy, using a sounding board (colleague), and of course his mistakes. I can't really do the presentation and Q&A justice, as Mohnish has become very good at translating ideas through analogies and humor. You just had to be there! ;D One question that was not asked, and I'm very surprised that it wasn't, was the comment Mohnish made in his last letter about there being one CEO that was superior to the others in the portfolio. No one asked! By the way, he wouldn't tell me when I had dinner with him the night before the AGM, so it probably would have been in vain anyway. The turnout was a little less this year. Not sure if it was because nothing that significant happened in the last year, or possibly the venue was a bit different...a few people mentioned that they preferred the Huntington Beach AGM because they could spend the weekend there with their families, especially children, and there was much more to do after the AGM, again, being able to hang out with attendees somewhere. Both are stunning venues and neither takes away from the actual presentation and event. Finally, Mohnish and Guy Spiers had done a great presentation for UC Davis, and the hosts presented him with a thank you gift...a caricature of them both. I've attached a photograph of it. Cheers!

Our own NormR is going to be sharing some stories on value investors over the next little while for the Globe & Mail. Here is the introductory article. Cheers! http://www.theglobeandmail.com/globe-investor/investment-ideas/strategy-lab/value-investing/stinginess-works-why-im-a-value-investor/article4548173/

When one door closes...another will always open. Cheers!

Alnesh and I, along with a couple of other people, will be at the Pabrai Funds AGM venue around 3pm. If anyone wants to meet up a little early, we'll see you there. I'm not particularly familiar with this new place (Soka University Performing Arts Center, 1 University Drive, Aliso Viejo, California) so please look for us somewhere near the main entrance or lobby. I will be wearing a "Pabrai Funds" or "Corner Market Capital" polo shirt under my jacket...depends which looks better with the jacket! ;D And I have a goatee, bald head and glasses. Cheers!