Parsad

Well it is trading near half of it's liquidation value...so do you give that any value if earnings are mostly being used to run off poor loans and litigation in the near future? Do you believe that all of that earning power will be used to permanently pay off loan losses and litigation, or do you think at some point in time the litigation and losses will subside? Finally, let me ask you...does anyone even talk about BP's litigation issues and losses from two years ago today, and has BP's earning power been permanently impaired by any past settlements or losses? No one today even really remembers the oil spill in the Gulf or the ensuing litigation. Cheers!

Thanks Sculpin! It's just so that we have a library of posts on an idea, and it's easier for anyone to look up the symbol if they were doing some research. Cheers!

This topic does not belong in this section, as it is not in the specific format "Symbol - Name of Investment". Either change the title, or it will be moved back to General Discussion. Cheers!

It's hard to figure what the correct number should be, unless you know the underwriting of the loans involved. It's like Fairfax when they were running off their recoverables. We don't know exactly what is provisioned, and what the underlying risk is. Only time will tell if they provisioned correctly. Remember, they hired so many people to help with the loans, and as they runoff this business off their books, they will reduce the overhead. Combine that with the existing plan in expense reduction, their pretty robust cash flows, and they have probably provisioned pretty good. Excess? Probably not. Again, only time will tell, and they have the best idea what their loan portfolio is like. Cheers!

I couldn't agree more xazp! I was very pleased with the quarterly report, and I think quarter over quarter, we should continue to see improvement. The longer the price stays low, the more likely they will be able to buyback large amounts of shares in 1st and 2nd Q 2013...as a stock buyback program is a forgone conclusion now. I would expect them to blow through the 9% Basel III hurdle by year-end, and they should get approval for a buyback and/or increased dividend. They have a number of assets they still have to monetize, including about two-thirds of their real estate portfolio which has not been monetized through sale-leasebacks. U.S. banks are in general, incredibly well-capitalized, and BAC has rapidly solidified their balance sheet. Cheers!

It'll depend on pressure from other parts of the world, but I don't see why not. If you look at the business and where it is today compared to 3 years ago, and even some of its peers, there is no reason why it should not trade near tangible book. They are extremely well capitalized for a bank that was on the brink three years ago. They are running litigation and loans off the book. They are cutting costs and focusing on core lines of business...primarily in the U.S. They are doing everything right! It's just a matter of time before the pig works its way through the python. Cheers!

Great introduction, you could be a salesman for a FOF; lol. Geez, could you lump me in with anything lower? ;D Cheers! Whitney Tilson? Ppphhhttt! I just spat out my coffee. LOL! That was funny. Cheers!

Great introduction, you could be a salesman for a FOF; lol. Geez, could you lump me in with anything lower? ;D Cheers!

Article on Nebraska and municipal Chapter 9 filings. Cheers! http://www.bloomberg.com/news/2012-07-16/nebraska-not-california-is-king-of-municipal-collapse.html

Hedge fund pioneer Barton Biggs passes. Cheers! http://www.bloomberg.com/news/2012-07-16/traxis-partners-founder-barton-biggs-dies-at-age-79.html

No, I don't think he's selling it for any reason to do with SNPK. It looks like he's making better than $5K a month in profit, so $60K a year. He could easily get 2 times that for his site and maybe as high as 4 times. In the comments section he says he has children and that he is interested in pursuing another degree, so he probably would like the money put away while he studies. I'm pretty sure Valuewalk takes a ton of time for him to run as well. Cheers!

This idiot's excuse for forging bank statements for 20 years was because he "had no access to needed capital". Couldn't every young fund manager use an excuse like that? This guy is a piece of s**t and hopefully he gets 20 years! Cheers! http://www.cnbc.com/id/48177543

Discusses deteriorating conditions in Europe. Cheers! http://www.cnbc.com/id/48159304

Terrific post! Cheers!

There's probably a few others as well yet to show. Cheers! http://www.cnbc.com/id/48143974

New article on BAC: http://finance.yahoo.com/news/bofa-cutting-commercial-banking-jobs-220341983.html Cheers!

And then you have these comments by Ballmer: http://www.forbes.com/sites/connieguglielmo/2012/07/10/microsoft-aims-to-take-down-apples-ipad-and-maybe-iphone-too-ballmer-says/?partner=yahootix "Not going to happen. Not on our watch"...it's already friggin' happened on your damn watch! He should just shut up and build. Cheers!

What I love is watching the journalists on CNBC, Bloomberg, etc asking the "experts"..."So, how do you play this?" I love that line...how do you play this? Not invest, but let's treat this as a poker game. Cheers!

Liberty, Take a photograph of you holding that thing up to your ear and post it on here. That would be pretty funny! Yes, yes, I know you probably use headphones or a headset...I'm stupid, but not that stupid! Cheers!

For the most part, the answer is yes. Client accounts, both margin and cash only, are to be segregated from the institutions own assets. The problem arises with margin accounts. Institutions can lend out shares in your margin account without your permission during normal trading operations, and of course their intent is always to make good on returning those shares to you. But if those shares are lent out during a crisis, and the institution does not have the ability to make good on returning those shares, the liabilities are comingled with the institutions own assets and liabilities when the trustees take over. Usually, they will make good over a period of time after the trustees have taken over, but there is no guarantee...especially if the losses for the institution are so large, that it would be difficult to make all investors whole. Cheers!

I suspect that over time, all these hedge funds now entering the reinsurance business...today it was announced that Steve Cohen is joining Loeb and Einhorn...will have some impact on premium pricing. Just like hedge funds and private equity were paying too much for acquisitions that normally would have been in Berkshire's realm. Cheers! http://www.bloomberg.com/news/2012-07-09/sac-s-cohen-joins-loeb-starting-reinsurer-for-capital.html?cmpid=yhoo

Oh thanks Gokou, I thought it was this one...great phone...I love the screen size on it! Cheers!

A colleague just got the new Samsung and it's a really nice phone. Enormous screen and much thinner than the iPhone. The interface is very intuitive and looks great. Powerful and fast as well. Interesting how Apple got the injunction banning its sales in the U.S. Cheers!

Globe & Mail asked RIM CEO, Thorsten Heins, to answer some reader questions. Cheers! http://www.theglobeandmail.com/technology/your-rim-questions-answered-ceo-thorsten-heins-responds/article4395605/

Union Securities and PI Financial may combine. These two have produced more crappy, fraudulent TSX Venture & OTC offerings than all of the other Vancouver brokerages combined...so is this REALLY a good idea? Cheers! http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/two-vancouver-based-brokerages-in-talks-to-combine/article4390681/