Parsad

I don't think you would recognize the gain on the common stock exercise price decreasing in any given year. When you exercise the warrant, your cost basis adjusts to the exercise price on that day, plus your original warrant cost. The difference between that total cost and the market price of the stock is your gain or loss. For example, say the exercise price is $12 and you paid $3 for the warrant...total cost is $15. The day you exercise the warrant, the stock is at $25. Your gain is $10. You don't recognize the decrease in the warrant exercise price except on the day you exercise. The annual adjustment to the exercise price goes through the bank's P&L statement and is incurred by them. If I'm wrong here, maybe our CPA friends on the board can correct me. Cheers!

Could very well be possible SD. If anyone wants, you can call in and ask tomorrow morning. They may not answer anything, as they are in the middle of the whole process still. Cheers!

Usually they release around 2pm PST. Cheers!

Article on Wells Fargo. Cheers! http://www.forbes.com/sites/halahtouryalai/2012/02/16/missing-from-moodys-downgrade-list-warren-buffetts-favorite-bank/?partner=yahootix

Article discussing how affordable homes are today. Cheers! http://finance.yahoo.com/news/home-buying-most-affordable-decades-150500530.html;_ylt=Anxq67F4hANs5kILK9KZVsaiuYdG;_ylu=X3oDMTQ0ODc4cGhiBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDNWE1YmMxNDQtNmFhYS0zMDcxLWE0MzQtNTA4YTM2N2Q0ZTRkBHBvcwM2BHNlYwN0b3Bfc3RvcnkEdmVyAzNjZjZiMmI0LTU4YzAtMTFlMS05YzhlLTc4ZTdkMTVkYmVhYw--;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Looking real good. Cheers! http://www.bloomberg.com/news/2012-02-16/north-american-rail-freight-carloads-for-feb-11-table-.html?cmpid=yhoo

You could go either way. You could say that Prem is forcing shareholders hands to Abitibi, but at the same time, you could say that FBK management is just trying to keep their paychecks going by selling to Mercer. Interesting to watch though. Cheers!

Qiao Xing Mobile? Wow. Completely out of my scope, and just not something I can analyze properly from here. Maybe boardmembers can ask him about it at the dinner. Cheers!

Never underestimate the power of a clutch player and some team momentum. How did Eli knock out all the quarterbacks supposedly better than him...Sanchez, Romo, Smith & then the best quarter back of the last decade...Brady! It was a team effort, but that clutch player gets the momentum rolling. Instead of shooting, Lin dished out the ball tonight...13 assists and none of them were easy ones. I think he had like four or five great alley-oops...another two slicing passes between guys...another three after drawing two or three guys to himself. Sacramento's not a good team, but the Knicks were killing them early on and that comes from the team geling and growing. Lin's greatest attribute may be that he's just bringing a dysfunctional Knicks team together! Cheers!

A couple of years ago, when Biglari Holdings decided to change its name from The Steak'n Shake Company to Biglari Holdings, I sent a letter on behalf of Corner Market Capital to the board of Steak'n Shake. We subsequently sold half our stake when they decided to change names regardless. I've attached the letter. At the time, as Steak'n Shake was based in Indianapolis, I used Peyton Manning and the Indianapolis Colts as an analogy. Interestingly enough, today the owner of the Colts is making hard choices based on practicality, price and the fact that he owns the Colts...not Peyton Manning. I'm a huge, huge Manning fan, but he didn't own the Colts and he doesn't deserve to be paid any sum he wants, nor did they ever rename the Colts after him. Cheers! http://sports.yahoo.com/blogs/nfl-shutdown-corner/jim-irsay-says-welcome-peyton-manning-back-price-051955332.html Letter_to_Steakn_Shake_-_January_31_2010.pdf

It's ok if it is your money, but he did it with other people's money. Big difference. Cheers!

Thanks Ballin! I think that's ridiculously stupid though of the SEC, and no wonder you have so much manipulation in the OTC market. We filed on Chanticleer, even though we didn't have to report I guess. I'm much more comfortable doing that, whether required or not. Cheers!

It's actually not easy to request a shareholder list. You actually have to submit a request to the company, and then depending on their mood, they will decide how quickly they will respond or at all. Cheers!

Francis added to BAC, C, Qiao Xing Mobile, Radioshack & SHLD. Cheers! http://www.sec.gov/Archives/edgar/data/1389403/000114420412009100/v302732_13fhr.txt

+1! Cheers!

Actually, the strangest thing in that portfolio is that Biglari Holdings holds $75M in Biglari Holdings! Tie them up, control those votes! Cheers!

They had more than a 5% position, so there would have to be a filing when they bought and if and when they went under. I see nothing for them regarding ITEX in their 13-F, and no 13-D filing saying they've gone under 5%. Cheers!

Article on how Kyle Bass is now long on subprime mortgages. Cheers! http://www.bloomberg.com/news/2012-02-15/big-short-becomes-big-long-as-bass-joins-reverse-subprime-wager-mortgages.html?cmpid=yhoo

Article on how Amex's default rate dropped again in January. I'm sure the same thing is happening at WFC as well. Cheers! http://finance.yahoo.com/news/american-express-default-rate-falls-180240352.html;_ylt=AhvDfRrWWpR4uA.3TnPLWW.iuYdG;_ylu=X3oDMTQ0aDhoNGZpBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDYzBlYjdhY2QtMWZlZS0zM2I1LTg5NWUtNjk2NTdlMDM5NGNmBHBvcwM1BHNlYwN0b3Bfc3RvcnkEdmVyAzczYTFiNTAwLTU3ZmYtMTFlMS1hNmZmLWVlMGEwMDY2Mjc4Mw--;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Yeah hubris or something. This sounds like Ackman's Target fund. Just plain dumb! Cheers!

I don't see ITEX either. It used to be held through Western Sizzlin, but I'm not sure how they are reporting it now. There is no disclosure on any 5% filings for ITEX on EDGAR regarding Biglari Holdings, Steak'n Shake, Western Sizzlin, Biglari Capital or Sardar Biglari. So I'm not sure when they sold or what happened to it. Unless I'm blind, does anyone else see anything? Cheers!

Most certainly. This guy was a star in Palo Alto and Harvard, but no one wanted to touch him because he was smaller and Asian. The same sort of reasoning why you don't see that many black quarterbacks in the NFL. There is an innate bias for the status quo and anything different doesn't get a look. Cheers!

They should trade Carmelo and Amare for Dwight Howard. I think you're being too tough on Lin though. This is the first five real games he's played, and he's going to have turnovers until he starts to become a little more aware of the defense around him. He was on the floor longer than anyone else tonight, and it's probably a little too much too soon for a guy who never started. I think he's going to be fun for the game, and he seems like a nice kid. Can anyone argue with his numbers so far...he's got numbers that haven't been seen since the merger! That's a lot of good players who didn't manage the same thing. The more he plays, the better he'll be and the less turnovers he'll have, because he'll start to play to his strengths even more. He'll make better decisions and he'll mature. But what a great story! Cheers!

I was a big Phoenix Suns fan when Nash and Stoudemaire were there together with Shawn Marion. I think you guys have the making of the same exciting team because the same coach is now with the Knicks...D'Antoni. As long as everyone works together, it will be fun to watch the Knicks and they will be good. I'm going to be catching more Knicks games from now on! ;D Cheers!

Probably also means that he's going to default on the $150M loan Jefferies just gave him at 15%! Cheers!