Parsad

You poor Knicks fans finally have something to cheer about. Just watched the Knicks/Raptors game, and the kid is good. Just needs to mature a bit, pick up his defense (along with the whole Knicks team, except Chandler) and be careful with the ball a little more. But you guys are going to have a team that will challenge for the championship for a while if they can keep them all together. Cheers!

I agree with you on everything except the Obama and boobies part. Smaller institutions did the same thing as many of the larger institutions. Why aren't they going to be fined, since many of them also benefitted from the same generosity. Cheers!

Looks like he sold BAC to buy C, WFC, DTV and TEX. The TEX looks like a very smart move, as it is up even higher than BAC year to date. Not so much the C, WFC and DTV. Interesting that he was into DTV as well! Cheers!

Say what you will about Bruce Berkowitz, but at least he doesn't fold under pressure and trusts his analysis. Paulsen sold almost all of his financials near the bottom and missed the whole run up. WFC, C, BAC, STB...all sold! Cheers! http://www.marketwatch.com/story/paulson-dumps-b-of-a-citi-h-p-shares-2012-02-14?siteid=yhoof2

They bought alot of Wells, DirectTV and DaVita. Sold JNJ and some Kraft. Excludes any confidential filings, so BAC could still be in those. Cheers!

No BAC added Ericoploy! :'( Cheers! http://www.sec.gov/Archives/edgar/data/1067983/000119312512060928/d289257d13fhr.txt

80% sold folks! We crossed the 100 attendance threshold now...started with 9 people 7 years ago...should be sold out by the middle of March. Get your tickets now if you haven't! Cheers!

80% sold folks! We crossed the 100 attendance threshold now...started with 9 people 7 years ago...should be sold out by the middle of March. Get your tickets now if you haven't! Cheers!

U.S. government agency is among a number who have recently announced that they are making iPhones or Android phones available to employees, rather than the formerly popular Blackberry phones. RIMM better fight for the emerging markets, because they've already lost the war in North America! Their new ads are terrible too. Cheers! http://www.bloomberg.com/news/2012-02-14/rim-dealt-another-blow-as-u-s-agency-issues-iphones-alongside-blackberrys.html

One of the dumbest things I've ever read, and I wanted others to feel my pain! :'( Cheers! http://www.cnbc.com/id/46385140

Bank of America is selling its Boston Towers property for $600M! I guess my previous estimate of $5-7B for BAC's properties may be on the low side. Cheers! http://www.foxbusiness.com/industries/2012/02/14/bofa-considering-sale-boston-tower-to-boston-properties/

James Grant has some comments on the Fed's actions. Cheers! http://finance.yahoo.com/news/fed-heed-lessons-1920s-grant-155600555.html;_ylt=ApnFQ6t2iMpeNEgKdhLU4.KiuYdG;_ylu=X3oDMTQ0OTJ1MmRkBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDZGI5OGFiMGQtNjhmNi0zY2NiLTgwYjItOTZmNmM4NGMwZThhBHBvcwMyBHNlYwN0b3Bfc3RvcnkEdmVyAzEwZTRhM2YwLTU3MmQtMTFlMS05NjdlLTY3YjI5NzZkZWE1MA--;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Like Buffett, I was positive on the U.S. economy because they took their lumps early and flooded the system with liquidity. While I think the U.S. will do fine, there is always the possibility they will get dragged under with the rest...Europe now...Asia later! This does bode well for the U.S. longer term though, as they will get more competitive and their financial system is the most sound in the world right now. U.S. longer term prospects look far better than many other parts of the world. Cheers!

That's because he returned 15.9% annualized over 11.5 years! ;D If you keep it going for another two years, you'll be there. Cheers!

Article on corporations bringing jobs back home. Cheers! http://www.theglobeandmail.com/report-on-business/international-news/global-exchange/international-roundup/after-lemming-like-exodus-us-manufacturers-look-home/article2336763/

Getting your degree is important. It tells people you are qualified. But you will learn a lot more once you are out in the field working. When I was in school, emotionally I was devastated attending each day after my Dad died. Then I would go home and my mother was emotionally numb and sleeping all the time. My little brother didn't understand what was going on with my Dad gone, and I felt I needed to spend more time with him. Glad I did, because twenty two years later and I think he turned out to be a terrific guy! He just got engaged two months ago, and our whole family is all keen about the big wedding in September. Very proud of him! And I made sure he got his degree! ;D Cheers!

Best to contact them directly for clarification and more information if regarding performance, structure, etc. Cheers!

It's almost like I'm looking in a mirror! Great and interesting story! Yup, pretty much the same. I remember I was in my last year of University, and my Dad had just died. I didn't like being up there at the campus, as he worked there and I would see him every day. Just the same memories every day! In my lectures I would be reading investing books, and then just showing up to write the biology, biochem exams after cramming and memorizing the entire textbook a week before. My mind was completely elsewhere. I quit shortly after that to go work, because I felt I needed to help my Mom and 9-year old brother after my Dad died. Now over 20 years later, I cannot put investing books, 10-Q's, 10-K's, articles on investing, etc down at all. Crazy! I think part of it has to do with the school system not recognizing and nurturing the interests of students. I was always interested in money...even as a young boy. I like the idea of creating schools that hone a students keenest interest. Allow them to study only that subject at their own pace. I've read and studied more on my own, than I ever did in all my years of formal schooling. Just never the subjects I was being taught in school! ;D Cheers!

XTRA Lease continues to order more semi-trailers. Cheers! http://www.bizjournals.com/stlouis/news/2012/02/13/xtra-lease-orders-9400-new.html?ana=yfcpc

I think for boardmembers, it's always nice to see people from here succeed. We have a very wide and diverse group, but the one common trait is how we invest. Cheers!

Please contact them directly for any performance-related questions. Their website is: http://arlingtonvaluemanagement.com Cheers!

Thanks for that, Sanj. I would imagine that over time the 2.4% flat would be better for clients. Right? Here are my quick calculations. I don't have my financial calculator so my assumptions might be off. If he's had a 400% return over 12 years. I think that is about 12% per year. I'm also assuming that is after fees. So if he made 15% before fees, under the old structure that 15-2.4 = 12.6% Under the new structure, that 15% * .85 = 12.75 -1% = 11.75. Why would anyone choose the new structure? Even something as low as 8% before fees is pretty close. In Allan's case, as well as a handful of others, I make the exception on the fee structure because the results are there. But I'm a huge, huge proponent of the original Buffett partnership fee structure. The manager makes nothing in bad years, and more than the normal set fee in good years...the incentives are more in alignment. But if you are a good manager that has proven results like Allan, than you can make exceptions to the fee structure. His soft lock-up is also one that I think is a much better idea than the hard lock-ups some managers have. There are some funds out there with five-year hard lockups. I could get my investors 20%+ a year with such a thing. That takes alot of pressure off a manager when they are looking at long-term investments. We may start another fund over time with a soft lockup and even more concentrated, but I like our clients having a fund like we have with no lockup. More work for us, but I think it gives them more comfort knowing their capital is completely accessible without penalty. Cheers!

He had a solid supply of Ramon noodles, Orange Crush and Fritos! ;D Cheers!

As well, some comments on lockups: Also, if people are inquiring, it's worth noting we have soft lock ups - 3%, 2%, 1% for the first 3 years. Trying to attract compatible capital to help let our philosophy and actions sync up. After 3 years there is no withdrawal fee. Cheers!

Sorry, I was incorrect on the fee structure. Here is Allan's response: When we started our fund it wasn't possible/realistic (laws mandate being a accredited & qualified investor to charge performance fee) to implement a performance based fee structure. So to help afford the Ramon noodles we charged 2.4% flat. We now have two funds with the option of the original 2.4% flat, or a 1 and 15 performance structure - no hurdle, but with a high water mark. With $80M under management...no more Ramon noodles! ;D Cheers!