Parsad

I agree to each his own, but those that are spending these ridiculously low amounts on food obviously don't have children or anyone in the house that like there to be edible things around. My kids like avocados and those are at least $2 or more each. That would blow the $2 a day budget without anything else being consumed or anyone else in the house eating. We don't eat extravagantly by any means, but just to eat out at a Friday's or something is $40-50 with the kids. Are you buying organic avocadoes and where are you buying them from? Where do you live as well. I love avocadoes and I can usually buy five for $2.98 at Loblaws (Real Canadian Superstore). Usually the organic ones are five for $4.98. I don't spend more than $30 a week on produce and for that I get bananas, asian pears, grapes, onions, garlic, ginger, avocadoes, celery, carrots, potatoes, fresh pineapple, cantaloupe, tomatoes, cilantro, green onions, romaine lettuce, jalapeno peppers and baby bok-choy...every week! Naturally, I don't buy something if I still have some, so I usually get far more variety than I've stated above. And that's going to Loblaws. If you go to some ethnic or family produce stores, you can cut the cost by a third. Cheers!

To each his own. I think if StahleyP can do that, the more power to him. I spend about $400 a month on groceries and you should see my fridge, pantry and stock of non-food items. I buy tons of fruits, veggies, nuts, grains, rice, flour, meat, extra-virgin olive oil, pastas, baked goods, packaged and unpackaged goods, toiletries, etc. Whatever you want to eat, I have it or can make it for you in my house! What I spend $400 on, most people would spend $700-1000 on every month. I buy a Starbucks coffee (usually brewed, not a big fan of the mixed drinks) every single day I go to the office, as well as a breakfast sandwich, wrap, bagel or muffin. But I almost always brown bag lunch, as I like to be at my desk until after the market close. I eat out in the evenings maybe 3-6 times a month, and the places range from dirt cheap to upper mid-price. I've been that way ever since my Dad died 21 years ago, and I started doing all the grocery shopping. No extreme-couponer, but I do read grocery flyers cover to cover, and use coupons when readily available on a weekly basis. Don't need to, but it's become a habit after all these years, and I'm always looking for a bargain! It's the same sort of high you get finding an undervalued investment. Cheers!

Leon Cooperman is buying stocks, does not believe the U.S. will see a double-dip and is staying away from treasuries. Cheers! http://www.bloomberg.com/news/2011-10-18/cooperman-says-u-s-will-avoid-recession-stocks-appealing-1-.html

While slower than people would like, and the credit requirements are very high, banks are lending to qualified borrowers. http://www.cnbc.com/id/44944405 I think three years from now, you are going to see one of the strongest loan portfolios in the last 50 years in U.S. banks. Cheers!

Well, I'm over a week late, but the leveraged bailout plan looks to be happening. Cheers! http://www.cnbc.com/id/44903904

There were $3.3 billion in other one-time charges not mentioned in this zerohedge piece (besides the $2.2 billion loss on private equity investments they do acknowledge). Intelligent individuals can have a debate on the true "one-timeness" of these charges, but it seems that if they discount all the one-time gains, they should at least mention all the one-time losses. Won't happen. I remember all the positive things happening at Fairfax or Steak'n Shake, and there was always somebody pointing to how crappy the results were or how this thing is not going to survive. They don't see it until they look at everything in hindsight, and then they say how could anyone have known for sure! It will be at tangible book by some time next year, and at multiple of current tangible book by 2015-2016. Cheers!

Yes, there are adjustments, but much of it is from being conservative on losses in previous quarters...not accounting tricks. The engine is pretty damn powerful, and as the loan quality continues to improve, it will compensate for a flattening yield curve which is reducing interest income for all banks. I think they will also make more money from the $5 monthly debit fee, than they will lose by customers moving. Finally, the capital ratios are all higher than they were after the government recapitalized them during the credit crisis. Everyone is going to look at the negatives, and they ignore the positives. Over time, they'll eventually get it right. Cheers!

May be a good idea. What we can do is have theatre or classroom seating for the presentation, and dinner banquet tables in the rear of the room for those that want to come earlier for dinner. What I will have to do is probably limit the number of dinner attendees...once they are full, that's it. Let me run some numbers and talk to the Fairmont Royal York. Cheers!

Fairfax has been a greater than 100 times bagger for those that bought 20+ years ago. In fact, the annual dividend is now 3-4 times greater than the share price was 25 years ago. Although, it would have been incredibly tough for many shareholders to watch it go to $600, then plummet to $60, only to rebound to $400. That's probably why many people choose not to seek out multi-baggers. Cheers!

Eric Sprott wants to start an unlevered bank with some unusual operations. Cheers! http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/sprott-makes-a-bet-on-a-different-kind-of-bank/article2204088/

The numbers include contributions to "The Crohn's & Colitis Foundation of Canada", which would be somewhere between $10-15 for each number. It's actually the damn hotel that is eating up all of the money in the food price, as the rental of the room is actually relatively cheap. Naturally, I will try and squeeze out discounts when I negotiate with them, but any extra juice that comes out goes to the charity. Cheers!

Everybody settled except Overstock and Newegg. I wonder what Amazon and everyone else settled on...must have been significantly more than fighting it. Cheers! http://finance.yahoo.com/news/Oco-aka-Overstockcom-prnews-1292538640.html?x=0&.v=1

A little more cash in Berkshire's coffers as of today. Cheers! http://www.bloomberg.com/news/2011-10-17/ge-redeems-3-3-billion-stake-buffett-bought-amid-2008-crisis.html?cmpid=yhoo

Hi Folks, Joe Badali's is too small for our annual dinner, I wanted to get some feedback on what you guys would like. The dinner was a big part for many, but then again, the presentation is really why all of us attend. Because we are moving the event to the Fairmont Royal York, as it is more convenient for our guests and a bigger venue, the cost for things naturally is elevated and a sit-down dinner is much more expensive. So what would you like? The pricing and structure will end up being somewhere near the majority of budgets. Cheers!

Craig Kielburger, who founded "Save The Children" when he was eleven and "We Day", wrote a very good article on the "Occupy Movement", and how their welcome sentiment may be channeled in the wrong way. He also provides some very good alternatives that would have a much greater impact and do more for pushing forward social initiatives. Cheers! http://www.edmontonjournal.com/opinion/Occupiers+focusing+wrong+generation/5560213/story.html?cid=megadrop_story

I'm as left-wing as they really come when it comes to social issues, but this "Occupy Vancouver" is a complete joke, and I dare say, will probably collapse within a week. You should hear some of the comments coming from some of the people who are getting on the news. They have no idea what they are doing! It's a farce! And as a left-wing nut, I'm kind of insulted by the morons who are running this thing. ;D I think they would do far more good by setting up non-profit corporations, where the profits are directed to improve social issues, instead of saying how corporations are all about greed. They probably would have more input if they put their efforts behind something more legitimate and actually made an attempt to improve things, rather than sleep in tents on the Art Gallery lawn and then wake up with a cup of coffee and bark about how bad they have it while sitting in their lawnchairs. One of the organizers speaking about her 99%, was shouted down by this same crowd! They are fighting amongst themselves because there is no plan or next step. They are "taking it one day at a time" as they've stated. Lord of the Flies had more hope for their society than these goofballs! Cheers!

Overstock.com's lawsuit against Goldman & Merrill is coming up on December 5th! http://www.overstock.com/50257/static.html The Fairfax lawsuit should start up early next year at some point. Cheers!

Sanjeev - I disagree. Maybe I am niave but in the case of our great Presidents, they all have had the ability to work with the opposition to build a coalition to make the extremes irrelevant. Romney has at least the experience of being a successful Rep governor in a blue state - an example of what can happen. Just because Obama says he can't doesn't mean it can't be done just that it can't be done by him. Very similar to Jimmy Carter. That was my point Packer. I don't see any "great" presidential material in anybody interested in running today. I don't think Romney is it either. Usually the people that would make great presidents rarely run. Although, Romney is better than anyone else the Republicans have fielded thus far for 2012. Herman Cain's 9-9-9 plan is probably one of the dumbest plans I've ever seen...about as stupid as the corn for biofuel movement! I'm worried that Michelle Bachmann or Rick Perry would ever been considered for presidential material. And I think Obama is exhausted and disillusioned by what he thought governing would have been like and what it actually is...almost thrown in the towel, so I'm surprised he's even running in 2012! Cheers!

Unfortunately, I don't see that in any leader today...be it Democrat, Republican or otherwise. That Michael Lewis article where he spends some time with Arnold Schwarzennager is a good example of what politics is like. The Governator went into power thinking he will change things for the better, yet he found that there was no change to be had, because too many special interest groups wield too much power and clout now for anyone to try and change things. Each party has been co-opted, and the "Occupy" groups and Tea Partiers are no different. It will take something like a World War or 9/11 for the country to come to some consensus on politics again. Cheers!

I agree with you, but I think the general sentiment from the "Occupy" group is more about "corporate greed" and less about that 1%. The signs say "We are the 99%", but the words all coming out of their mouths said "corporate greed is bad". There is no such thing as corporate greed, as corporations are simply entities that take on the cultural and ethical beliefs of their shareholders, directors and executives. They should be targeting and singling out that 1%, since as Buffett said "his class is winning". But currently, the "Occupy" groups have no coherent strategy, vision or philosophy. On top of that, I don't hear any of the "Occupy" group commenting on how Joe Blow with his 100% financed mortgage and three rental properties was suffering from a bout of greed, when interest rates spiked up 17 times in a row and the credit boom came crashing down around him. People create, benefit and suffer from greed...not corporations...and that greed sprouts in the top 1%, bottom 1% and the other 98% in the middle. There's a saying that people get the government they deserve. Well, much of the world had been voting for government to loosen the purse strings over the last 15 years, and they did so just as the people wanted. You always get a generational cry and whine at some point, but it only means anything if they manage to change things. This is their chance. Hopefully, they actually do something! Cheers!

We've made up a lot of ground too, but I don't care. The whole premise of my argument a few weeks ago was buy cheap, sell dear. We have done nothing different in the last five years, and it doesn't matter if this is a bear market rally or a bull market. Too many people were anchored to their notions before the credit crisis, and too many are anchored in a different way after. Our holdings are all still significantly undervalued relative to intrinsic value, and I'm not concerned about the devaluation of the U.S. dollar, another Great Depression, the demise of the Euro, a 7.5 earthquake hitting Los Angeles, a 5.0 hurricane hitting the Gulf Coast or Iran blowing up the world. Those things are out of my control. All I control is what I do. Cheers!

It's funny how these guys start off with the right intentions, and then eventually the publicity, wealth and notoriety gets to their heads. I'm really starting to discount anything El Erian has to say these days as well. It's almost non-stop chatter. Rosenberg...same camp! Cheers!

Roubini Global Economics responds to recent comments on sale: http://www.cnbc.com/id/44906701 Naturally, that means he's talking out his arse about how well capitalized the business is and how well it's doing. Cheers!

Mr. B, All that tells me, is that the recession was a very large one that probably has corrected spending to where it should have been, based on the historical drop in interest rates and over-consumption through the late 90's and new millenium. The trend over the last 18-20 months clearly shows that the economy has rebounded. It's nowhere near where it was, but based on the leverage used at that time, the levels are probably more appropriate presently. Statistics can always be skewed for any argument. My argument is that in the last year and a half, things have been improving, and continue to do so...although painstakingly slow in some areas. Cheers!

Fairfax will release their 3rd quarter results after the market close on the 27th of October. Conference call will follow the next morning as usual. Cheers! http://www.fairfax.ca/news/press-releases/press-release-details/2011/Fairfax-Announces-Conference-Call1126913/default.aspx