Parsad

Chou America Funds are now available through Charles Schwab. Cheers! Fund Beta Symbol Nasdaq Symbol Cusip Chou Eqty Oppty CHOEZ CHOEZ 170431100 Chou Incm Oppty FD CHOIZ CHOIZ 170431209

Sardar has written to the board of CAW and requested that he and Phil be added. They currently own only about 2.3% of the outstanding shares, so I don't know if it will work, as the officers and directors seem to own close to 22%! Cheers! http://www.sec.gov/Archives/edgar/data/721447/000095012311006083/c11523exv1.htm http://www.ccaindustries.com/

Yup, Prem said the same thing when I talked to him. I think now with their size, and the sheer scope of their insurance business, they are in a prime position to exploit an area where alot of other people can't go. The private equity guys and hedge funds all overpay. Berkshire can't look at any business with less than $1B a year in revenue...really $5B+ if they want to make even a small dent. Markel doesn't have as much excess capital as Fairfax, nor is their team quite as wide and deep. Same with all of the other hedgies turned activist turned acquisitor. Combine that with Prem's leadership, handoff and delegate management style, honesty, integrity, ethics and long-term focus, they would be the buyer of choice for many people...particularly in Canada! Cheers!

Now that the first 25 years of Fairfax's history is complete, and they've created a formidable insurance business, is it time for the student to follow the mentor? In my opinion, I think Fairfax should now follow the Markel Ventures model and begin to acquire whole private businesses that most people would not be able to negotiate. - With Fairfax's history of "Fair & Friendly" insurance acquisitions, I think they would be the buyer of choice for private business owners who are too small for Berkshire and may not be as familiar with Markel. - They are so deep on the management front that this is a no-brainer. - Adding private businesses that aren't worried about quarterly reporting and regulatory hurdles at fair prices would diversify Fairfax's income stream. - Adding successful business owners would only strengthen Fairfax's bench. - Prem is getting older and succession will become a bigger concern over the next 10-15 years. - They have the capital and the investment team to dig up and acquire wonderful small private businesses. This is it Prem! Time to do it. Cheers!

Hopefully Prem is retiring some shares at these prices. I think they could nibble and retire a few of them here and there. Cheers!

Yup, that would be the goal. I don't think they are going to take an overly activist approach, but they will use the excess cash flows to buy other businesses. Initially, I think they will just try and get the Hooter's franchise humming. Really, if they can implement the managerial expertise at Texas Wings into the HOA restaurants, and expand it to the other Hooter's restaurants and franchisees they may acquire, then it could become a formidable restaurant chain with powerful branding. But first steps first. Cheers!

Both were on the Board of Trustees at Coastal Carolina University. Robert Brooks was a mentor and father-figure to Mike, and both thought very highly of each other. Mr. Brooks wishes were for Mike to consolidate all of the Hooter's restaurants and strengthen the brand. You never know who you will meet and how they will influence your life in this business. I'm a living example of that too! Cheers!

I'm looking forward to some PR or the upcoming Q for more details. Eyeballing this, the total deal is $350 mil + and the rights offering is only raising $12.5 million or so (if all rights are exercised). Here's your answer: http://finance.fortune.cnn.com/2011/01/26/whos-really-buying-hooters/?source=yahoo_quote Cheers!

Patrick has finally accepted a salary...$100K! One-third of what each of the other top executives at OSTK receive. I'm guessing that shareholders of OSTK won't exercise their future "Say on Pay" rights. ;D Cheers! http://www.sec.gov/Archives/edgar/data/1130713/000110465911002876/a11-4596_18k.htm

I apologize. Peter was suffering from "Fragile X", the symptoms of which are similiar to Parkinsons. Cheers!

More lawsuits alledging fraud at Countrywide. The same sort of suits should be brought against New Century and Indymac as well. Cheers! http://money.msn.com/business-news/article.aspx?feed=AP&data-ipsquote-timestamp=20110125&id=12815642

About friggin' time! Cheers! http://www.bloomberg.com/news/2011-01-25/sec-considers-letting-shareholders-vote-on-pay-packages-for-top-executives.html

I believe he was suffering from Alzheimers in the last couple of years as well, if I'm not mistaken. He influenced alot of investment managers. One of the deans of the value-investing community...sort of on par with Walter Schloss in my opinion. Cheers!

We're out of Red Robin at the moment. We put the capital to work in some other ideas that came our way that were cheaper. We would go back in if it came down some more. Cheers!

Letter to the board of directors from Patrick Walsh of Oakstreet Capital, who controls 13.3% of the stock: http://finance.yahoo.com/news/Oak-Street-Capital-Management-bw-3706028799.html?x=0&.v=1 Letter back from the board: http://finance.yahoo.com/news/Red-Robin-Gourmet-Burgers-bw-2417801942.html?x=0&.v=1 This should get interesting! Cheers!

What an amazing career and what a great investor! Cheers!

The only regret I have, is that we sold a good chunk of our Chanticleer shares through the last part of the year to realize the long-term tax losses. It was the only investment we had with long-term losses that could offset all of the long-term gains we had from our sale earlier in the year of Biglari Holdings. We planned on buying back our shares in the New Year, but because of the 30-day wash rule, we couldn't. And now, as soon as this announcement came out, we have no chance of getting back in anywhere near the same price. C'est la vie! I'm just happy it worked out in the end for Chanticleer. Cheers!

I cannot comment. I'm sure things will be disclosed as time goes by. It's just great news for Mike, who has worked very hard to get this done, while making sure Chanticleer stayed afloat over the last couple of years. The coolest thing is that Robert Brooks wishes in making Hooters a strong brand, with as strong a balance sheet, will be executed going forward. And it couldn't have happened to a more decent group of guys. Some of you have met Joe Koster and Matt Miller over the years in Omaha, etc, and I think you'll agree Mike picked two great guys to lead the investment side at Chanticleer. Cheers!

I remember someone at the AGM in Chicago asking him, that with all of his new responsibilities (Dakshana, etc), did he have enough time to run the fund properly. His response in a slow, reflective, honest exchange somewhat paraphrased as I can't remember it verbatim..."well there is my family and the children, and then Dakshana, my writing...much of the rest of my waking hours is spent running the fund...in there somwhere I squeeze in exercise and my nap!" I couldn't stop laughing! Cheers!

Short, but very funny speech by Ariana Huffington, on the power of sleep. The ladies on our board will really enjoy this speech! I get 7-8 hours a night, and I'm better for it! ;D Cheers!

It's been a long struggle, but congratulations to Mike Pruitt and his entire team at Chanticleer in getting this deal done. Alot of people said it would never happen...guess what! Good job guys! Cheers! http://www.bizjournals.com/atlanta/news/2011/01/24/hooters-changes-hands.html

Boys, some of my best thinking goes on in there. My legs go numb due to my reading newspapers and 10-K's in there! ;D Thus the reason I don't get an iPad. I wouldn't want to take it in there. And Bronco, you take your iPhone in there with you? Really...really? Cheers!

Unfortunately, I believe the short positions caught up with Peter and the fund was closed to new investors. He is now just running his money and family money. It's too bad, as he's a terrific guy. He's working on his Ph.D. and has become a father. Best of luck to him! Cheers!

Why does David Einhorn call Fairfax a "questionable company" at page 355 of his updated book? Probably for the same reason some people call David Einhorn a "questionable investor". In his updated book, did he discuss New Century? Cheers!

Judging by 13f-hr filings between 11/08 and 11/09, Buffett put a lot of pressure on Simpson to raise cash by selling deeply undervalued shares. At least, that's what I assume because Simpson was doing things like selling Carmax at 11-13 times 2007 earnings. In addition he seems to have been excluded from consideration for the management of holding company assets. The argument that Simpson is too close in age to Buffett and Munger implies no confidence in Simpson's ability to select a replacement. Simpson slammed into the glass ceiling and even (probably) lost his historical autonomy. Could be a possibility, as Simpson's protege who I met at the Pabrai Funds AGM, has/is opened/ing his own fund in Chicago. Although I'm guessing this is really about Simpson retiring, being bored, and then deciding he wanted to keep busy. Cheers!