mhdousa

From his letter:

Arlington is closing due to some possible health issues for Meacham. Current investors are being given the option of an in-kind subadvisor arrangement with Glenn Greenberg of Brave Warrior. Anyone have any thoughts on Greenberg and his fund?

And the funds are being liquidated: https://www.mutualfundobserver.com/discuss/discussion/50315/chou-opportunity-and-chou-income-funds-to-liquidate

Thanks!

Any particular ones you like?

FWIW, my life has greatly improved since I learned that you can mute the Politics board so it doesn't show up on your recent posts list. Doesn't help the issue with new visitors getting scared away but we've been told many times that moderation of political posts on this site is not on the table.

For South Korea, you may want to ask Packer in the Ask Packer Anything thread.

I'm curious what funds do this. I know you don't want to name names, but presumably this info is in their letters and out there.

I've been thinking about this some, as I know some people invested with Arlington, and they've been spooked by this. I certainly don't think Arlington is a fraud, but how might one convince yourself that it's definitely not? That is, is there anything that would provide definitive proof? -M It is very easy to show it isn’t a fraud, you have the auditors check the reported account balances, which I’m sure they do every year. That's what I thought as well. So, if that's the case, and Arlington sends out audited financial statements every year, then why would someone (the original investment advisor in Utah) go through all this effort to try to show it's a fraud?

I've been thinking about this some, as I know some people invested with Arlington, and they've been spooked by this. I certainly don't think Arlington is a fraud, but how might one convince yourself that it's definitely not? That is, is there anything that would provide definitive proof? -M

Letter isn't out yet, but, when it is, usually gets posted to: and http://minesafetydisclosures.com/fund-shareholder-letters/

+1 Yeah, me too please.

One of them is is indeed GE. If you look at their 12/31 portfolio, there is an undisclosed position that makes up 1.95% of the fund and that they hold 3,672,615 shares of. That total dollar value and number of shares matches up to the price of GE on 12/31 (17.50). The other position was priced at $163 as of 12/31 in case that helps anyone figure it out.

Close. I was drinking on a Friday night and for some reason decided to check two of my favorite value investing message boards (the other being the subreddit "Security Analysis") before going to bed. Both of them had lots of people asking for the Baupost q4 letter. So I decided to have some fun... I had forgotten I had done that until I woke up to a few PMs asking for the letter. Very happy at least a few people appreciated it.

He discusses "disruptive change" in the tech sector and while he feels traditional value (e.g. companies like Macy's that are being "attacked by Amazon") will never "let you down", he's convinced that "the new firms that are seeking to displace the older incumbents" won't "give you up" though "many of these companies seem very fully valued." Baupost Q4 2017 Letter -M