Partner24

Much more elegant to nationalize Chryslers Cdn plants at $1 each, use the dies to make Chrysler knock-offs, & the cash received to make electric cars, buses, etc. (Zen, etc.). Ahahaha ;D That would be quite ironical, but politicaly impossible. Anyway, GM and Chrysler brands will be wounded.

My opinion is "let the f__s leave". Amen.

Regarding Google, just a little comment here. I use Google pay per click (I'm a certified Google AdWords professional), Microsoft (AdExcellence certified), Yahoo and some others. By far, Google has the most advanced features. Google has the most search queries. By far, Google has the most extensive network of websites for content advertising and Google is the most user friendly software for pay per click advertising. Good luck to kill Google!! I wouldn't bet a nickle on that. It's not impossible, but it would be quite tough. That being said, I think they are "diworsifying" their operating activities, so I have never invested in the business.

I say "No" faster than before and I resist more to the temptation of investing in cheap businesses that may have good prospects, but where I especially don't like the bad case scenario. So, I try harder to "kill" the company before investing in it. I'll don't give specific names, but suffice to say that some of them are still doing just fine, but some of them have deeper problems than people tought a year or two ago (especially in the financial industry). Cheers!

A terrific question that I like to be asked here from time to time. 1- Krispy Kreme Doughnuts Like the product, like the growth, don't like managers, so so price. Poor decisions and bad capital allocation can kill a company. What I've learned: if I don't like and don't trust the jockey, I'll try to call a hotline before investing in the company. I've avoided investing in a lot of companies since because of this lesson. 2- First Marblehead Mistake number 1: lower your own criteria because X and Y and Z (good value investors) have bought it. Mistake number 2: have strong doubt about what the perfect storm could bring on. In July 2007, I've asked the investors relationship department what would be the impact of a credit crunch would have on the demand of their mortgages. Seriously, I should print the answer, put it on a frame and put that frame on my wall. I've also avoided investing in some companies since because of these lessons.

A good Buffett meeting with students was done a month or two ago. Here is the Q&A notes. Thanks to David for the link! http://undergroundvalue.blogspot.com/2009/03/notes-from-buffett-meeting-262009.html

Do you remember the Fitch ratings in the Fairfax case a few years ago?

I think that cartoons have a better credibility than Fitch.

Well, I suppose that you should focus on what's happening in the farm, not what the manic-depressive stock market feels about the farm. By the way, FFH is a pretty volatile stock, so you should be prepared to handle these situations. Just my 2 cents.

"However, I think the Buffett-bashing is just sensationalistic nonsense designed to generate interest, positive or negative". I don't know, but anyway I think it wasn't a good idea on a long term credibility perspective.

Sanjeev, I'm happy that you began your email with some praises about her interviews with Prem. She deserves it. Cheers!

Thank you watsa_is...

I do like and appreciate the interviews that Diane Francis have with Prem from time to time. I think she does a good work with that and hope that these will continue. I do appreciate that as a FFH shareholder and think it is very valuable and useful for us. As I think FFH appreciate to know what's in our minds as FFH shareholders, I do appreciate to know what's in Prem's mind and these interviews do that job very efficiently. That being said, I think it wasn't a good idea to compare Prem and Warren like she did. It is an exercice that can be done, but it's far, quite far, from being a white and black situation where one is the winner and the other one is the loser.

Do you know what is the total $ amount that have been invested in MBS?

7) All insurers are in deep trouble. Let's sell all of them. 8) Fairfax is no longer an hedge against a market and an economic decline. It's not cool anymore.

We live in crazy times. Really crazy. Unless something very significant happen again (weapons of mass destruction attack or something very damaging like that), I would be surprised to see a crazy market like that again in my life. I'm quite happy to have red about Benjamin Graham, Warren Buffett and the likes. Otherwise, I'm not sure I would behave like I do now. I'm looking forward with a lot of interest to read our FFH CEO's letter to shareholders. In times like these, it's good to read him. Cheers!

They can buy 0 share if they want to. No expectation at all from me regarding this. How would you behave with Tiger Woods? I would give him a golf bag, all the clubs that he need, and then let him play and chose the clubs that he want to hit the ball. Then, I would look at the scorecard in the end and comment on it. I'm saying this especially in these turbulent times because there is so much investments options available in this environment and they have proven to be great capital allocators. The more flexibility they have, the better.

I'm not expecting anything. I'll just look and comment at the numbers when I'll see them. Suffice to say that the opportunities are very large in this environment. What a difference a year or two make!!! Cheers!

And... 6) God issue a press release: "I would like to comment on some rumors that are going on actually and would like to rectify. This is not the end of the World."

I'm looking forward with interest to hear you Shah. Cheers!

and frankly the letter to business partners is a very good read. http://library.corporate-ir.net/library/10/104/104364/items/326868/C11D1056-235D-4D08-BD4F-7674DB29ECFF_2008Annual309.pdf Cheers!

If I remember well, Warren Buffett said something like that you shouldn't buy stocks if you can't see them go down 50% in value. I would call this lesson "The human nature and the stock market 101". This theorical lesson don't goes to practice often, so they should all ask themselves this question BEFORE it goes down 50%.

Is it me, or do I smell panic? It smell pee. AIG is a huge disaster, GE is threatened to be downgraded even it it cuts it's dividend, Dow Jones hits a 12 year low, media reporting only the negative things about Warren Buffett's letter to shareholders, I hear people saying that capitalism will be dead, you name it... I'm not calling a bottom. I would like to be able to do that, but the only way to me to make money with a crystal ball would be to buy it cheap and then sell it higher on Ebay. That being said, I guess there is still people that are still optimistic, but suffice to say that they don't get a lot of media attention... But I wonder what will history tell us in 10 years about this period. The glass seem more half empty than half full actually, but we'll see. Cheers!

Well, these journals are made to generate impressions. Basically, tThe more impressions they have, the more ads dollars they generate. So, they do some punch headlines to generate attention and interest. So, they achieve their basic objective well, but that's all. As Berkshire shareholders, you can throw them in the garbages.

Dear Crip, You bring an interesting point and, to me, your comments are fair. There is different aspects to check before making a judgement about the managers performance. - In taking a look at how they have been able to improve the balance sheet over the last few years, I'm quite happy about the results. We're not a AAA company, but Fairfax has done significant steps in the right direct direction and I'm very satisfied. - Investment returns: they are great. We were protected from a 50 to 100 years financial storm and we were not swimming naked. I don't know any public company that had these wise move made and this is simply terrific. - Runoff. Great improvement! Less claims outstanding, less underwriting losses, etc. This really seem to be well contained now. A great relief! - Underwriting. Yes, this is the sour point to me, but this is not a catastrophe. Ideally, it would be great to have no cost float over the mid and long terms (or ice on cake, an underwriting profit), but it is not terrible neither. I understand that I shouldn't include the currencies variations, but I will fully include underwriting losses from hurricanes and other catastrophes. So, to me, Fairfax performance over the last few years can be quoted as A. The small percentage cost of float is the only reason why I don't see myself honestly give an A+...but frankly A+ is not far. As an individual shareholder, am I satisfied with an A? Absolutely! There is so much D and E out there, especially in 2008. Do I see myself "firing" Fairfax by selling my shares because of insatisfaction? No. Cheers!