Liberty

http://www.marketwire.com/press-release/fortress-paper-announces-closing-of-69-million-bought-deal-offering-tsx-ftp-1678248.htm

:o That answer doesn't make any sense to me either, on more than one level.

[amazonsearch]Talent is Overrated[/amazonsearch] Not specifically about investing - though Warren Buffett is a recurring example that they use - but definitely useful to those who want to become better at investing (and to do that, you need to understand how one becomes better). The concept of 'deliberate practice' is definitely useful. I knew a lot of this, but they give an overview of interesting studies, and as usual, it's always good to reinforce mental models and get motivation from external sources. I haven't finished the book yet, but so far (70 pages in) it's interesting and well-written.

Another sub making an acquisition: http://phx.corporate-ir.net/phoenix.zhtml?c=104364&p=irol-newsArticle&ID=1712877&highlight=

Indeed, and in channels that haven't been getting as much love lately. Definitely good to see.

Dazel, I was thinking along similar lines. If Hebei had wanted to reprice the deal or squeeze the lemon more, they probably would have done it before government approval. But the Alderon people aren't patsies, they probably have made it clear to Hebei that if they didn't want the deal, they had other suitors waiting in the wings. So chances are that as much pressure as Hebei can put on Alderon, ADV can dish it back to them, which is why they got the deal they got. Just speculation, but it sounds likely based on comments from the ADV CEO a few months ago (something along the lines of: "we could get a deal right now if we wanted to, but we're waiting for the right deal").

http://www.ebix.com/pressrelease_text.aspx?artid=243

Thanks, that's good news!

Thanks for the feedback. I've now finished it, and I gave it a grade of A in my list of books read. Definitely recommended to others here.

Well, P/E and P/B and all other ratios are bullsh*t too when think about it :) The question is: can some of them be used in useful ways, can we keep in mind their shortcomings and make proper use of them, and are we talking about an investor using the ratio as a tool, or about management trying to pull the wool over investor's eyes with pro forma bullsh*t? I think Munger was probably talking more about the use of EBITDA in company communications to shareholders than about its use by informed investors.

http://www.economist.com/node/21558281?fsrc=scn/tw_ec/the_rotten_heart_of_finance

I didn't get passed the first few answers, but the marketing-speak is so heavy. I can't imagine Steve Jobs saying any of this, or even Larry Page/Sergey Brin.. Maybe Microsoft, though, so I guess RIM would be a good match culture-wise if they buy them ;)

I don't know the answer, but calling your broker is probably the best way to be sure since different brokers might have different rules (unless the SEC is very clear about this and things are applied uniformly).

On this topic : http://www.gannonandhoangoninvesting.com/blog/why-we-cant-use-owner-earnings-to-talk-about-stocks.html

I'm not sure I understand slide 18 either. Do they mean that if China's high cost mills shut down there will be a supply gap? Meaning there's a floor a that price level? Am I missing something?

Page 9 is very interesting. Very healthy-looking curve. They seem confident they can reach cost targets. DP was 1250 in april, now back to 1100 on recession fears.

Have you contacted FTP's IR to ask them what they think about those? I don't quite remember if Chad addressed those at the Whistler conference, might have to listen again.

I think it also highlights that, despite the cost overruns on the cogen, FTP is getting these assets very cheaply. Chad's not paying 300 million for LSQ, yet it's a very modern mill that is about as good as any in the world as far as I can tell... It also makes me wonder whether Chad had a look at that Ontario mill and passed because the price was too high, or maybe some other reason (wood supply not as good as LSQ and Thurso? do they have a cogen? is the Ontario government giving worse terms than the Quebec government? how about labour contracts? is the mill less adapted to very high alpha specialty DP?). There are lots of moving pieces that need to come together to make a good deal, the physical mill is just one of them. Hopefully by 2016 the market will have grown enough to easily absorb new capacity. I can't predict macro, but I think the thesis that billions around the world will be able to afford more clothes in the coming years and cotton will have trouble keeping up makes a lot of sense.

http://www.bloomberg.com/news/2012-07-06/berkshire-buys-gm-before-plunge-as-backups-pick-stocks.html

It looks like they are now reporting them once a month because of their new third party setup.

http://altiusminerals.com/press-releases/view/261

Good interview with Gates. I love all the work he's doing at his foundation. Truly marvellous.

http://simplyizzy.files.wordpress.com/2012/05/happy_birthday1.png

I think most people look at it from a different perspective than investors (though those too probably wish the many billions earned by the company over the years could have been allocated better). MSFT used to be the most feared company in technology, and the most talked about. Everybody judged startups by whether microsoft would buy them or compete with them. Not anymore. Paul Graham, one of the most influential people in the startup scene in silicon valley, explains it here: http://www.paulgraham.com/microsoft.html The title might be a bit much, but it gives you an idea of what I mean. Note that this is from 2007. The comments here should provide more color: http://news.ycombinator.com/item?id=4194372

Now I'm hungry :P