Liberty

Hi Poor Charlie, I just got your email, thank you very much. I don't want to do something with the file that you sent that you disagree with, so I'm asking: Would it be okay if I uploaded the file on a hosting site and posted the link here so that anyone who wants to download it can? As far as I know these are public shareholder letters - just hard to find - and I don't think there's any reason not to, but I still want your "ok".

Long out of print and my public library doesn't have it :'( Anyone knows if a PDF has been released in the wild?

Buffett is expressing his point of view as is his right and Christie, a government official, is telling him to "shut up". Whether you agree or disagree with Buffett, I don't see how Christie's behaviour can be defended as being anything other than childish.

I guess remembering the obvious is hard, then, because so many people seem to forget it...

Message sent. Thank you very much!

Someone doing something right doesn't mean that when he does something wrong it doesn't count.

http://www.bloomberg.com/news/2012-02-22/buffett-should-just-write-a-check-and-shut-up-governor-christie-says.html More demagogery ::) Doubt he's telling people talking about issues he agrees with to shut up..

http://www.radio-canada.ca/emissions/bonjour_la_cote/2011-2012/chronique.asp?idChronique=203167 For those who understand French, here's a radio interview with Bernard Potvin of Alderon.

So if I'm doing this right... "IOC's 2010 sales totalled 15.1 million tonnes comprised of 3.0 million tonnes of iron ore concentrate and 12.1 million tonnes of iron ore pellets. IOC generated revenues of $2,522 million in 2010 (2009 - $1,144 million). IOC sales traditionally are approximately 35% in North America, 35% in Europe, 25% in the Asia-Pacific region and minor amounts in other areas. " So if ADV had the same revenues of 2.5B, 3% GSR for altius would be about 75 million (I'm doing that right? GSR is calculated over revenue?). Very impressive. I guess it'll vary with the price of iron ore (f.ex. 2009 was 1.144B), but I was expecting something closer to 40-45m at recent prices. Since the 16m tons/year for Alderon won't happen for a while, the 8m tons/year should be about half that, or 37.5m. The beauty of a gross sales royalty is that operating costs don't matter too much. Of course you don't want a royalty on a high-cost producer that will shut down if spot prices go down, but it still gives you a lot more predictability than if you had a royalty based on income. You can still send me a private message, y'know ;) It's not like I have enough capital to move this stock one way or the other, and I'm already one of the converts, so it would be more out of intellectual curiosity than to convince me to make a move :-X

http://www.bloomberg.com/news/2012-02-22/china-pmi-may-shrink-for-4th-month-survey.html

Hi, Does anyone know where to find all Leucadia shareholder letters (or as many of them as possible) compiled in one place (ideally a single PDF or similar format, but many PDFs would be fine too)? I can only find a few on the official website. Thanks!

Welcome to the board, thepupil! :)

I think the attached is what you're looking for. Thanks!

Thank you. Does anyone have the interview with Monish that is mentioned at the beginning? I'd like to also read that one.

A bit expensive, but I'd say that Burry got a pretty good ROI on that one ;)

Thanks Kraven. I was just about to ask for opinions about "Dear Mr. Buffett: What An Investor Learns 1,269 Miles From Wall Street ".

I'm definitely among the ranks of the techno-optimists. We get used to it all so quickly, but if we were transported back just a few decades ago - or if we took someone from that time and brought them to the present - we'd see pretty quickly just how wonderful progress has been. Anything that can be done according to the laws of physics will eventually be done, but we do have to be careful about catastrophic risks (nuclear war, supervolcanos, asteroids, super-plagues, etc). We really don't spend enough resources to prevent these, considering just how big their impact would be. There's a great book about this compiled by an Oxford University polymath (Nick Bostrom): http://www.global-catastrophic-risks.com/ http://www.amazon.com/Global-Catastrophic-Risks-Nick-Bostrom/dp/0199606501/

I really don't know what to think about China anymore. So much is rotten with their system, but at the same time, they are starting from such a low base and still have so many low-hanging fruits to harvest... I don't pretend to know how it will play out and on what timeframe.

Thanks eclecticvalue! That took 2 seconds to download and no hassle about creating an account.

http://www.bloomberg.com/news/2012-02-20/walter-schloss-superinvestor-who-earned-buffett-s-praise-dies-at-95.html

What a horrible hosting website. Can anyone host it anywhere else? (depositfiles.com or dropbox or whatever)?

Very sad news. He was a legend.

http://www.oaktreecapital.com/MemoTree/Assessing%20Performance%20Records%20-%20A%20Case%20Study%2002_15_12.pdf

http://nikcub.appspot.com/posts/facebook-is-losing-e-commerce

Or they have, but their goldfish attention span made them forget it soon thereafter... ;)