Roubini:
On a side note, it would be easier to date these clips is Roubini would actually wear anything other than a light blue shirt. At least he “86’d” the blue tie that usually goes with it.
Rogers:
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Ok, Tilson has been saying this same thing for a year now. Nice that the MSM has finally caught on.
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Profile, Madoff, Banks. Madoff
– Market Folly has a nice post on three traders
– The list of “victims”
– Bankrupt
– OK
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This Scribd thing is pretty cool. digging for information take a little time but there is some great stuff there.
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304 pages of articles on the crisis.
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Whitney really does a great job here explaining the what’s and the why’s as to how we got to where we are today.
Video:
It should be noted here that Tilson’s T2 fund has begun buying as he said “some of the most toxic mortgage assets a out there”. Nothing will help turn things around faster than private money coming into this market. Now if we can just get the gov’t out of the way.
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Berkowitz and Leucadia (LUK) hold almost 45% of the outstanding shares.
-AMERICREDIT CORP. (NYSE:ACF) today announced the appointment of Bruce R. Berkowitz to its board of directors. AmeriCredit’s board now includes ten directors.
Mr. Berkowitz is the President of Fairholme Funds, Inc., and is also a member of its board of directors. He has more than 24 years of investment management experience and is the Managing Member and Chief Investment Officer of Fairholme Capital Management, L.L.C. Mr. Berkowitz also serves as a director and member of the audit committee of TAL International and White Mountains Insurance Group.
“We are pleased to add such a well-respected and experienced professional to our board of directors. I am certain that our company and our shareholders will benefit greatly from his knowledge and insight,” said AmeriCredit’s Chairman Clifton Morris Jr.
Additionally, in consummation of the transaction announced on Nov. 24, 2008, between AmeriCredit and Fairholme Funds, Inc., (FAIRX) AmeriCredit has issued approximately 15.1 million shares of its common stock to Fairholme Funds, Inc., valued at $6.02 per share, in exchange for $108 million of par value of AmeriCredit’s 8.50% Senior Notes due 2015.
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Berkshire Hathaway (BRK.A), (BRK.B) is doing great with the put selling..
Just a day after getting “put” 3.2 million shares, Buffett gets another 2.2 million shares of Burlington Northern (BNI).
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Regular readers know Grant’s wisdom is highly valued here. Therefore this interview is a listen.
Here is a review of his book I did a few months ago
Part 1: “Disastrous inflation is brewing..”
Part 2:
Part 3
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Sorry but if you invest millions or billions and do not ask any questions, oh well…what is the saying? “a fool and his money…..”?
Here is the coverage. do not have too much to say other than what I said in the beginning but readers are emailing about it.
Bloomberg:
Bloomberg:
MSNBC
MSNBC
When smart people (or those alleged to be) show such stunning indifference to their wealth, I just cannot muster up sympathy for them.
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Ok. Here is a great discussion between Peter Schiff, Don Luskin and Robert Froehlich about the auto situation (Steve Forbes in in the second video). Got to be honest….Schiff wins this one hands down..
So, we know what I have said about Mr. Schiff in the past. I still stand by that. But, here and now I think he is the one that makes the most sense. The best quote “we are punishing success and rewarding failure” with the gov’t bailouts.
Here is the video:
In this part Schiff argues the dollar is going to crater, buy gold, avoid financials, and look at hard metals.
Part 2:
Mr. Schiff, I notice you have a new book out, forward me a copy and I’ll give a read and a review.
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OPEC would then have almost 50% of world oil supply..
gonna be going long oil very soon through (DBO) and (DXO)
Disclosure (“none” means no position):Soon to be long oil through DBO and DXO
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Rogers, Sears, Monopoly, Margin, Yield
– A nice reminder of Sears real estate values
– This is pretty cool
– The reason for much of the selloff
– Near 9%
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The reasoning behind his recent investment in Wendy’s (WEN).
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Three little words have cast doubt on the retailer that otherwise is doing everything it said it would.
In reviewing the last earnings call Borders (BGP) has made significant progress this year on all stated goals..
* Debt down over 30%
* Cash flow from negative $100m to plus $9 million
* Cost cuts surpassed the $120 million goal to $140 million now
* The new concept stores have exceed expectations
* Borders.com has over 30 million Rewards Members and adds over 120k a week.
Here is the problem:
“Regarding Paperchase we retained the right to exercise the put option to sell Paperchase to Pershing Square Capital Management for $65 million and we are also in discussions with Pershing Square regarding an alternative financing transaction.
Of course no assurance can be given as to whether an alternative financing transaction will be entered into or contemplated.”
Later, in response to a question, CEO Jones says:
Matthew Fassler – Goldman Sachs:
“Related to the other deal you’re looking at with Pershing you talked about retaining the put on Paperchase but you said you’re looking at an alternative strategic transaction to the extent and if you’re free to shed any light on what kind of transaction that might be we’d be interested.”
Edward Wilhelm
“We do have, we have retained the rights to the put, and the disclosure in the release was an alternative financing transaction. And we can’t comment any further then what was in the release.”
Matthew Fassler – Goldman Sachs
“Would that be presumably a more comprehensive transaction that goes beyond Paperchase?”
Edward Wilhelm
“We really can’t comment any further.”
George Jones
“The key thing to note though is we still have the right to the put so anything we do is obviously going to be favorable for the company.”
The lack of any further clarity leaves people wondering. Now, of course folks think the deal will be favorable to the company. But, does it mean it will stop it from Chapter 11 or does it mean it will provide additional liquidity to increase concept store openings? Does it mean credit markets are closed to the retailer or does it mean thy can just get a better deal from Pershing? Does it mean Ackman may just buy the rest of the company for the $25 million it will cost him at these prices and just spin it out in a few years and they want to avoid that?
You could go one for another 20 scenario’s and until Borders or Ackman come out and settle folks down, the stock will languish. Do I think the company is in trouble? No. But, I have no ammunition to make the argument when they give us nothing.
I know some folks who have spoken the Wilhelm as essentially said the same things and the reply was that they “understood but could not announce specifics now”. We do not need specifics…just a direction..
Disclosure (“none” means no position):Long BGP
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