Justin - Great start... I notice that AIG is already in the portfolio; it is also in the watchlist. Do you plan to add some more? Also, Hank Greenberg got a Wells Notice this week. Would this have any impct on AIG stock?   Thanks....  Hari

 

I met you at Berk mtg and said about the new page for ultimate stock portfolio and glad the new page is up and running so soon.

I was wondering if you considered about MCO which is in Berkshire and Davis portfolio? I would like your thoughts on those or with managers you interview.

Since credit agencies are businesses that will be required 10 or 20 years from now and are capital non intensive company with wide moat, it is an ideal candidate to research at beaten down prices if one comes to the conclusion that current wounds (credit turmoil and resulting impact) will not be fatal or pemanently damage the franchise.  Any thoughts on that?

regards,

sriram

Sriram,

 

I haven't looked at MCO or MHP, as while those two managers own it, others that I follow don't.  I would say that although the credit agencies business has been historically very good, they have had some issues with their ratings and methodologies in the current credit crisis.  In fact, they just announced plans to alter the way they rate some issuers.  I'd agree that its not capital intensive business that in good times can generate nice returns, but I think it is an open question as to how the risks presently confronting them will play out this time around.

 

Hope this helps, and thank you for your comments.

 

Justin

Justin,

 I want to commend you on your video conversations with the world's top investors.  They are very enjoyable, and it is obvious you have fun making them.  You have a very relaxed interview style and it comes off well on the screen.  Keep up the great work.

 

Mark

Annie thoughts on AIG?

Hi Hari,

AIG still looks really cheap.  I've made some additional commentary on it, which should be out in this week's article in the next couple of days.  Stay tuned, and let me know if you have more questions.  Good hearing from you, as always.

 Best,

 Justin

Justin, I enjoy your work.  Just wondering - how do you define great investors?  Do you look at long-term track record? absolute results? or how famous the investor is in general?  While all of the stockpickers you follow are undoubtedly intelligent, thoughtful investors, based on their results (both short and long-term) some of these guys have not really made money - absolute and relative - for investors in a long time.

 --M

Thanks for your comments.  I primarily look at long-term track record, around 10 to 15 years of out-performance.  I'll typically make changes from time to time as I did when I added Dodge & Cox Stock Fund, but I'll also stick with a manager if he's had few years of under-performance.

I'm new to this, so I'm probably missing everything.  But what is the portfolio supposed to be?  A list of stocks you believe that are undervalued?  I'm mostly confused by your entry dates and prices, and that the portfolio shows large percentage of losses for most of the picks.  Could you help me understand, as am non-professional investor, what the take away is?

 

Thanks, 

I am new at this.  I am hoping you can give me information about U.S. Energy Development Corporation.  I am thinking about investing in their company but like more info.  Thanks.

pandan76