The Catastrophe Capitalist: Jim Chanos

In the bleakest stock market of the past 70 years, when hedge funds and 401(k)s alike have cratered, few people are smiling. But short-seller Jim Chanos, whose fund is up 50 percent, is having the time of his life.

• By Gabriel Sherman
• Published Dec 7, 2008

Check out how Jim Chanos combines his detection and the media to do short sell.

http://nymag.com/news/business/52754/

Warren Buffett bought more on Wells Farg in Q1 09

It was reported that Buffett bought almost 12.4 million shares of Wells Fargo in the first quarter.

Berkshire invests in Wells Fargo

On Friday May 15, 2009, 6:55 pm EDT

............... So perhaps it shouldn't be surprising that Berkshire bought nearly 12.4 million shares of Wells Fargo during the first quarter, giving it 302.6 million shares of the San Francisco-based bank. ................................

See more details in the following link.

http://finance.yahoo.com/news/Berkshire-invests-in-Wells-apf-15268839.html?.v=5


It's not surprising that many people think he made mistakes this time.

Four Reasons Why Warren Buffett Could Be Wrong About Wells Fargo

Was he wrong? Time will definitely tell. Let's chat two years from now.

Wells Fargo and its take-over of Wachovia

Want to know more about Wells Fargo and its take-over of Wachovia? Check the article below.

Riders on the storm

Wells Fargo avoided the reckless tactics of other banks and quietly built a powerhouse in the West. Now its takeover of Wachovia makes it a national force, but how much toxic waste is aboard the stagecoach?

Warren Buffett on Wells Fargo 4-20-2009

Warren Buffett on Wells Fargo

'Banking is a very good business unless you do dumb things,' says Wells Fargo's largest shareholder.

Interview by Adam Lashinsky

April 20, 2009: 6:13 AM ET

http://money.cnn.com/2009/04/19/news/companies/lashinsky_buffett.fortune/index.htm?postversion=2009042006

VIC: 4/14 A-ha Questions

Now, our a-ha questions from Chapter 5 are

* Timeless:
Does CEO execute timeless principles to do business? Can biz model, value proposition last very long or foreever?

* Margin of Safety on investment principal and earning:
Does the company have enough margin of safety to protect principal?
Does the biz generate enough earning to have margin of safety? What happen if some biz units do not work out as expected?

* Keep it simple
Is the biz model simple to understand or execute? Can my spouse or kids understand it?

* Watch words & actions
Did this CEO complete or act on the promises he said in the annual report or press releases two years ago?

* Fail at where you are the best
How did this company or CEO fail at what he/she is the best?

* Learn to ask questions
How can I learn to ask questions in all things I learn?

Now, you have seen my questions. Will you gain the most by starting now to ask questions? What you read can be yours if you practice on it.

I put the above in our Blog below. Post your questions Now!!!

Minutes: VIC ( Value Investment Club) Meeting 4/14 Tue (1)

Dear all,

Thank you for joining our meeting on Tue. Special thanks to those who stayed after the meeting and also provide several excellent ideas to improve our meeting format and provide more benefits to club members.

Some proposals are as follows.
* Change our a-has to questions and ask those questions in everyday life. Volunteers will also share in the next meeting as to how those a-ha questions can be applied to some due diligence effort.
* Arrange a field trip to visit companies of club member. ( Please let me know if you are interested in arranging one.)
* Provide double blinded annual report which company names or crucial executive names removed. Then check if the company is worth investing.

Fixing Growing Trade Deficit by Warren Buffett

America’s Growing Trade Deficit Is Selling the Nation Out From Under Us.
Here’s a Way to Fix the Problem—And We Need to Do It Now.

by Warren E. Buffett

http://www.berkshirehathaway.com/letters/growing.pdf


On FORTUNE Magazine Nov 10, 2003