Thursday, May 7, 2009

Must Read Links 5-7-09

Some great value links today:

1. Bill Miller's Q1 Letter

2. Longleaf Q1 Letter (Via Value Investing Resource)

3. Two recent pieces on Munger (this is the only time of year we get anything from Munger so we have to cherish every word)

4. Live blogging from the Value Investing Congress. I recommend readings the summaries of the presentations from Tilson, Burbank, and Guy Spier.

5. Tim Geithner on Charlie Rose (Via Zero Hedge): I haven't had a chance to watch yet but according to Tyler Durden, Geithner says around the 18 min mark that this is not a solvency thing when referring to the US banks and the need for more capital. I happen to believe that is complete nonsense and have a long post planned on the solvency vs. liquidity debate regarding the banks.

6. Another article in The Nation (Via Zero Hedge) about Stephen Friedman, the Chairman of the NY Fed who made money buying Goldman stock while he was supposed to be regulating the firm and based on Fed policy was not even supposed to own any shares, let alone buy more. Completely ridiculous. (See my post from a few days ago if you want more detail on my concerns)

Newsflash: Looks like Friedman just resigned. Now if he gives the $3M he made on GS stock to charity then we can forgive him, right? Not so fast. He should also have to testify in front on Congress on prime time television about the rampant conflicts of interest when it comes to Wall Street's realtionship with Washington. Maybe then more people will start caring...