Saturday, October 01, 2005

Buffett Partnership Letters, Clipper, Ridgewood, and Gabelli, Warren Goes after the Taxman

The original Buffett Partnership Letters have appeared here - don't take too long to read them. I believe Warren in the past has requested that they not be posted, so I'm guessing they will be gone soon. The Graham-Newman letters are up there too.

Berkshire is going after the IRS for $16.3 million, accusing the IRS of denying it $16.3 in tax deductions, and alleging that they made an "erroneous, wrongful, and illegal" interpretation of the tax code. Sweet.

In the mutual fund world, deep-value managers James Gibson and his crew are leaving the Clipper Fund. I never quite understand their undying bullishness on Freddy/Fannie, but they do write some interesting shareholder letters, which are linked over there on the right. Speaking of shareholder letters, apparently the Kaushal Majmudar of The Ridgewood Group writes a pretty decent, value oriented one. They also just started a blog, the first post of which makes a case for Berkshire being cheap - A view I've been hearing a lot of lately.

Finally, Mario Gabelli and his board are taking heat "for looting the assets of the company, breaching their fiduciary duties to its shareholders and oppressing its minority shareholders." Note Mario made $55 million last year. Which is about 500 times more than Warren got paid. I'll take the guy with the "THRIFTY" license plate.

Wesco (WSC) in particular is showing distinct value, with oversized exposure to speciality steel and P&G.
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nice articel!!

Keith G. Lee
JKL Development Corporation
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