April 27, 2005

Inside This Issue


Real-Time Case Study

Bruce Berkowitz, Fairholme Capital; Tom Russo, Gardner, Russo & Gardner; Matthew Sauer, Oak Value Capital; Chris Stavrou, Stavrou Partners

Our Berkshire Hathaway roundtable participants explore current insurance-industry investigations, Berkshire’s most interesting operating businesses, its current stock price relative to intrinsic value, what it should do with that $40 billion in cash, what happens after Chairman Warren Buffett is gone, and more. 

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Analogical Perspective

Guy Spier, Aquamarine Fund

Guy Spier of New York’s Aquamarine Fund discusses why he loves the education and credit-rating businesses, what distinguishes a valuable brand, where he’s looking for international ideas and why he is particularly interested right now in EVCI Career Colleges, Todhunter International and Switzerland’s OZ Holding. 

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Uncovering Value: Wal-Mart

McDonald’s? Home Depot? Why this is the stock Warren Buffett might be buying.
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Uncovering Value

White Mountains Insurance is an industry standout in the Berkshire Hathaway mold.
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Of Sound Mind

Why even the best investors sometimes get caught with their bat on their shoulder.
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Editors’ Letter

So what’s the big deal about Warren Buffett anyway?
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.