Ka-shing! Facebook Gets Another Cash Infusion

Social-networking phenom Facebook has a new investor. Hong Kong tycoon Li Ka-shing now owns 0.4% of the operation, in exchange for a $60 million wad of cash. The price is consistent with the terms of Microsoft's earlier and larger stake, valuing Facebook as a whole at $15 billion.

Full Article

Joe Feshbach: How Feshbach Nailed a 3-Bagger

Emil Lee: Can you describe your thought process leading up to your purchase of Tempur-Pedic?

Joe Feshbach: I got involved in September 2005, after Tempur issued a disappointing forecast for the third quarter of that year. The bears were convinced that Tempur had a business with low barriers to entry that [competitors] Sealy (NYSE: ZZ) and Simmons would be able to threaten.

My thesis, in contrast to the bear case, was that Tempur was the leader in specialty bedding, that it was already a leading global brand, and that displacing it would be a lot harder than conventional wisdom [believed at the time].

Our lowest cost basis on the stock was $9.70. Our core position was built around an average of $11.

Full Article

Eddie Lampert: AutoZone's Awesome Earnings

AutoZone said Tuesday that its first quarter earnings climbed 7.0% on sales of parts with high profit margins. For the period ending November 17, the Memphis, Tenn.-based auto parts retailer reported income of $132.5 million, or $2.02 per share, compared with $123.9 million, or $1.73 per share in the similar period a year ago.

Full Article

Bill Miller's simple plan for Citi

Bill Miller, the legendary Legg Mason Value Trust fund manager, owns shares of Citigroup, the embattled financial services giant that is looking for a new chief executive officer. And Miller has a suggestion about the type of person that the bank should hire to replace the ousted Charles Prince.

He said the bank should find someone who has a similar management style to Hewlett-Packard CEO Mark Hurd. Hurd replaced Carly Fiorina in 2005 and has led a dramatic turnaround at HP, mainly by cutting costs and focusing the computer company on what it does best.

Full Article

Eddie Lampert: Message from the Chairman of Sears Holdings

To our Associates:

Yesterday, Sears Holdings announced our results for the third quarter of 2007. While we were not pleased with these results, much of the commentary in the media and on Wall Street following the results ignores the strength of our company and the progress that we have made. In fact, over the past several years, we are one of the few retail companies that have actually reduced our overall debt levels, while at the same time investing over $1 billion on capital expenditures, making investments in inventory for our customers, contributing significantly to our pension plans for our past and future retirees and repurchasing over $3 billion of our shares.

Full Article

David Einhorn: Lehman's a Short

Full Article

Bill Ackman: Short Seller Sinks Teeth Into Insurer

It was Wednesday, and Mr. Ackman, a 41-year-old hedge fund manager, was in the middle of a surprisingly well-attended news conference. He had just finished an hourlong presentation at an investment conference in Midtown Manhattan, and if truth be told, the only reason it had been contained to an hour is that Mr. Ackman had rushed through it, burying his audience in a blizzard of facts, while flipping through an astonishing 145 slides.

If the presentation and ensuing news conference proved anything, it was that Mr. Ackman was incapable of giving short answers. Then again, that’s usually the way it is with obsessives.

Full Article

Value Investing Congress: Bill Ackman

To access Bill Ackman's presentation and supporting documentation from the 3rd Annual New York Value Investing Congress, please fill in your information below and confirm that you have read and accept the disclaimer below.

Presentation & Supporting Documents

Thanks to Lincoln Minor for this link

Buffett buys $2B in TXU bonds

Warren Buffett put $2 billion of Berkshire Hathaway's cash to work at the end of last week when the company purchased high-yielding bonds issued by Dallas-based power producer TXU Corp., according to a person familiar with the deal.

Full Article

Warren Buffett's Video Tour of Berkshire Hathaway Headquarters

Please visit: Berkshire Headquarters