tag:blogger.com,1999:blog-60822564061073082232024-03-13T16:22:29.334-05:00Money in StereoMONEY IN STEREOAnonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.comBlogger54125tag:blogger.com,1999:blog-6082256406107308223.post-63505940123014584742014-02-12T12:19:00.000-06:002014-02-12T12:19:23.427-06:00Graham and Doddsville - Winter 2014 / Interviews w/ Lee Ainslie, Jim Grant, Ken Shubin Stein <p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"><a title="View Graham &amp; Doddsville - Issue 20 - Winter 2014 on Scribd" href="http://www.scribd.com/doc/206735471/Graham-Doddsville-Issue-20-Winter-2014" style="text-decoration: underline;" >Graham &amp; Doddsville - Issue 20 - Winter 2014</a></p><iframe class="scribd_iframe_embed" src="//www.scribd.com/embeds/206735471/content?start_page=1&view_mode=scroll&show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_13531" width="100%" height="600" frameborder="0"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-21825693209305414742013-10-12T22:04:00.000-05:002013-10-12T22:04:50.185-05:00Lou Simpson's 5 Investing PrinciplesI was consolidating some stuff from an old hard drive and ran across this document. I really can't say where it came from, and I was unable to find the 1986 Geico Annual Report online. I did verify these comments in a later Geico Annual letter that was in the SEC <a href="http://www.sec.gov/Archives/edgar/data/277795/0000277795-95-000006.txt" target="_blank">here.</a> It's a simple and concise summation of Simpson's investment style. <br />
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<a href="http://www.scribd.com/doc/175669281/Lou-Simpson-5-Investing-Principles" nbsp="" style="text-decoration: underline;" title="View Lou Simpson 5 Investing Principles on Scribd">Lou Simpson 5 Investing Principles</a></div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="undefined" data-auto-height="false" frameborder="0" height="600" id="doc_4544" scrolling="no" src="//www.scribd.com/embeds/175669281/content?start_page=1&view_mode=scroll&show_recommendations=true" width="100%"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-2197482405523425822013-04-18T22:03:00.000-05:002013-04-18T22:03:02.941-05:00East Coast Asset Management Q1 2013 Quarterly letter.Christopher Begg's letters are some of the most insightful investment reads around. I am always impressed at the parallels derived from science, art, and nature and then applied to sound investing. Over the last few letters, Begg has in great detail described the investing methods used at his firm. I think it wise to take note. <br />
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<a href="http://www.scribd.com/doc/136834631/East-Coast-Q1-2013-Letter-Art-of-Fugue" nbsp="" style="text-decoration: underline;" title="View East Coast Q1 2013 Letter_Art of Fugue on Scribd">East Coast Q1 2013 Letter_Art of Fugue</a></div>
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Were you able to figure out what stock Begg described at the end of the letter?<br />
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<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-D5XCB_ngdRI/UXCzrT0CwjI/AAAAAAAAASE/UazI_5YleoQ/s1600/Johann+Sebastian+Bach+JohannSebastianBachBETTERQUALI.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://1.bp.blogspot.com/-D5XCB_ngdRI/UXCzrT0CwjI/AAAAAAAAASE/UazI_5YleoQ/s320/Johann+Sebastian+Bach+JohannSebastianBachBETTERQUALI.png" width="258" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Johann Sebastian Bach</td></tr>
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<br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-18065504735281464342013-04-12T17:51:00.001-05:002013-04-12T17:51:21.123-05:00Recent Don Yacktman interview with Steve ForbesDon Yacktman is plain vanilla value investing with a healthy side order of patience. His slow and steady approach has served them well performance-wise coming in #1 in the 5, 10, and 15 year time spans in the Large Blend category according to <a href="http://performance.morningstar.com/fund/performance-return.action?t=YACKX&region=USA&culture=en-us" target="_blank">Morningstar.</a> Here Yacktman talks with Steve Forbes about how he views the current investment environment and touches on a couple of the funds holdings. Yacktman's demeanor exudes patience and calm. <br />
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<br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com4tag:blogger.com,1999:blog-6082256406107308223.post-13829822212901011862013-04-12T08:22:00.001-05:002013-04-12T08:22:43.230-05:00Frustrated with your Conglomerate discount? Hire an animator.Loews Corp's animated version of the value imbedded in the conglomerate.<br />
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<br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-9607937200363477152013-04-07T19:08:00.001-05:002013-04-07T19:08:14.340-05:00The Vinyl Market and it's Invisible Hand<br />
This blog is called Money in Stereo, and as I've said, those are two things I'm passionate about. I enjoy learning all I can about Value Investing, and as an ex-sound engineer, I have a passion for music, especially on Vinyl. I've been building my collection of records for about seven years, and it is an affliction that only gets worse...or better depending on how you look at it. Over the years I could not help but observe the nuances of the vinyl market place and its similarities to the stock market.<br />
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Over a series of posts, I want to start examining some attributes of the vinyl market place as it applies to investing. For the sake of brevity and readability, there are several areas where I will write with broad strokes, or leave some questions to the imagination. The macro mavens might want to know not just about the vinyl marketplace, but rather <i>why </i>the vinyl market has had such a pronounced upswing. There is the hotly debated question of whether records sound better than CD's and other digital formats? <i>(hint: Of course analogue sounds better! See - I've made some enemies already.)</i> Why compromise convenience and portability just to hear a record which cannot easily shuffle from song to song, that crackles, and needs to be manually flipped over to continue listening? I am going to leave those questions alone for now.<br />
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<i>How in the heck can buying LP's be like buying stocks? </i><br />
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Let's start at the beginning. <br />
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Records on Vinyl were the medium of choice in most of the 1900's. In the 1970's, in a move to reduce costs, record labels began issuing vinyl that was 70% virgin / 30% recycled vinyl. These records were thin and light weight, and unfortunately not as durable. If you've thumbed thru your parent's collection, or if you grew up in the 70's, these are probably the type of records that are at your house collecting dust. Often, the years have not been kind to these records, and I typically find the sound quality 'thin' and lacking, thus enter the current <a href="http://moneyterms.co.uk/replacement-cycle/" target="_blank">Replacement Cycle</a> as vinyl has been rediscovered<i>.</i> <br />
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<tr><td class="tr-caption" style="text-align: center;"><i><a href="http://www.economist.com/node/21526296?fsrc=scn/tw/te/ar/backtoblack" target="_blank">Back to Black<span style="color: black;"> </span></a></i><a href="http://www.economist.com/node/21526296?fsrc=scn/tw/te/ar/backtoblack" target="_blank"><br /></a> In America vinyl sales are running 39% above last year's level </td></tr>
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The cassette tape brought more portability to the analogue format. Sony invented the then iconic <a href="http://en.wikipedia.org/wiki/Walkman" target="_blank">Walkman</a>, which seemed to be firmly established as the portable music player of choice. Competitors seeing the rapid adoption and profits, flooded the market with similar devices. Walkman was followed by the Discman, and then ultimately both were completely obliterated and wiped off the map by the iPod, which then was cannibalized by the iPhone. <br />
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With the advent of the CD and MP3, the digital age of music and it's amazing portability was and is upon us, however in 2008, as seen in the chart above, vinyl purchases soared. I am not terribly sure as to why, but I have a feeling that it correlates with the gradual gravitation towards quality over quantity that has been taking place in most major metropolitan areas. I find that trend also observable in the cocktails, craft beers, and gourmet burgers that have saturated LA and NYC and now making their way to the interior of America. <br />
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<u>Buying Binge</u><br />
I began buying records about seven years ago. As a musician and former sound engineer, it came natural to seek out Vinyl to truly immerse myself in the sonic experience. I often paid a pretty penny for albums that I thought would sound good on vinyl. One that comes to mind is <a href="http://www.amazon.com/gp/product/B00004WOIJ/ref=as_li_qf_sp_asin_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00004WOIJ&linkCode=as2&tag=moninste-20"><i>Marilyn Manson: Antichrist Superstar.</i></a><img alt="" border="0" src="http://www.assoc-amazon.com/e/ir?t=moninste-20&l=as2&o=1&a=B00004WOIJ" height="1" style="border: none !important; margin: 0px !important;" width="1" /><br />
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This is an album that I got a lot out of in my angst-riddled youth growing up in Nowheresville, LA. I thought back to how it sounded on headphones. I remember all the different layers of sounds and distortions, the subtle warbling chorus effects, the multi-tracked vocals, the various colors it envoked and the blistering performances that were conveyed on that album. <i>(Warning - that record is not for the faint of heart. It has its time and place.) </i>I searched fervently for the vinyl, but my weekly trips to <a href="http://www.amoeba.com/" target="_blank">Amoeba</a> bared no fruit. <a href="http://www.cbsnews.com/8301-505383_162-57373393/person-to-person-warren-buffett/" target="_blank">Like Buffett and the IBM annual report</a>, I knew the album backwards and forwards, so when I found it at what I deemed to be a reasonable price, I had no hesitation in making the purchase.<br />
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I bought Antichrist Superstar at Amoeba for $60.00 pre-tax. I rushed home, and dropped the needle with my <a href="http://www.amazon.com/gp/product/B0006GCCN6/ref=as_li_qf_sp_asin_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B0006GCCN6&linkCode=as2&tag=moninste-20">Grado 225i Headphones</a> on the ears. The guitar screeched and grinded more vividly than ever. It was as if I was hearing the album for the first time, and I instantly knew it was money well spent. I was happy with the purchase, and had no plans to sell...until I checked eBay and Amazon one day out of curiosity. <a href="http://www.ebay.com/itm/Marilyn-Manson-Antichrist-Superstar-2x-LP-Vinyl-Simply-180g-/190820082796?pt=Music_on_Vinyl&hash=item2c6dc3646c" target="_blank">The album now has an asking price of $150.</a> That is crazy, right? Well, yes and no. To folks who don't care about music, of course its crazy. To people who love music, it can be frustrating, because some of your favorite records may be out of reach. The price is a function of a number of different things just as in the equity market.<br />
<i><br /><u>1. Buy businesses that you understand within your circle of competence.</u></i><br />
Thanks to my previous line of work, I can hear an album and immediately break each song into separate instruments, hearing them independently in both function and form within the song, get a quick understanding of equalization, compression and reverb/delay effects that are employed. I can tell if an album has been compressed to hell-and-back and chopped up in a computer, or recorded thru more traditional analogue methods in an attempt to retain the sonic integrity of the individual instruments. I can hear if the bass player uses a pick or his fingers. I like to make note of the song structures, when different instruments are layered atop each other, and where each instrument sits in the stereo spectrum. These are all things anyone can do if they just pay attention, and I often feel that I can see better with my eyes closed. <br />
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Given the above, I know that certain albums will sound special when they are on vinyl, and interestingly enough, often these albums are priced as such. Similar to a great business like <a href="http://www.mastercard.us/" target="_blank">Mastercard</a> or <a href="http://us.coca-cola.com/" target="_blank">Coke</a>, at 25x and 20x earnings, they are priced accordingly. Sonically, <a href="http://www.ebay.com/itm/Bob-Dylan-Time-Out-Mind-LP-Holland-Vinyl-Import-AudiophileUSA-/290809901798?_trksid=p2047675.m1850&_trkparms=aid%3D222002%26algo%3DSIC.FIT%26ao%3D1%26asc%3D11%26meid%3D6803681836147146250%26pid%3D100011%26prg%3D1005%26rk%3D2%26sd%3D120722544597%26" target="_blank">Bob Dylan's "Time out of Mind"</a> has long been one of my favorite albums with amazing low end, sparse instrumentation <i>(Less is More!)</i>, brillant stereo spacing, and of course Bob Dylan's profoundly human lyrics. The vinyl market knows its a killer record and it's commanding a $250 price tag!!! I would say the same thing about <a href="http://www.discogs.com/sell/list?release_id=834555&ev=rb" target="_blank">Cake's "Fashion Nugget"</a> sans the 'profoundly human lyrics'. <br />
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<u><i>2. Buy a great company at a fair price</i></u><br />
With <i>Anti-Christ Superstar,</i> I bought what I believed to be a sonically superior record that I would be happy to own, regardless of whether its price (perceived value) went up or down on the open market. eBay and Amoeba records could close for five years and it wouldn't matter, because I knew it was a great record that would continue to deliver a consistent stream of returns, which in my case is musical enjoyment. This closely echoes Buffett when he says he does not care if the stock market close for 5 years, as long as the company's moat and intrinsic value are expanding, he does not care what the market price of the stock is. <br />
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<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-NqGskz13foE/UWIBdmMNZqI/AAAAAAAAARQ/HdCf8uFVt7k/s1600/The+Lonesome+Crowded+West+modest+mouse.png" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://1.bp.blogspot.com/-NqGskz13foE/UWIBdmMNZqI/AAAAAAAAARQ/HdCf8uFVt7k/s1600/The+Lonesome+Crowded+West+modest+mouse.png" height="200" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i>The Lonesome Crowded West</i></td></tr>
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<i><u>3. Number of shares outstanding</u></i><br />
In the vein of 'shares outstanding', vinyl pressings of certain albums simply do not exist in large quantities. As the amount of available records (float) dwindles, those that want in have to pay a continually higher price. I took a pass on Modest Mouse's <a href="http://www.ebay.com/itm/MODEST-MOUSE-Lonesome-Crowded-West-97-original-UP-Records-2-LP-set-/261196117679?pt=Music_on_Vinyl&hash=item3cd08076af" target="_blank">Lonesome Crowded West LP</a> around $100 a couple years ago which has since proved to be a mistake. Where do you draw the line? Is this record worth 25x earnings? Album Price / # of Tracks = Price to Rocking Ratio??? See the two previous items above. Before you buy a $250 record, be sure you know the album intimately. Be sure you don't care if the price of the album continues to go up <u style="font-style: italic;">or down</u> after you buy it. It's like a piece of art - buy it because you really want it, not because you're speculating that it will go up in price. That also echoes Buffet's and Robert Schiller's recent comments on owning a home!<br />
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The prices of records can most certainly go down. Past performance not necessarily indicative of future results. In my mind, it is called <a href="http://en.wikipedia.org/wiki/Stock_dilution" target="_blank">Dilution</a>, but in the vinyl market it is called the Re-issue. <br />
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In the future, I will highlight some unfortunate cases of vinyl dilution, pre-mature accumulation, and vinyl arbitrage. I've added a couple things on the music page. That page changes and reflects whatever I may be listening to at the time.<br />
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<br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-34183620225921537232013-04-07T17:31:00.000-05:002013-04-07T17:31:13.286-05:00The Destination is the Journey. Maybe. Standford's brilliant neurologist, Robert Sapolsky on the Dopamine Jackpot, and the effect of <br />
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introducing <i>uncertainty</i> into the Work = Reward equation.<br />
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<a href="http://4.bp.blogspot.com/-2wrgLlX7yxU/UWHzMlVDrmI/AAAAAAAAARI/yy-ns3-e8XY/s1600/usnv40820.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-2wrgLlX7yxU/UWHzMlVDrmI/AAAAAAAAARI/yy-ns3-e8XY/s1600/usnv40820.jpeg" height="137" width="200" /></a><iframe allowfullscreen="allowfullscreen" frameborder="0" height="315" src="http://www.youtube.com/embed/axrywDP9Ii0" width="560"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-31007068180106933792013-02-25T11:05:00.000-06:002013-02-25T11:05:29.389-06:00Rare Interview on Investment Process with Viking Global's Andreas Halvorsen:<iframe allowfullscreen="" frameborder="0" height="315" src="http://www.youtube.com/embed/VdYu63riP0Y" width="560"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-44656821926384031842013-02-19T13:27:00.000-06:002013-02-19T13:27:05.315-06:00An Hour with Ben Graham<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white;">Below is a 1976 interview with Benjamin Graham at his home in Lo Jolla, CA. <span style="color: #333333; line-height: 19.453125px;">Mr. Hartman L. Butler, Jr., CFA recorded the conversation via his cassette recorder and then transcribed the interview which is displayed just below. The conversation touches on Graham's shift from the "selective approach to the group approach" with less emphasis on the individual company. I think it is an interesting to see someone like Joel Greenblatt start to shift his emphasis similarly to the group approach </span></span></span><br />
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<a href="http://www.scribd.com/doc/34370656/An-Hour-Ben-Graham" nbsp="" style="text-decoration: underline;" title="View An Hour Ben Graham on Scribd">An Hour Ben Graham</a> by <a href="http://www.scribd.com/Speculator_Nojus" nbsp="" style="text-decoration: underline;" title="View Speculator_Nojus's profile on Scribd">Speculator_Nojus</a> </div>
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<br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-82827572165254814962013-02-05T17:12:00.001-06:002013-02-05T17:12:53.323-06:00Graham and Doddsville Winter Newsletter 2013Link: <a avglschecked="1" href="http://heilbrunncenter.org/sites/all/modules/civicrm/extern/url.php?u=813&qid=355214" target="_blank"><span><span style="font-size: large;"><span style="font-family: times new roman,times;"><strong><span style="font-family: arial,helvetica,sans-serif;">Download the Winter 2013 issue of <em>Graham and Doddsville</em> now!</span></strong></span> </span></span></a><br />
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Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-60472925888294536212013-02-04T16:20:00.001-06:002013-02-04T16:20:23.420-06:00The Legacy of Benjamin Graham (video)Below is a video from the recent <a href="http://www.csima.org/events/conferences" target="_blank">Columbia Student Investment Management Conference</a>. This video contains rare video footage of Graham as well as interviews with other legends such as: Benjamin Graham, Jr Warren Buffett,Charles Brandes, Irving Kahn, and others.<br />
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<iframe allowfullscreen="" frameborder="0" height="315" src="http://www.youtube.com/embed/m1WLoNEqkV4" width="560"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-82413841680348739652013-02-04T12:51:00.000-06:002013-02-04T12:51:00.270-06:00Bruce Berkowitz on Bloomberg: Why he is closing the Fairholme Fund<script src="http://player.ooyala.com/player.js?embedCode=BsMncyOTorv9FLzJjNgdU_Ls3zesa33o&playerBrandingId=8a7a9c84ac2f4e8398ebe50c07eb2f9d&width=540&deepLinkEmbedCode=BsMncyOTorv9FLzJjNgdU_Ls3zesa33o&height=360&thruParam_bloomberg-ui[popOutButtonVisible]=FALSE"></script>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-73331342938791651292013-01-27T10:51:00.000-06:002013-01-27T10:51:18.895-06:00East Coast Asset Management Q4 Letter<span style="font-size: x-small;">
Christopher Begg of East Coast Asset Management is out with his Q4 letter, which is a great read as usual. In their prior letter about investment process and types of investments that East Coast makes, one category highlighted by Begg was 'Transformations.' In this most recent letter, Begg delves deeper into their view of transformations and breaks them into three categories: Secular, Systemic, and Separation (spinoffs). Check out the letter in it's entirety for Begg's commentary of some of their holdings that exmplify 'transformations' such as Union Pacific, WABCO, and Colfax. </span><br />
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<a href="http://www.scribd.com/doc/122446127/East-Coast-Asset-Management" nbsp="" style="text-decoration: underline;" title="View East Coast Asset Management on Scribd">East Coast Asset Management</a> by <a href="http://www.blogger.com/undefined" nbsp="" style="text-decoration: underline;" title="View 's profile on Scribd"></a> </div>
<iframe class="scribd_iframe_embed" data-aspect-ratio="undefined" data-auto-height="false" frameborder="0" height="600" id="doc_86097" scrolling="no" src="http://www.scribd.com/embeds/122446127/content?start_page=1&view_mode=scroll" width="100%"></iframe> </span>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-47181609076264562542012-12-29T00:04:00.000-06:002012-12-29T00:04:22.902-06:00Grant's Interest Rate Observer Winter Break EditionGrant's Pub annually puts together a free Summer Break and Winter Break issue of the much lauded <i>Grant's Interest Rate Observer. </i>Embedded below is the 2012 Winter Break Issue. Enjoy.<br />
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<a href="http://www.scribd.com/doc/118288394/Grant-s-Interest-Rate-Observer-Winter-Break-Edition" style="-x-system-font: none; display: block; font-family: Helvetica,Arial,Sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto; text-decoration: underline;" title="View Grant's Interest Rate Observer Winter Break Edition on Scribd">Grant's Interest Rate Observer Winter Break Edition</a><iframe class="scribd_iframe_embed" data-aspect-ratio="undefined" data-auto-height="false" frameborder="0" height="600" id="doc_82032" scrolling="no" src="http://www.scribd.com/embeds/118288394/content?start_page=1&view_mode=scroll" width="100%"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-42986076647145161072012-12-20T16:07:00.001-06:002012-12-20T16:09:25.908-06:00Jeff Gundlach on Bloomberg TVGundlach has been one of the most successful fixed income managers over the last decade. Gundlach is eclectic and often has an interesting and worthwhile variant view on the markets. In this 20 minute interview, he touches on his bullishness on Japan, his affinity for cash, what he thinks of the <a href="http://www.bloomberg.com/quote/S15HOME:IND/chart" target="_blank">Homebuilders</a>, and why he thinks the puny returns on cash will be much appreciated compared to the large losses that could be incurred when the market 're-prices' to the downside. <br />
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<script src="http://player.ooyala.com/player.js?embedCode=wxdHFwNzq9Fs-2uK740TwSdKPA8Fxv3b&playerBrandingId=8a7a9c84ac2f4e8398ebe50c07eb2f9d&width=560&deepLinkEmbedCode=wxdHFwNzq9Fs-2uK740TwSdKPA8Fxv3b&height=484&thruParam_bloomberg-ui[popOutButtonVisible]=FALSE"></script><br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-36694840530074440462012-12-20T09:43:00.000-06:002012-12-20T09:43:21.474-06:00How to Manually add Playlists from iTunes 11 to your iPhone<span style="font-size: large;"><i><span class="st">"</span></i><i><span class="st">Simplicity is t</span></i><i><span class="st">he ultimate sophistication." </span></i></span><br />
<i><span class="st">-Leonardo Da Vinci</span> </i><br />
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One of the things that has made Apple <a href="http://finance.yahoo.com/q?s=aapl&ql=1" target="_blank">(AAPL)</a> wildly successful is their ability to create user intuitive products. Steve Jobs said that he first designed the desired user experience, then built a product that would achieve that experience. I think this is one of the most fundamental drivers of AAPL's success and appeal over the years. Now that Jobs is gone, is Apple starting to stray from the path? <br />
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iTunes 11 is visually appealing at first glance, but even as an very experienced iTunes user (abuser), I had some trouble getting around. I wanted to drag and drop a playlist from iTunes 11 to my iPhone 4 and run out the door this morning. I sat in front of my Macbook Pro puzzled and confused. I found the answer of how to do it, and for the sake of brevity, I'll withhold any further pontifications in regards to the future of <a href="http://ycharts.com/companies/AAPL/chart#series=type%3Acompany%2Cid%3AAAPL%2Ccalc%3Aprice&format=real&recessions=false&zoom=3m&startDate=&endDate=" target="_blank">AAPL</a>, and post the answer below. <br />
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Hope you find this useful!<br />
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<span style="font-size: large;"><b><u>How to manually add playlists from iTunes 11 to your iPhone.</u></b></span><br />
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1 - Connect your device so that it can be seen in iTunes 11<br />
<a href="https://discussions.apple.com/servlet/JiveServlet/showImage/2-20602695-190934/Screen+Shot+2012-12-16+at+10.51.53.png"><img alt="Screen Shot 2012-12-16 at 10.51.53.png" class="jive-image" height="86" src="https://discussions.apple.com/servlet/JiveServlet/downloadImage/2-20602695-190934/268-86/Screen+Shot+2012-12-16+at+10.51.53.png" width="268" /></a><br />
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2 - Select your device and then select "On This iPhone" on the far right (or whatever your connected device is)<br />
<a href="https://discussions.apple.com/servlet/JiveServlet/showImage/2-20602695-190935/Screen+Shot+2012-12-16+at+10.53.28.png"><img alt="Screen Shot 2012-12-16 at 10.53.28.png" class="jive-image" height="85" src="https://discussions.apple.com/servlet/JiveServlet/downloadImage/2-20602695-190935/310-85/Screen+Shot+2012-12-16+at+10.53.28.png" width="310" /></a><br />
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3 - Under the blue "Done" button there is another button titled "Add to". Select this<br />
<a href="https://discussions.apple.com/servlet/JiveServlet/showImage/2-20602695-191020/Screen+Shot+2012-12-16+at+10.54.43.png"><img alt="Screen Shot 2012-12-16 at 10.54.43.png" class="jive-image" height="128" src="https://discussions.apple.com/servlet/JiveServlet/downloadImage/2-20602695-191020/310-128/Screen+Shot+2012-12-16+at+10.54.43.png" width="310" /></a><br />
4
- You will now be presented with your iTunes library for your computer.
You can select one of the following options for searching your library<br />
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<a href="https://discussions.apple.com/servlet/JiveServlet/showImage/2-20602695-191021/Screen+Shot+2012-12-16+at+10.56.12.png"><img alt="Screen Shot 2012-12-16 at 10.56.12.png" class="jive-image" height="21" src="https://discussions.apple.com/servlet/JiveServlet/downloadImage/2-20602695-191021/310-21/Screen+Shot+2012-12-16+at+10.56.12.png" width="310" /></a><br />
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5 - Simply drag track(s), albums or playlists over to the iPhone mounted on the right side of iTunes <br />
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<a href="https://discussions.apple.com/servlet/JiveServlet/showImage/2-20602695-191022/Screen+Shot+2012-12-16+at+10.57.52.png"><img alt="Screen Shot 2012-12-16 at 10.57.52.png" class="jive-image" height="363" src="https://discussions.apple.com/servlet/JiveServlet/downloadImage/2-20602695-191022/295-363/Screen+Shot+2012-12-16+at+10.57.52.png" width="295" /></a><br />
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h/t Robbo</div>
Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com1tag:blogger.com,1999:blog-6082256406107308223.post-1138348672737202422012-12-19T09:52:00.000-06:002012-12-19T09:56:47.926-06:00Kyle Bass Keynote: The Engtanglement | AmerCatalyst 2012 In October Kyle Bass gave his keynote presentation, <i>The Entanglement,</i> at the AmerCatalyst 2012 conference. Bass touched on the US, Japan, China and of course the debt related issues. He also spoke a bit about the housing shadow inventory in the Q & A, as well as where he sees some investment opportunities.<br />
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Here is the link for the video: <a href="http://youtu.be/JUc8-GUC1hY" target="_blank">Kyle Bass: The Entanglement</a> <br />
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<img height="265" id="il_fi" src="http://imperiumsecurities.files.wordpress.com/2012/06/kyle1.jpg" style="padding-bottom: 8px; padding-right: 8px; padding-top: 8px;" width="320" /><br />
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h/t <a href="http://www.frankvoisin.com/" target="_blank">Frank Voisin</a>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-11639275589288596622012-12-04T16:39:00.000-06:002012-12-04T16:39:11.218-06:00It Takes a lot of Work to get to SimpleEinstein said that "e<span class="st">verything should be made as <em>simple</em> as possible, but not simpler." It takes a lot of work to get to <i>simple</i>, and the video below shows just that. Here is an interesting perspective of what it takes to make a pencil. It seems simple enough, but how much orchestration occurred to have that simple device conveniently at your finger tips...?</span><br />
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<iframe allowfullscreen="allowfullscreen" frameborder="0" height="315" src="http://www.youtube.com/embed/IYO3tOqDISE" width="560"></iframe><br />
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<span class="st">h/t <a href="http://www.cookandbynum.com/" target="_blank">Cook and Bynum</a></span>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-53243280856753374482012-11-28T23:07:00.000-06:002012-11-28T23:07:36.409-06:00Bill Ackman: If You're So Smart, Why Aren't You Rich?Embedded below is hedge fund activist Bill Ackman's 43 minute presentation that he did a little while back for the Floating University. Initially students or those interested in the video had to pay to see it, but it was just released into public domain on <a href="http://www.youtube.com/" target="_blank">Youtube</a> in it's entirety The title is "Everything You Need to Know About Finance and Investing in Under an Hour." Hmmm...somehow I doubt Ackman covers <i>everything, </i>but he has proven himself to be one of the contemporary greats of the activist/value investment world. Since you'll learn everything you need to know about finance and investing in under an hour, Ackman speaks in broad strokes, but still an educational way to spend some time gleaning insights from a Pro.<br />
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<iframe allowfullscreen="allowfullscreen" frameborder="0" height="315" src="http://www.youtube.com/embed/WEDIj9JBTC8" width="560"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com2tag:blogger.com,1999:blog-6082256406107308223.post-47743394954204144642012-11-28T20:33:00.000-06:002012-11-28T23:10:08.276-06:00A sockless Bruce Berkowtiz interview at University of MiamiBruce Berkowitz and Fairholme had a rough year in 2011 -to put it mildly- yet has significantly outperformed so far in 2012. During 2011, Berkowitz continued to hold concentrated positions in AIG, Sears, and Bank of American which led him to dramatically trail the market. In 2011, I noticed various talking heads proclaiming the Berkowitz had lost his touch, that he was reckless, and that he was so far under he could not liquidate his positions to meet fund redemptions. Clearly he had lost his touch. Obviously he started taking stupid pills. The pundits were right...wait a minute - no they weren't! Berkowitz remained in his <a href="http://youtu.be/P1q6vgFefjY" target="_blank">circle of competence</a>, and continued to hold his positions which have produced a 36% return YTD. <br />
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Embedded below is a recent interview with Bruce Berkowitz at the University of Miami where he is the "Executive in Residence". He speaks a bit about his General Growth Properties position, his charitable work at the Fairholme Foundation, and his work with the <a href="http://www.smckids.com/" target="_blank">Secret Millionaires Club</a> which creates cartoon webisodes to promote financial literacy for children. <br />
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<iframe allowfullscreen="allowfullscreen" frameborder="0" height="315" src="http://www.youtube.com/embed/eERodWmXKrM" width="420"></iframe><br />
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Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-88100482253594763082012-11-20T17:06:00.001-06:002012-11-20T17:10:08.808-06:00Howard Marks latest memo: A Fresh Start (Hopefully)Below is the latest memo from the ever insightful Howard Marks at Oaktree Capital.<br />
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<span style="font-size: large;"><a href="http://www.oaktreecapital.com/memo.aspx" target="_blank">A Fresh Start (Hopefully)</a></span><br />
<i>by Howard Marks</i><br />
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That link goes to the Oaktree site where the PDF can be downloaded or read. All of Marks' past memos are posted on that page as well. Marks is one of the few who imparts pearls of investment wisdom that remain relevant through various market and economic periods. His memos are all there for free, or you can read the cliff notes version in his excellent book: <a href="http://www.amazon.com/gp/product/0231153686/ref=as_li_qf_sp_asin_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0231153686&linkCode=as2&tag=moninste-20" target="_blank">The Most Important Thing: Uncommon Sense for the Thoughtful Investor.</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=moninste-20&l=as2&o=1&a=0231153686" style="border: none !important; margin: 0px !important;" width="1" />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-42221852685433019432012-11-20T13:14:00.003-06:002012-11-20T13:14:52.576-06:00GMO's Jeremy Grantham: "On the Road to Zero Growth" Q3 2012 LetterThe latest from Jeremy Grantham of GMO, with additional commentary from Ben Inker. <br />
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<i>"On the Road to Zero Growth" - Grantham pgs. 1-17</i><br />
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<i>"Help, Help, I'm Being Repressed" - Inker pgs. 18-20</i><br />
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<a href="http://www.scribd.com/doc/113936772/GMO3Q12-Letter" style="-x-system-font: none; display: block; font-family: Helvetica,Arial,Sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto; text-decoration: underline;" title="View GMO3Q12 Letter on Scribd">GMO3Q12 Letter</a><iframe class="scribd_iframe_embed" data-aspect-ratio="0.772727272727273" data-auto-height="true" frameborder="0" height="600" id="doc_26630" scrolling="no" src="http://www.scribd.com/embeds/113936772/content?start_page=1&view_mode=scroll&access_key=key-234782vvvlacxkw6zx0h" width="100%"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-23347655577402106922012-10-28T15:19:00.000-05:002012-10-28T15:32:45.433-05:00Classic Cocktails: The Last Word <div class="separator" style="clear: both; text-align: center;">
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The Last Word is a gin based cocktail that began at the Detroit Athletic Club in the 1920's. After WWII, however, the Last Word slipped into obscurity in the cocktail universe for reasons unknown. In the early 2000's, the drink began to make a resurgence starting in the Seattle area, and it's popularity continues to grow.<br />
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The Last Word consists of Gin, Green Chartreuse, Maraschino Liqueur, and Lime Juice all in equal parts. The drink is a nice mix of sweet, sour, and pungent. It's crisp and complex and is deceptively strong, mostly in part to the <a href="http://en.wikipedia.org/wiki/Chartreuse_%28liqueur%29" target="_blank">Green Chartreuse</a> which weighs in with a 55% alcohol content. It's a great cocktail that challenges and refreshes the pallet. Enjoy!<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-BThtp4hLtgY/UI2SiwaB5qI/AAAAAAAAAQQ/CYmCaLml4Hw/s1600/photo.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://3.bp.blogspot.com/-BThtp4hLtgY/UI2SiwaB5qI/AAAAAAAAAQQ/CYmCaLml4Hw/s400/photo.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i>Having the Last Word at the house</i></td></tr>
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<u>The Last Word</u><span class="amount"> </span><br />
<span class="amount">1oz. Gin</span><br />
<span class="amount">1oz. Green Chartreuse</span><br />
<span class="amount">1oz. </span>Maraschino Liqueur<br />
1oz. Fresh squeezed and strained Lime Juice<br />
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Here is Robert Hess making the Last Word.<br />
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<iframe allowfullscreen="allowfullscreen" frameborder="0" height="300" mozallowfullscreen="mozallowfullscreen" src="http://player.vimeo.com/video/35587179" webkitallowfullscreen="webkitallowfullscreen" width="400"></iframe><br />
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<br />Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-27684222825442331932012-10-26T11:06:00.001-05:002012-10-26T11:27:44.982-05:00Hugh Hendry and David EinhornThe video below is a recent one of Hugh Hendry followed by David Einhorn at the Buttonwood gathering in New York City. The topics discussed are the topics that everyone is discussing ad nauseum, eg., Europe's 'Theatre of the Absurd', questions about China's flailing role as the global engine of growth, The US recession and of course the Federal Reserve. If all this has been discussed <a href="http://en.wikipedia.org/wiki/Ad_nauseam" target="_blank">ad nauseam</a>, then why post a lengthy video of it here?<br />
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Two reasons:<br />
1. Hugh Hendry's macro views are well thought out, challenge conventional wisdom, and take into 2nd, 3rd, and 4th level affects. I think he is on par with Ray Dalio as far as one of the few macro opinions worth considering. As Howard Marks has correctly stated, it is impossible to predict these global outcomes. In light of that, it is important to be prepared, and part of doing that is to listen to someone like Hendry as he presents multiple plausible outcomes and the collateral damage associated.<br />
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2. Around the 55 minute mark David Einhorn takes the stage (after Hendry, I skipped straight to the Einhorn section, so I can't vouch for what's in between). Einhorn doesn't discuss specific securities, but what he does do is give a thorough rebuttal as to why the Fed's <a href="http://en.wikipedia.org/wiki/Zero_interest-rate_policy" target="_blank">ZIRP</a> is not working and will continue to not work. He feels that by punishing savers, you also punish consumption, which punishes sales, which punishes business growth. He explains in much more detail.<br />
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<i>FYI: Unfortunately, the video host (not Me!) is asking for your email to watch the video. It didn't do that last night when I watched it on my phone... </i><br />
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<iframe frameborder="0" height="340" scrolling="no" src="http://cdn.livestream.com/embed/theeconomist?layout=4&clip=pla_36cbc150-b893-4af6-b820-0570d08fd4da&height=340&width=560&autoplay=false" style="border: 0; outline: 0;" width="560"></iframe><br />
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Watch <a href="http://www.livestream.com/?utm_source=lsplayer&utm_medium=embed&utm_campaign=footerlinks" title="live streaming video">live streaming video</a> from <a href="http://www.livestream.com/theeconomist?utm_source=lsplayer&utm_medium=embed&utm_campaign=footerlinks" title="Watch theeconomist at livestream.com">theeconomist</a> at livestream.com</div>
Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0tag:blogger.com,1999:blog-6082256406107308223.post-50585821674855662022012-10-24T18:58:00.003-05:002012-10-24T18:58:44.415-05:00East Coast Asset Management Q3 Letter - Inventing a Flying MachineI've thought for some time now that Christopher Begg at East Coast writes one of the more interesting quarterly commentaries. Begg always finds a unique way to tie a seemingly unrelated idea or concept to investing, underscoring Munger's philosophy of taking from all discipline's to form one's lattice work of mental models. <br />
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Begg writes about East Coast's investment process and their use of checklists to fully understand how they see an investment and why they believe a margin of safety exists. He also writes about the types of investments that East Coast seeks (Compounders, Transformations, and Work-Outs) and where they look to find their ideas. East Coast prospects among the usual value suspects: spin-offs, post bankruptcy re-orgs, irrational sellers, political and economic clouds.<br />
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Embedded below is the letter in full.<br />
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<a href="http://www.scribd.com/doc/111068150/East-Coast-3Q-2012-Letter-Inventing-a-Flying-Machine" style="-x-system-font: none; display: block; font-family: Helvetica,Arial,Sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px auto; text-decoration: underline;" title="View East Coast 3Q 2012 Letter_Inventing a Flying Machine on Scribd">East Coast 3Q 2012 Letter_Inventing a Flying Machine</a><iframe class="scribd_iframe_embed" data-aspect-ratio="0.772727272727273" data-auto-height="true" frameborder="0" height="600" id="doc_87787" scrolling="no" src="http://www.scribd.com/embeds/111068150/content?start_page=1&view_mode=scroll&access_key=key-1jnkcvfnornqwbniahqy" width="100%"></iframe>Anonymoushttp://www.blogger.com/profile/04860383804685681032noreply@blogger.com0