Business Wire Canada Opening Reception: A Conversation with Warren Buffett

• Title : Business Wire Canada Opening Reception: A Conversation with Warren Buffett
• Date and Time : Wednesday, February 6, 2008 4:00 p.m. ET
• Duration : 1 Hour 30 Minutes
• Location : Toronto Board of Trade

Webcast Link - A Conversation with Warren Buffett.

Morningstar Interview with Curtis Jensen

• Part 1 - The Safe and Cheap Approach
• Justin Fuller recently had the pleasure to sit down with Curtis Jensen, co-chief investment officer of Third Avenue Management, to discuss his firm's investment philosophy.
  
• Part 2 - Third Avenue's Focus on the Balance Sheet
• In part two of the chat, Curtis Jensen, Third Avenue Management's co-chief investment officer, talks the fund firm's focus on analyzing the balance sheet, as well as a couple of financial stocks that have recently been in the news.
  
• Part 3 - Third Avenue's Global Focus
• In part two of the chat, Curtis Jensen, Third Avenue Management's co-chief investment officer, talks the firm's global focus as well as a couple of contrarian picks.
  

Rich Pzena Presentation at Value Investing Congress

In his presentation at last November's Value Investing Congress - and in a subsequent update - Pzena Investment's Rich Pzena described why he believed the market was overestimating the negative impact the subprime mortgage crisis would have on Freddie Mac. At $25.52 the day before the presentation, Freddie Mac shares closed yesterday at $27.14.

• Rich Pzena Presentation at Value Investing Congress (PDF)
• Rich Pzena Presentation Update (PDF)

Bill Miller 2007 Q4 Value Trust Commentary

This commentary will be short and to the point: We had a bad 2007, which followed a bad 2006.
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We believe the values in the market today are as attractive as they have been in the past five years, and patient longterm investors should be well rewarded for putting money to work right in here.

Direct Link - Bill Miller 2007 Q4 Value Trust Commentary. (PDF)

Pzena Investment Management Fourth-Quarter Newsletter Commentary

Value investing may be rewarding in the long term, but can be painful in the short term. Can that be avoided? And is now the wrong time for value?

These are the times that try value investors’ souls, to paraphrase Tom Paine. Our Value and Large Cap Value strategies were each off by more than 12% for the year and our global strategy was down nearly as much. In the second half alone, the declines in our U.S. portfolios exceeded more than 18%. Our newest clients have felt the biggest sting, but even longtime clients have felt the pinch. They know that value is cyclical – Figure 1 highlights the unpredictability of short-term returns – and they also know that over time, the return pattern can smooth out and value investing can be a very rewarding strategy (Figure 2). But the interim periods are no less painful for all that.

Direct Link - Pzena Investment Management Fourth-Quarter Newsletter Commentary.

Fairholme Funds 2007 Annual Report

The unexpected happens more frequently and with more severity than most expect. Accordingly, cash remains a sizeable chunk of the portfolio. As demonstrated this year, cash helped the Fund to weather portfolio headwinds and allowed the Fund to buy without the need to sell already inexpensive securities on the cheap. Shareholders should not fear a temporary decline in the Fund’s NAV, as lower prices for sound investments usually indicate better bargains and higher future returns — particularly with cash hoarded for such chances. As a cagey old veteran of Wall Street once said, “You make your best money in a bear market; you just don't know it at the time….”

Direct Link - Fairholme Funds 2007 Annual Report. (PDF)