Michael Demaray

Hedge Fund Tracking: Tilson's T2 Partners, Q3 2008

For some reason the positions T2 reports to the SEC are not necessarily those of their hedge fund. It could be their mutual fund holdings. I know this because I asked them about their view on one of the holdings you listed above and they told me they didn't own it -- they said it might be owned by Zeke Ashton in their mutual fund. Just FYI....

Breaking the Back of Buffett

Is it just me or does no one understand that these are European exercise puts with 10-15 year expirys that require no collateral posting? So basically you're going to short Berkshire because they hold a security that requires no actual cash transaction for 10-15 years? Good luck.

Quitting the Hedge Fund Game - Mark Sellers

Hey guys -- why don't you quit the speculation and hear from the man himself. Sellers posted a response to last weekend's Wall Street Journal article in the "comments" section of the article at WSJ.com. He had no redemptions, but did the lock-up as a preemptive measure.

2008 Wesco Shareholder Meeting: Detailed Notes

Shai -- I was in Omaha but unfortunately didn't get to meet you. Thanks for putting together these detailed notes. They're great.