TMac

In Memory of Greg Newton

Our thoughts go out Greg's family and friends. It was always a pleasure to read his musings. May the blessings be with him.

After Goldman's (GS) recent rally, Warren Buffett is almost in the money on the $5B of warrants he picked up in October. The warrants can be exercised for $115/share - Goldman is up 0.4% to $112.41.

As always...I'm waiting for those who said Warren had lost his touch, marbles etc. to write an article explaing why they are still committed to such a thesis.

Video: Jim Cramer responds to Jon Stewart. (previously I, II)

I'm not who is the comedian he's talking about -- him or Stewart. Or it might be more appropriate to say this is a fight between a comedian and a clown.

PennyMac, Mortgage-Servicing Hero

Felix:

This a great article describing the mechanics of PennyMac's operations. Unfortunately, most people see this from a different perspective -- Countrywide execs create and market atrocious lending products, homeowners buy products and default, US government steps in with bailout, former Countrywide execs clean up with assistance from US taxpayers. I think your dead on to say "It's exactly the kind of company this country needs more of right now.". Just maybe it shouldn't be run by former Countrywide execs.

Bill Miller - the Legg Mason (LM) money manager whose two funds have each lost more than 50% this year - has been asked to help run a third fund as the firm tries to halt record outflows. WTF?

WTF indeed.

Second-Guessing Buffett's November Bottom Call

I'm not sure the writer had even a basic grasp of Mr. Buffett's thesis. I suggest he go back and refresh his memory of the article.