Deep Thoughts

The inimitable Ben N. Dover III strikes again, providing lucid insight to the Securities And Exchange Commission.

Bill Gross, fresh from swimming in the nickel and dime pool, and purchasing another zillion in MBS, shares some insight. Amusingly, PIMCO is now on Facebook and Twitter, with a new friendlier, jollier, less taxpayer-crippling and hyperinflation inducing face.

The man behind the Oak demonstrates that even despite his sage investor advice, he is also mortal.

Trading commenced last week with the S&P 500 registering a new 12 ½ year closing low on Monday. That low was followed by four consecutive positive sessions that comprised an 11.8% gain. The upside momentum was fueled by an assortment of better than expected (although weak) economic data, bank CEOs emerging from hiding to talk up their operating businesses and finally, government jawboning regarding relief for issues on which vanilla investors place high value.

Optimistic visions from the Pequot man.

Unlike the previous letter, this one actually is worth your time. Kyle Bass, the one man Spartan who took on the Xerxian hordes of sub-prime with his Hayman Capital (which has returned 6% in 2008, 9% in 2009 and is up 340% since inception), and won, shares some very valuable insight. Must Read.

Follows the speech that Vik gave yesterday in the London School of Economics. We post this before an in-depth reading, but at first blush is there a hint in there that Vik wants the elimination of mark-to-market?

An amusing snipped from the speech about Citi's purported invaluable role in the current world, aside from having its shares belonging in 99 cent stores.

From the pen of Oaktree's own intellectual Golliath. Highly recommended (here if Scribd does not work)

Thanks to an intrepid reader who pointed out Seth Klarman's must-read 1991 book "Margin of Safety" is easily accessible on the internet, we are presenting the link to where it can be found on rapidshare.

Letter to investors attached below, mostly as pertains to SHLD. We are going through this now, but at first read some very odd and disjointed ramblings...Eddie sure ain't no Howard Marks

Aka Bob's World... Bob is Chief Credit Strategist at RBS and has been right about everything we are experiencing long before Taleb and Roubini. The attached reading is a must-read for anyone who (mis) manages assets and definitely for our elected officials. Better than any hedge fund letter any day of the week.

Bob's World - Free Legal Forms

The titan of Baupost shares some valuable insight. Courtesy of Value Investor Insight (hat tip trader god McFadzen)

Klarman - Free Legal Forms