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| BUY | | Brookfield Asset Management Inc. | BAM-N | 26.880 | The recent weakness is a buying opportunity. Wonderfully managed. Well financed. Selling at a substantial discount from ascertainable net asset value. | 2008-09-16 | |
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| HOLD | | Radian Group Inc | RDN-N | 4.170 | Management believes a Financial Guaranty subsidiary is going to give them all the capital they need. Thinks it is the diciest security in his portfolio. Has a BV of $30. He's going to ride with them. | 2008-09-16 | |
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| Comment | | Microsoft | MSFT-Q | 25.990 | Cash is well in excess of all book liabilities. He likes to get in at 10x peak earnings or less. | 2008-09-16 | |
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| TOP PICK | | Henderson Land | 12 HK | 0.000 | (Henderson Land on the Hong Kong exchange.) Construction and project development. 2.75% dividend. | 2008-09-16 | |
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| TOP PICK | | Toyota Industries | 6201 JP | 0.000 | (Toyota Industries on the Japanese exchange.) Toyota Motor (TM-N) owns 24%. Has a portfolio of marketable securities, mostly a 6% holding in Toyota motors. The market value of that securities portfolio exceeds the market value of Toyota Industries stock. | 2008-09-16 | |
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| TOP PICK | | Forest City Enterprises Inc. | FCE.A-N | 30.120 | Probably the leading real estate developer in the US. Office buildings, malls, apartment buildings, multiuse projects, etc. A huge pipeline of projects that seem likely to assure that it is going to meet the 10% Bogey(?). | 2008-09-16 | |
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