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Portfolio Name	Portfolio Description	Total views	Date Edited
Warren Buffett	As of 12-31-07: <b>New positions: KFT, GSK</b> Increased Positions: KFT, BNI, WFC, KMX, GSK Reduced Positions: IRM, AMP Sold Out: DJ From the Wikipedia entry on Buffett: Buffett employed a three-pronged approach: 1. Generals: undervalued securities that possess margin of safety and meet expected return-to-risk characteristics ([8]) 2. Arbitrages: company events that are not related to broader market changes, such as mergers and acquisitions, liquidation, etc. 3. Controls: build sizeable holdings, ally with other shareholders or employ proxies to effect changes in companies In 1962 Buffett Partnerships began purchasing shares of Berkshire Hathaway, a large manufacturing company in the declining textile industry that was selling below its working capital. Buffett would eventually dissolve all his partnerships to focus on running Berkshire Hathaway. At the time, Charlie Munger, Berkshire's current Vice Chairman, remarked that purchasing the company was a mistake, due to the failure of the textile industry. Berkshire, however, became one of the largest holding companies in the world, as Buffett redirected the company's excess cash to acquire private businesses and stocks of public companies. At the core of his strategy were insurance companies, due to the large cash reserves ("float") they must keep on hand to pay out future claims. Essentially, the insurer does not own the float, but may invest it and keep any proceeds. Under Munger's influence, Buffett's investment approach moved away from a strict adherence to Graham's principles, and he began to focus on high-quality businesses with enduring competitive advantages. He described such advantages as a "moat" that kept rivals at a safe distance, as opposed to commodity businesses, which sell undifferentiated products and face direct competition. A classic example of a wide-moat company is Coca-Cola, because consumers are willing to pay more for a Coke than for a generic beverage with a similar taste. On the other hand, salt is considered a commodity product because consumers generally have no preferences for one brand of salt over another. Investment in wide-moat businesses has become a hallmark of Berkshire Hathaway, particularly when buying whole companies rather than public stocks. As a result, it now owns a large number of businesses which are dominant players in their respective industries, specialize in various niche markets, or possess other unique characteristics to separate them from their competitors. From Barron's Article "Questioning the Cult of Buffet" Buffett is the greatest investor alive, but his prior successes have forced him to buy in $5 billion to $10 billion chunks to impact Berkshire's bottom line. Would a Blue Chip Stamps or a See's Candy make a bit of difference in Berkshire's portfolio today? Would it make a difference in yours? Another downside to the problem of the too-much-cash for too-few-investing-opportunities paradigm is cash intoxication, which causes management to abandon sensibility and seek positive net-present value outside of normal business activities. Buffett's recent foray into less-than-zero-sum games, such as currency and commodity speculation, suggests he's susceptible to the effect. The worst aspect of Berkshire's size and ballooning cash account is that Buffett has had to abandon the real source of his success -- concentrated contrarian investing. Buffett once said, "Wide diversification is only required when investors do not understand what they are doing." During the halcyon days of 1977-1983, when the share price soared from $100 to $1,000, Berkshire finished one year (1978) owning as few as eight publicly traded securities and never finished a year owning more than 18 (1980). Resources on Buffett: <a href="http://en.wikipedia.org/wiki/Warren_Buffett">Wikipedia entry on Buffett</a> <a href="http://www.amazon.com/Trade-Warren-Buffett-Wiley-Trading/dp/0471655848/sr=8-1/qid=1162294564/ref=pd_bbs_sr_1/102-6087477-3869705?ie=UTF8&s=books">"Trade Like Warren Buffett"</a> <img src=http://www.nti.org/images/photo_bio_buffett.jpg>	1674091	February 15, 2008
10 Short Squeezes	This portfolio consists of stocks with high short-interest ratios, or short interest relative to average trading volume. The higher a stock's short-interest ratio, the higher its share price tends to jump during a squeeze. This screen also looks for companies with high insider buying, indicating confidence in the company's stock from those closest to it. Here are 10 stocks that could get short squeezed. Note: Both PWEI (which has recently been acquired) and TELK (in which Carl Icahn recently took a 10% stake) were on the Short Squeeze list.	774788	May 14, 2007
George Soros	As of 12/31/07 filing New positions: MAPP, SVNT, ULTR, NIHD, CHL Top positions sold out: CMCO, PGIC, AMCC <img src="http://money.cnn.com/2006/01/27/news/international/pluggedin_fortune/george_soros.03.jpg"> George Soros, the founder of the Quantum Fund, is one of the most successful hedge fund investors ever. A $100,000 investment in his fund when he started in 1969 would've been worth $150mm by 1994. Soros's most famous investment was when he "broke the bank" in England by betting billions against the British pound on "Black Wednesday" in 1992. Forbes has Soros ranked at 27 in its "richest in America" list with a net worth tipping the scales at $8.5bb. Soros has always fashioned himself as more of a philosopher than an investor and that his skill as an investor is simply the successful application of his philosophy that he dubbed "Reflexivity" in his book, "The Alchemy of Finance". A recent interview of Soros can be found <a href=http://www.ft.com/cms/s/269b437c-ccca-11db-a938-000b5df10621.html>here</a>. From Wikipedia: " Reflexivity is based in three main ideas: (1) Reflexivity is best observed under special conditions where investor bias grows and spreads throughout the investment arena. Examples of factors that may give rise to this bias include (a) equity leveraging or (b) the trend following habits of speculators. (2) Reflexivity appears intermittently since it is most likely to be revealed under certain conditions; i.e., the equilibrium process's character is best considered in terms of probabilities. (3) Investors' observation of and participation in the capital markets may at times influence valuations AND fundamental conditions or outcomes." Basically, this means markets are at an equilibrium…until they aren't. And then speculation takes over and brings things to a feverish pitch that can't be stopped by rational theories of economics, throwing out the efficient market theory at this time. When Soros was betting on the pound's decline he was betting that a tipping point had been reached that had made the idea of a pound's decline irresistible to the general public, to speculators, to policy makers, etc and that nothing anybody could do could prevent it, no matter how irrational it might be. Its when he smells out this type of weakness or strength that Soros will make his biggest bets. How he "smells out weakness" though goes one step beyond philophy and into his own talent. As his own son, Jonathan Soros put it, "when my father's back hurt he knew he was in a bad trade."	601012	February 27, 2008
Carl Icahn	As of 12-31-07 filing Carl Icahn, raised in Queens, New York City, earned a reputation as a corporate raider after his hostile takeover of TWA in 1985. He was educated at Princeton University (A.B., Philosophy, 1957) and New York University School of Medicine, where he dropped out before graduation. Carl Icahn, like many others in the 1980s, made his billionaire fortune in large part because of financier Michael Milken's junk bonds. Icahn is a director of Blockbuster Inc, and the chairman of Imclone, American Real Estate Partners LP, XO Communications Inc, WestPoint Home Inc. and American Railcar. Also he is a beneficial owner of Adventrx Pharmaceuticals Inc, Hollywood Entertainment, National Energy Group Inc, Vector Group Ltd and has significant holdings in Time Warner Inc. He has casino interests in Las Vegas, Nevada, including the Stratosphere, Arizona Charlie's Boulder and Arizona Charlie's Decatur, which are operated through American Entertainment Properties, a subsidiary of Icahn's major company American Real Estate Partners. Icahn has also tried to take over Marvel Comics.	489480	February 27, 2008
T. Boone Pickens - BP Capital	As of 12-31-07 filing. New positions: CLNE Sold out of: GSF, RIG 3/1/07: At a Forbes conference in Doha, Oilman T. Boon Pickens has picked the current global oil production capacity of 85-million barrels a day as the peak of petroleum production. "The world has been looked at," Pickens told Forbes. "There's still oil to be found, but not in the quantities we've seen in the past. The big fields have been found, and the smaller fields, well, there's not enough of them to replenish the base." Pickens predicted oil prices would rise this year to an annual average of around $70 per barrel. 1/17: New interview with Pickens in the WSJ: With the declining price of oil (as of 1/17/07 oil is down 16% on the year already) Pickens was asked for his latest thoughts on oil as well as whether or not he was trimming positions). The article is titled "Energy Bull Keeps the Faith": "I've been surprised at how severe the decline was," Pickens said, "Consequently I'm not ready to give up." And he added that he still thinks oil goes back to $70. "If oil goes below $50 , the market won't let it go below $48". He added, "Do we like oil going down? No. Are we having problems at the firm? No." Pickens was up 26% in 2006, and over 100% in 2005. _______________________ The highest paid hedge fund manager of 2005, Pickens earned $1.4bb after returning about 300% for his investors during the year. Pickens is a firm believer in the "Peak Oil" theory that world oil production is about to enter a period of nonstop decline in the face of rising demand. From a recent Playboy interview (via flyonethewall.com), Pickens states: * Pickens said he does not think we will ever see $50-a-barrel oil again, and believes at some point we will see $100 oil. * He is not invested in ethanol, despite his fondness for alternative energy plays, because he does not think it can operate without being heavily subsidized. * He is invested in natural gas, which he believes is the most feasible alternative to oil. * He gave two stock picks - Suncor Energy (SU) and Canadian Oil Sands Trust (Toronto: COS.UN) - both of which he is heavily invested in. * He discussed his investment in water, and although he said it was a worthwhile long-term investment, he clarified that he does not see water as the next oil, as water is a renewable resource and oil is not.	478470	February 27, 2008
Mad Money Buybacks	In Jim Cramer's book, "Mad Money" he describes his technique for buying stocks that have maxxed out their stock buyback plans. <b>This portfolio identifies the companies with large share repurchase plans that have repurchased at least 5% or more of its outstanding shares for the trailing 12 months.</b>	297793	March 12, 2007
Chinese Rocket Stocks	I focused on stocks that have: - Great balance sheets. I want to see a lot of cash and no debt - Good growth prospects. Ideally 50% anticipated growth or more - Potential for a short squeeze. When the shortsellers run for cover, good things can happen. - A lot multiple over cash flows, relative to growth.	292306	July 03, 2007
High Yield Warren Buffett Stocks	The top 10 yielding stocks in the Berkshire Hathaway portfolio.	280040	December 18, 2007
Mohnish Pabrai	As of 12-31-07 filing. New positions: SHLD Sold out of: HNR, USAP, SGU, CCRT, BRK-A, FFH Monish Pabrai is a deep value investor noted for the similarity of his approach to that of his mentor Warren Buffet and his superior returns. Pabrai manages over $300 Million in his Pabrai Fund and according to his latest marketing documents has returned an annualized 26.2% since inception in 1999. His funds are structured similar to that of the original Warren Buffet Hedge Fund, in that he does not charge any fee for the first 6% in returns in any given year and then charges a 25% incentive fee on anything above 6%. Pabrai was interviewed in the April 5, 2006 issue of Barron’s and in it he described how he looks for “hated, distressed, thrown away businesses that are mispriced,” with an average market cap of around $500 Million. Not making big bets on large cap stocks is one of the few places where Pabrai differs from Buffet. Pabrai goes on to say how he tries to minimize the volatility in his returns by investing in only one stock per industry and trying to minimizes the correlation between any of his positions. Pabrai was also profiled in the June 7, 2004 issue of Forbes in an article titled “The Buffetteers” This article goes into more detail on Pabrai’s similarities to Buffet, such as not buying any Wall Street research and working mostly alone, to some of their differences, such as Pabrai’s hesitations with the property and casualty insurance business. Pabrai works out of his home in California, and in 2004 published a book titled Mosaic: Perspectives on Investing. An interview with Pabrai can also be found in the book, <a href="http://www.amazon.com/Trade-Warren-Buffett-Wiley-Trading/dp/0471655848/sr=1-1/qid=1167193101/ref=pd_bbs_sr_1/102-8958450-9829706?ie=UTF8&s=books">Trade Like Warren Buffett</a> by James Altucher.	263804	April 20, 2008
Renaissance Technologies	As of 12-31-07 filing. Renaissance Technologies is a NY-based hedge fund started by Jim Simons in 1982. Its $5 billion Medallion Fund has averaged 38% annual returns, after fees, since 1989, and is considered in the industry to be the most successful hedge fund, yielding returns ten percentage points higher than legendary investors Bruce Kovner, George Soros, or Paul Tudor Jones. Because it is so successful, it charges a 5% management fee and a 44% incentive fee. Simons only hires PhDs and the fund mainly employs computer based models to predict price changes in easily-traded financial instruments. The fund is highly secretive and we are putting in some of their top holdings and some of their more speculative holdings.	249447	April 01, 2008
Prince Al-Waleed	Prince Al-Waleed Bin Talal is a member of the Saudi Royal Family known for his international investments and multi-billion dollar business transactions. He started in the business world by brokering deals with foreign firms who wanted access to the Kingdom, moved on to large land and construction projects and eventually settled with making equity and real estate purchases throughout the world. He came to prominence in the early 1990s by making a substantial investment in <a href=http://www.stockpickr.com/symbol/c/>Citicorp</a> when that firms share where trading at a deep discount due to financial difficulties. Since then, he has gone on to purchase substantial stakes in many public companies throughout the world. Forbes ranks Al-Waleed as the 8th wealthiest person in the world, giving him a 2006 estimated net worth of $20 Billion. He makes his investments through his <a href=http://www.kingdom.net/>Kingdom Holding Company</a> whose website does not hesitate to tout its own success: "As Chairman of KHC, Prince Alwaleed leads a multidisciplinary team of no more than 20 professionals. Together, they operate 24 hours a day overseeing KHC’s growing global portfolio with a success rate which has become legendary. Indeed, on their way to building the biggest and certainly most diverse business group outside the United States, the KHC team has handsomely beat the index with bold concentrated bets, an uncanny eye for future potential, and a track record which has earned Prince Alwaleed the name "The Midas Prince.""	157186	January 24, 2008
Atticus Capital	As of 12-31-07 filing. New positions: BIDU, RIMM, XLE, AA Atticus Capital, LLC, is a leading investment management firm, with US$13 billion of assets under management. Founded by Timothy Barakett in 1995, the firm is headquartered in New York with an office in London. Atticus invests in global securities markets on behalf of major institutions, endowments, pension funds, and private investors. Timothy Barakett, Chairman and CEO, and David Slager, Senior Managing Director, lead the firm's portfolio management team. Nathaniel Rothschild is a non-executive Vice Chairman of the firm. According to the International Herald Tribune, at the end of November 2006 the fund had posted a gain of 32.2 % for the year, mostly by taking big concentrated positions in certain stocks. One example is Phelps Dodge, which at one pt the company at a 9.9% ownership of. When Freeport McMoRan announced its intention to buy PD outright, the Fund made $500 Million overnight. The Atticus funds were up a combined45% in 2005. Timothy Barreker was #14 in DailyII.com's list of top-paid hedge fund managers. Here's his description from the list: "Timothy Barakett, Atticus Capital, $200 million For an activist investor, Timothy Barakett kept a low profile after launching Atticus Capital in 1995, at age 26. That changed last year when Atticus and the Children’s Investment Fund U.K., a London hedge fund, teamed up to block Deutsche Bšrse’s $2.5 billion bid for the London Stock Exchange. They proposed instead that the German market issue a special dividend or buy back shares. Six months later Deutsche Bšrse’s CEO, Werner Seifert, quit, and the LSE has become the object of ardent courtship by both the Nasdaq Stock Market and the New York Stock Exchange. Then the battle-hardened Atticus turned on another exchange. Earlier this year the New York firm and accounts it advises amassed a 9.1 percent stake in Euronext and urged that the Paris-based electronic exchange combine with Deutsche Bšrse. In February, Barakett, who makes his debut on our list of top money earners tied for No. 14, fired off a letter to Arcelor CEO Guy DollŽ expressing his extreme disappointment that the Luxembourg-based steelmaker, in which Atticus has a 1.3 percent stake, wasn’t paying more attention to a tender offer from Mittal Steel Co., also based in Luxembourg. Barakett, who holds a BA in economics from Harvard University and an MBA from the Harvard Business School, does not make his rather handsome living just from badgering CEOs. His Atticus Global fund was up a net 22 percent in 2005, and his Atticus European fund — managed by David Slager, who is tied for No. 20 — surged 62 percent. On a capital-weighted basis, Atticus’s funds were up 45 percent, on average. Little surprise, then, that the firm’s assets more than doubled in 2005, to $9.2 billion. That must please Barakett, but it is also gratifying to Atticus vice chairman Nathaniel Rothschild, son of Lord Jacob Rothschild. The younger Rothschild earned about $80 million last year, falling short of the cutoff for our list."	144949	February 28, 2008
SAC Capital	As of 12-31-07 filing <b>New positions: CVI, AGO, CJA Sold out of: YUM, ARRY, DSX</b> SAC Capital Partners is a $12 billion dollar group of hedge funds founded by Steven A. Cohen in 1992. While SAC closely guards its returns, published reports and people who have seen the fund's letters to its investors say that SAC had a gross return, before its fees, of at least 40 percent in every year since inception, making it astoundingly successful. While most hedge funds charge a fee of 20% to 30% percent of the annual returns, SAC keeps 50% percent. According to Traders Monthly magazine, "Stevie" Cohen, was the second-highest paid hedge fund manager in the U.S in 2005, personally earning in excess of $1 billion. Cohen is regarded by many as the best stock trader ever. His fund contains approximately $3bb of his own money. While he is known primarily as a short-term trader, in recent years he's been taking longer-term positions. Here are some of his main holdings.	140265	April 13, 2008
Edward Lampert	Edward Lampert is the founder, chairman, and CEO of ESL Investments, a $10 billion dollar investment fund which has reportedly returned close to 30% annually since inception. Many consider “Eddie” to be the next Warren Buffett. He is well known recently for taking over Sears Holdings Corporation of which he is now Chairman. After leaving Yale University, he worked at Goldman Sachs in the firm's risk arbitrage department from March 1985 to February 1988. <img src=http://money.cnn.com/2004/11/17/news/fortune500/sears_kmart_investors/lampert_businessweek.jpg> He left the bank to form ESL Investments, based in Greenwich, Connecticut, in April 1988. Mr. Lampert's investment style can best be described as "concentrated value", often focusing on the retail sector. He has, in large part, been credited for forming and merging Kmart and Sears into Sears Holdings. The highly secretive and brilliant, detail-oriented investor is worth billions, making him one of the wealthiest and most successful hedge fund investors. New Positions: HD, CCU Top Increased Positions: C As of 9/30/07	133827	November 28, 2007
Carlos Slim Helu	The second richest man in the world according to Forbes with a net worth of $53bb. <img src=http://images.forbes.com/media/lists/10/2006/WYDJ.jpg> Jim Cramer said in April 2007 that "If you want to piggyback off a winner, Carlos Slim Helu is your guy."	123427	April 08, 2008
Seth Klarman - Baupost Group	As of 12-31-07 filing Seth Klarman is a well known value investor who has run The Baupost Group since the early 1980s. The Baupost Group manages around $5 billion and has posted stellar annualized returns of nearly 20% per year since inception. New positions: LINE, APL, HEK, TOH, NAQ, TCW, PAX, EPE, AHD, AOI, BBEP Sold out of: BR, GLG, GAV, PRTS, III, HTX In the plast, Klarman has been quoted as saying “The Baupost Group seeks situations triggered by urgent, panicked, or mindless selling.” Klarman also tends to emphasize the importance of risk management in value investing, and as a result will often times opt for doing nothing as opposed to putting his clients capital at risk. Klarman started Baupost shortly after receiving his MBA from Harvard in 1982 with $27 Million in investments from wealthy families. According to a BusinessWeek profile of him in August of 2006, since then Klarman has returned 6,133% net of fees. In 1991 he published a book titled “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.” Long out of print, the book now sells for anywhere from $700 to $1200 on Amazon and Ebay, and has a dedicated following among value investors and business school students alike. On the concept of <a href=http://en.wikipedia.org/wiki/Margin_of_safety>Margin of Safety</a>.	119674	March 02, 2008
Favorite S&P Dividend Aristocrats	Standard and Poor’s has an index titled the S&P 500 Dividend Aristocrats, and it consists of the members of the S&P 500 Index which have consistently increased their dividend for the past 25 years. The index is weighted equally and rebalanced every December (or if a member company is removed from the S&P 500 during the calendar year). In its recent newsletter The Outlook S&P recently provided a list of the 23 Aristocrats they like the most. This is a portfolio of their favorites. For more information, see <a href=http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_dai/2,3,2,2,0,0,0,0,0,1,1,0,0,0,0,0.html>the S&P website</a>.	117973	January 02, 2007
Cascade Investments	Cascade Investments is Bill Gates' investment vehicle. New positions: FMX, KOF As of 12-31-07 filing.	109966	April 30, 2008
Top 10 Yielding Tech Stocks	The top yielding tech stocks. Also filtered out guys that were not consistent in paying dividends.	107095	December 23, 2006
Takeover Targets	This portfolio consists of 10 stocks that are potential takeover targets. The companies are profitable, trade for less than 5x cash flow and have minimal debt compared to the total capitalization of the company. They also all have long term EPS growth rates of greater than 15%.	106330	August 07, 2007