Document Mentions (4 shared documents)

EFTA00203681

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914 Leant, 561.60-4666 PO/PU 2:40 0.44 0.40 0.40 12i sins IS 03.11 11,1 isttely 541-945-4949 PPIPJ 1:40 0.40 0.40 0.40 In Sep IS 01.19 GM V PALI NILPL. 561-343-4763 PP/PO 1.44 0.40 0.to 4.00 130 dap 13 03:44 141 V Pala 04-14.1,1. 361.303-U94 49/3U 3:00 0.40 0.00 0.00 131 S

bor 10. 2004 C (561) 662.6688 continued... Telecommunications Services Call Detail (561) 662-6688 so. Long Mame Total Nem I Date Tens CSI To Munger 904311101* lean Usage 0111W Chomps 1723 Oct “ 01.15 AM 1G PAU4 AN .14.. 565.44.7221 PP 240 0.40 0.00 1724 Oct OS 0100 AM 3.3.44.2 291.7

EFTA00300965

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tual car, you have to remember that the average selling price is nearly 5x an average car. You aren't paying the Ferrari labor force 5x what the GM labor force is being paid. We expect that there is leverage on labor. I think there has been limited disclosure on this because the options pack

4x earnings, people are questioning its terminal value. : That brings up maybe an interesting point. Many investors who have studied Buffett and Munger have developed an appreciation for quality which means these companies tend to trade at (Continued on page 22) EFTA00300985 Page 22 Alex Maga

EFTA00300912

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unmitigated disaster. New York Central was in trouble anyway. it's not like their problems were caused by activism. You can maybe even say the GM one, because Ross Perot didn't really get what he wanted. He got a lot of money. but he didn't change the company. JG: You have to wonder what

r influences on you and developing your style of investing? JG: Definitely my boss Greg Shrock. He gave me all of the Berkshire letters and the Munger speeches and that kind of stuff. Also, Bruce Greenwald's Economics of Strategic Behavior class. It really helped me understand competitive advan