I studied the annual vs Q3 2008
The big incremental commtitment of cash has gone to:
Franklin Resources: New
Golman Sachs: New
Leucadia: Adding to position
Schinder: Adding
Nestle: Adding
Chesapeake: Added
Anglo America: added
Bershire: added

Thre are some smaller adds and a few other new positions liker Pernod. It looks like they trimmed a little big of Japan Tobaco and Reynolds, but bought BAT to offset that, raising the overall tobacco position net net.

They haven't added or sold WYNN, which has been good, but one would ask if liked at $100 must love at $20.

I really like the portfolio. Wished:
1) fee lower. PLEASE!!!
2) distressed debt please
3) nothing to short?