Hottest Links for July 29th, 2013 the AM edition (see Sunday’s hottest links here). Top stories include; the strange case of a publicly food traded grilled cheese truck (it gets weirder), take a walk inside the bitcoin cult; notes from the last meeting for Leucadia meeting for shareholders; something you may have missed amid the whole SAC Capital insider trading non stop news; NY Fed on shadow banking; Seth Klarman is very worried; Mike Mayo on the only two types of banks; how to avoid $1 million schemes from rich Canadian businessmen; the next Fairfax Financial Holdings Ltd (TSE:FFH)? and more.

Hottest Links

Hottest Links: Stories

Food truck (stock) offerings little cheesy

Roddy Boyd is at it again. This time the story is even more exciting (if you have not seen his fantastic piece on the Davian Fund check it out here). The story involves a reverse merger, a veteran penny stock pump and dump promoter,  and their new company which sees grilled cheese. [Roddy Boyd, New York Post]

Leucadia National Annual Meeting 2013

Brooklyn Investor has some great notes on the Leucadia National Corp. (NYSE:LUK) shareholder meeting. This will be their last one so make sure to check it out. To see Ian Cummings last letter to shareholders click here.

Boyles Asset Management – Q2 2013 Letter Excerpt

Boyles Asset Management is out with their Q2 letter. Check out a small excerpt on a lesson learned after investing in small cap London based company. [Joe Koster, Valueinvestingworld]

I walked into a bar and watched as people swapped thousands of dollars for bitcoins Ever wonder what goes inside secret meetings of bitcoin cult members? Well MarketWatch infiltrated a bitcoin bar and has the inside scoop on the world of Mises meeting Max Keiser. [Saumya Vaishampayan, Market Watch]

Three Things I Think I Think
SAC Capital has been in the media all week, but one thing seemed lacking, surprise. We should all be shocked that one of the largest and most successful hedge funds is now accused of massive insider trading. That and some other thoughts from the great… [Cullen Roche, Prag Cap]

Pension Plan in Valuation

Innophos Holdings, Inc. (NASDAQ:IPHS)  is a Canadian company which has a massively overfunded defined benefit plan. Should this be counted as cash and used when calculating enterprise value? See the debate on the topic here. [Corner of Berkshire & Fairfax]

E-L Financial Corp. Ltd.

E-L Financial Corporation Limited (TSE:ELF) is it the next Fairfax Financial Holdings Ltd (TSE:FFH)? The company is tiny, has almost no coverage, is reclusive in nature, and some investors think it reminds them of a company which Prem Watsa started many years ago. [Corner of Berkshire & Fairfax]

Samsung has not dethroned Apple in mobile profits

Apple Inc. (NASDAQ:AAPL) investors can calm down. Not only is the story about Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) paying a $1 billion fine in nickels false, but the Korean giant has NOT dethroned Apple as the king of profits. This misleading headline had geeks living in their parents basement across the world in near panic mode. [Apple Insider]

An Hour with Mike Mayo

Mike Mayo discusses how to evaluate banks in part II of his interview with the CFA Institute. Mayo has some comments on his book Exile on Wall Street and describes how to tell the difference between the very two different types of banks. [William Ortel, CFA Institute]

Why small caps?

He killed it on Japanese net nets after a long and patient wait. Now Nate explains why it is almost impossible to beat the market in large caps,  but small caps is a different ball game. Additionally, even in large caps the market sometimes over-reacts and you can get an edge over thousands of ‘pros’. [Nate Tobik, odd ball stocks]

Investing for beginners: Risk versus reward

A great article for value investors newbies on risk and reward. More risk does not equal more reward and vice versa. Could it be that for newbies (and advanced investors) cash is the ONLY safe asset out there?  [The Investor, Monevator]

This Scumbag Tried to Steal a Million Dollars From Us and We Wished Him Well!

One of Canada’s ‘most successful’ businessmen tried very hard to get a loan for $1 million in a somewhat sophisticated scheme. Look how he attempted to do it and how the careful would be scammed avoided losing a fortune of money. [Chris, Eapitalist Exploits]

The Full Layout Of Modern Shadow Banking

A visual look at shadow banking system. Although you might think this contains some hyperbole based on the site listed below, the charts actually comes from the New York Fed. Check it out [Tyler Durden, Zero Hedge]

Klarman: Economy ‘House of Cards’, ‘Will Eventually Implode’

In case you missed it… Seth Klarman gave a private speech to business leaders in June. Some have called it the best speech the head of Baupost Group has ever given. If you want to check it out we have some good coverage, also ZeroHedge has some further notes on Seth Klarman’s speech

Yandex Co-Founder Segalovich Dies After Life Support Cut Off

The founder of popular search giant Yandex NV (NASDAQ:YNDX) has suddenly died. The doctors turned off his life support on orders of dictator Vladimir Putin. More details on the death here [Yuliya Fedorinova & Ilya Khrennikov, Bloomberg]

Not The Onion

A man got a computer ‘FBI virus’ on his computer and went to file a complaint with the police. Turns out the FBI did not send him a virus, but he was arrested for some other crimes, which showed up after a quick search by the police. [Inside Nova]