The Benjamin Franklin Compendium (3 BOOKS IN ONE!)

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By Iohn Wheeler, Secretarie to the said Societie. Printed at London by Iohn Harison. A good, crisp, copy rebound in the late 20th century in maroon half morocco with raised bands and gilt lettering. Authors Theodore Van Thulden engraver. Description 8vo. Cole in Vol. II lightly embrowned, a few scattered spots in Vol. London: Printed for Ch. Rivington, J. Lacy, and J.

Woodward, [ or ]. Publication place: China. Date of publication: Circa s — 30s. Date of theft: 18 May Authors Gracius J. Description Volume 2 of 3. Date of publication: - Date of theft: 2 May And translated into English by T. Lacking last, blank, leaf. Decorated with woodcut engraved ornamental title page and engraved head and tailpieces. Tiny 3mm deep chip to the fore edge of the title page and the first few leaves are just a little browned but overall a lovely clean and crisp copy with good margins.

Finely bound in recent 'Grolier' period style full calf binding. Spine with five raised bands. Compartments ruled, lettered and fully decorated in gilt. Burgundy title label, gilt. Triple blind ruled border on boards, surrounding a triple blind ruled panel which frames an elaborate decorative onlay and gilt design. A lovely copy in a fine period style binding of this rare work. Publisher Printed by T. Authors Lawrence Durrell. Description 1st edition. Information from the owner as follows: With a firm black binding. The front binding had come apart from the book.

Unfortunately I do not have a photo of this inscr iption and I think it was a little longer. The lady it was given to had a double barrelled name. Published 10 Jan. Authors Wien, Heim. Wien, Heim, Mit zahlreichen Textillustrationen und Buchschmuck im Wiener Jugendstil, dazu ca. Beilagen, sonst gut erhalten. Publication place: Wien. Date of publication: , , , Published 27 Nov. Authors Urkunde zum Konstanzer Konzil, Published 12 Oct. Description In de pp. Publication place: Londres, [Paris, Cazin]. Published 14 Aug. Authors Austen, Jane. Description First edition. Three volumes. Beautifully bound to style by Aquarius of London.

Full speckled calf, double ruled in gilt to the upper and lower boards. Five raised bands, elaborate gilt decorated compartments, title and volume numbers in gilt to red and green morocco labels to the spine. Plain endpapers, gilt inner dentelles. Original half title present to volume three.

Faded ownership name to the top edge of title page of volume II and the occasional short closed tear and finger mark throughout. A very attractive example. Publisher London: John Murray. Format: Hardcover, three volumes. Date of theft: c. Description Two volumes in one, small octavo, pp. First title-page a little dusty and with two early signatures, light marginal water stain on a few leaves in the second work.

Publication place: Amsterdam. Format: x mm. Description This is the earliest edition of the most famous and influential vampire tale of all. Stoker was inspired by the folklore of his native Ireland and by the Gothic novels of his countryman Sheridan Le Fanu. As DNB observes, the "complex and highly symbolic" plot here "illustrated [the author's] fears about a world approaching a new century, about the unspeakable things which could happen to ordinary people, and about male insecurity and the dangers of subservience to another person.

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This is not an especially rare book, but it is not common to find a well-preserved copy, and our appealing morocco binding provides a welcome alternative to the publisher's yellow cloth, which invariably shows up very soiled. Publication place: Westminster. Publisher Archibald Constable and Company. Description Revised and recommended by Mr. Henry Howard Pleasing recent retrospective chestnut-colored calf, covers with central frame formed by multiple blind and decorative rules, fleuron cornerpieces, raised bands, maroon morocco label.

Printer's woodcut rose device on title page. Bitting, p. Title page a little soiled, very faint dampstain to tail margin of first half of text, occasional mi nor marginal stains, smudges, or corner creases, other trivial imperfections, but AN EXCELLENT COPY of a book difficult to find in pleasing condition, the text generally clean and fresh with especially ample margins, and in an unworn sympathetic binding. Publisher Printed for Thomas Astley. Published 14 Dec. Publisher Firmin Didot.

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Publisher Imprimerie Nouvelle. Recensuit Sapiens ab A ad Z. Authors Erasmus, Desiderius [d. Description In later tan calf binding with attractive floriate borders and panel decoration blind-stamped on boards. More recently rebacked with four raised bands on spine and blind-stamped decoration in the compartments; burgundy lettering-piece with author and title gilt.

All edges washed red. Includes index. Printed in black letter with attractive woodcut initials. Occasional manuscript marginalia. Paper fault at foredge of t4 affecting one or two letters in the marginal note. Repair to top foredge corner of v7. Brown marks in foredge margin of x A few leaves close-trimmed at foredge, touching marginal notes in places.

Minor light damp-marking and some marks of use. Crisp, clean and tight. A very good example of this rare book, the text of which is now complete. STC 2nd ed. Publisher Richard Grafton. First edition: no. Authors Herodotus. Description Bound in vellum. Approx 5" x 3.


Title spine reads: 'Herodoto Alicarnaseo Tradot', with '' at the bottom. Date of theft: 14th September Authors Heaney Seamus. Description paperback, signed by Heaney on the title page. Authors Heaney Samus. Description signed by Heaney on the title page. Authors Appolinaire Guillaume. Description translated by Samuel Beckett, published by the Dolmen Press, in an edition numbered and signed by Samuel Beckett, with a short haiku by Alan Ginsberg written on the front endpaper, and signed by Ginsberg; in navy blue boards in a blue slipcase, about 10 inches high.

Authors Kinsella Thomas. Description 2 small volumes of printed correspondence, in plain red covers, between designer Bruce Rogers and T. Lawrence, concerning Rogers's design and typesetting of Lawrence's translation of the Odyssey, privately printed by Rogers. Authors Robert Jones. Description Contemporary half calf with marbled covers, spine with 5 raised bands and gilt-lettered red morocco label.

Illustrated with 5 folding engraved plates. Extremely rare first edition from of one of the earliest English works dealing with recreational fireworks. Publisher Printed for the author; and sold by J. Date of theft: Between and Description Contemporary full calf. Marbled endpapers and edges. Gilt-decorated board edges. Illustrated with 7 folding copper-engraved plates and 1 folding table. Rare early French work on a wide range of recreational fireworks.

Publisher L. Authors Herman Melville. Description First English Edition. Spine a little sunned and gilt lettering dull, otherwise flawless: an exceptional copy. Recently respined and recornered, possibly in panelled calf. Publisher Printed by William Hall. Date of theft: 12 mars Authors Blaeu etc. Description - "Comitatus Hollandia", Blaeu, ref. Authors Thomas Paine. Two works in one volume.

Philadelphia, printed; London, re-printed [and] Paris: J. First editions see below for details. Two works bound in one volume. Quarter bound in early 20th Century parchment and cloth over boards, lettered on the spine in gilt. Modest soiling to the parchment, internally crisp and near fine. A plaque in the street where he lived in Paris notes that Paine was an "Englishman by birth, American by adoption, and French by decree.

Publisher J. Authors Uzanne Octave. Celui-ci, l'un des 15 sur Chine, est l'exemplaire personnel de l'auteur. L'exemplaire est en outre enrichi d'une eau-forte originale de F. Exempt de rousseurs, ce qui est rare sur un tel papier. Provenance : Octave Uzanne ex-libris multiples et vente , Isidoro Fernandez ex-libris. Publisher Edouard Rouveyre. Authors J. Date of theft: May Ist edition untrimmed in original boards, new spine and label.

Reinforced at the inner hinges but sympathetically done. Ownership possibly initially Anthony Eyre of The Grove with his bookplate. In he purchased the manor and estate of Grove in Nottinghamshire, adjacent to his other properties at Rampton, Treswell and Headon, from Mr William Levinz. He undertook alterations to Grove Hall and made it his principal residence. Authorship written in pen on title page.

Whateley wrote this book while living in the Mansion House in Nonsuch Park. Close on the heels of George Mason's Essay on Design in Gardening, Whateley's Observations provide the most comprehensive work on the theory and practice of English landscape gardening in the naturalistic taste before Horace Walpole's brief Essay on Modern Gardening Further it includes descriptions of key landscape gardens of the day that are hailed for the exactness. Publisher T Payne. Date of theft: on or around 18th November Description 8vo, xxxi, pp. The first collected edition of Repton's writings, edited by John Claudius Loudon, with his customary attention to detail, and practicability.

Publisher printed for the authors. Authors Hesse Hermann. Description Limited and signed edition, of , signed by Hesse with H Hesse. Publisher Rascher. Date of theft: end of Sept Description Contemporary printed illustrated wrappers. First and unique edition of one of the most remarkable early 20th century illustrated books.

This very rare work, entirely engraved, is illustrated with 13 full-page woodcuts in colour one folding. Printed in copies, all on China paper. Publisher SIC. Authors Picasso. Description Original zincography in 3 colors. Signed with red crayon. Publisher Galerie Matarasso. Date of theft: 24 September Description Original lithograph in 4 colors. Description Original color linocut. Date of publication: July Description Original color lithograph.

Publisher Mourlot. Description Black and white lithograph. Publisher Sala Gaspar Dibujos de Picasso. Date of publication: January - February Publisher Galerie Madoura. Newly amended and augmented, both in French and English, for the helpe of such young students as are desirous to attaine to the knowledge of the same. English in Black letter, French in Roman letter. Small typographical ornament on t-p, engraved bookplate of Edward Jackson Baron, on pastedown. Light age yellowing, small closed tear at gutter of title, title and verso of last a bit dusty. A very good copy, crisp and clean, in contemporary limp vellum, remains of ties.

Roman and Italic letter. Woodcut printer's device on title, another on verso of last, woodcut initials, historiated woodcut tailpiece, typographical ornaments, 28 small woodcut illustrations in text, 19 full page maps, one folding. Age yellowing, t-p slightly dusty, two small tears in lower margin just touching imprint with no loss, some marginal soiling in places, the odd ink splash or mark, outer upper corner torn to map of Tunis with minor loss, tiny single worm hole in first four quires.

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A good copy in modern limp vellum antique, yapp edges remains of ties, spine with morocco label gilt. Black letter. Title within woodcut frame, flanked by Moses with the two Tablets of the Law, and King David McKerrow and Ferguson , 7 half-page woodcut illustrations, including of the 'Riche Mines of Potossi', local animals, construction work for a new city, and a horned man two repeated , woodcut initials throughout.

Blank fore-edge of A3 restored, one leaf holed at gutter with loss of a few letters, general age-yellowing, a few leaves lightly browned, some running titles and outer edges a little shaved. A good copy in blind tooled diced Russia c, covers with gilt lozenge, neatly rebacked, a. Contemporary marginalia, ex-libris of Boies Penrose on fly, gilt leather ex-libris of Rt. Thomas Grenville on upper pastedown, 17thC shelfmark in blank upper portion of title. Publisher Richard Ihones. Description 8vo, pp. Neat Roman letter, little Greek, large woodcut initials.

Original paperflaw affecting one letter on p. Very crisp copy in English contemporary calf, blind-tooled boards, double-panelled, fleuron in central frame and fleur-de-lis ornaments to corners, red morocco label, slightly worn, minor losses on the edges, repair to head and foot of the spine, front joint and spine a bit cracked. Endpapers from a contemporary English-Latin Black Letter dictionary.

Modern book plate on front pastedown and of the great Bridgewater Library on title verso, early shelf marks on title. Publisher Jean Frellon. Carlo IX. Henrico III. Authors Davila, H. Publisher "nella Stamperia reale". Authors Arminius Wesley Bill. Description The cover reads "Personal history during the Civil War. Three years and ten months. Date of publication: Sep. Date of theft: between mid-April and June 6, Translated out of French into English.

Description 8vo x mm. London: printed by J. Downing; and sold by the booksellers of London and Westminster, Publisher Printed by J. Period style half calf over marbled boards, title page a little dusty, untrimmed. London, M. Publisher M. Description "Second English" edition, [actually the third] corrected and enlarged with two Additional Relations, viz. Small 4to. Contemporary speckled calf, re-backed, plum coloured label to spine. Publisher Crooke. Description 8vo; 18th-century full vellum over boards, spine with label and gilt title; [i. With four full-page chiromantic hands and several zodiacal and planetary illustrations in the text.

Some light browning, but a very good copy. All the most famous subsequent authors on the subjects are somehow indebted to Tiberti cf. Sabbatini, Bio-bibliografia chiromantica, Reggio Emilia, , pp. The original dedication by Tiberti to Ottavio Ubaldino, earl of Mercatello, is followed by a new dedication addressed by the editor Johannes Dryander to the Mainz nobleman Johann Furderer de Richtenfels.

The text of the two Mainz editions differs significantly from that of the first Bologna edition, a thing that can only be explained by the fact that Dryander had not access to the first edition or to the manuscript used as a basis for the first edition; he probably had at hand only a defective manuscript and on several occasions he had to intervene to complete the incomplete text.

Tiberti defends palmistry and tries to prove it as a science. In the arrangement of the seven planets on the lines of the palm, he significantly deviates from his predecessors, creating a new system that had a long-lasting influence on his successors. The work was later put in the Index. Antioco Tiberti was born into a noble Cesena family. After completing his studies in France, he came back to Italy, published his treatise on palmistry, which made him famous, and had the temerity to go to Rome at the invitation of Pope Alexander VI to defend his case.

He did it so well that he was exiled, but not convicted. In he went to Rimini, where he was arrested by order of Pandolfo Malatesta. While he was in prison, the latter visited him to learn about his future. Tiberti predicted him that he would lose his lordship and would die in exile and in extreme poverty. Later, during an attempt to escape, Tiberti was captured and beheaded his corpse remained unburied for almost a year. Shortly after Malatesta was ousted by Cesare Borgia and died in exile and extreme poverty as predicted. The only source about Tiberi's life is an eighteenth-century manuscript Diatribae caesenates written by a certain G.

Braschi and now preserved at the Malatestiana Library of Cesena. Publisher Ivo Schoefer. Item complures illustrium virorum epistolae ad dominu m Symphorianu m Camperiu m. Louvain, Pieter Martens van Alst, March, Title within an ornamental woodcut border including the printer's device. Title printed in red and black and a full-page woodcut at the end showing the author with his patron and his wife kneeling in prayer.

The two works are bound together in a blind-stamped calf binding made by the Flemish Jacob Clercx de Geel from Antwerp active from about to He was succeeded by his son Gheert who was married with Abraham Ortelius' sister Anna. Gheert used the same panel with the first name of his father erased. In the same period, Jan Tys from Mechelen used a panel with the same design and the same text border but with his own name cf. Evidence and Principles, New York, , pp. On each cover there are two impressions of a panel divided into two rectangles each occupied by three animals above: dragon, rabbit, dog; below: cattle, eagle, deer enclosed within the curves of a vine branch.

Between these two panels is another panel figuring dancing peasants and a piper cf. This seems to be the only surviving specimen of the two panels in combination with the frieze of dancers signed by Jacob Clerx see also L. Indestege, Boekbanden iut vijf eeuven. Catalogus van de tentoonstelling, Gent, , no. Paris, , p. The work has an immediate success and only five months later a second edition appeared with thirteen new dialogues. It was mostly used in Northern European schools and was reprinted many times at Antwerp, Cologne, Paris and Lyon until the middle of the century cf.

Daxhelet, Adrien Barlandus, humaniste belge, In the dedicatory letter to his pupil Charles de Croy , later bishop of Turnai , he pays reverent tribute to Erasmus and Mosellanus as his literary models. The possibility of the dialogue genre led Barlandus to use the colloquies increasingly as a vehicle for the critical and often satirical and polemical discussion of the major preoccupations of his age, moral and religious topics far beyond the horizon of the schoolroom. His Dialogi are of great interest not only as examples of the Latin used in the schools, and the methods of teaching it, but also as a source of information concerning school and university life in the late fifteenth and early sixteenth centuries e.

The Dialogi are historical documents of great value to those who would picture not only the various aspects of student life at that time, but of culture generally cf. Brunken, Handbuch zur Kinder- und Jugendliteratur. Vom Beginn des Buchdrucks bis , Stuttgart, , cols. He continued his studies at the University of Louvain, probably in Having studied at the College of the Pig, Barlandus received the degree of Master of Arts in and began teaching Latin.

In he was appointed professor of philosophy. In June he was elected procurator of the Dutch nation, a position he hold again in , , , and He also served terms as quodlibetarius in and and as dean of the faculty of arts in and He became one of the most ardent supporters of Erasmus and the new learning at the University of Louvain.

In autumn he composed a catalogue of Erasmus' writings for his Brother Cornelius. In he was offered the chair of Latin in the new Collegium Trilingue, but resigned in November , partly because the friction with the faculty of arts, of which he was still a member. In he was appointed to the chair of eloquence, a post he held until his death. For the use of his students he composed a Compendiosae institutions artis oratoriae and De amplification oratoria Barlandus was a prolific writer and published a collection of elegant sayings in , several historical works, among them De Hollandiae principibus , De rerum gestarum a Brabantiae ducibus historia , numerous paedagogical and moralistic works such as De ratione studii and Institutio christiani hominis His merits as a teacher and Latinist were especially recorded in Erasmus' Ciceronianus cf.

Vanautgaerden, Thierry Martens et la figure le l'imprimeur humanistse, Tournhout, , p. Daxelet, op. Heireman, Tentoonstelling Dirk Martens: , Alost. Champier was in Italy three times: in , in and in During his last travel he spent some time at Pavia, where he was admitted to the 'collegium artistarum et medicorum'.

The speech by Pietro Antonio Rustico, lecturer on logic and medicine, held on that occasion and printed toward the end of the volume, shows how proud Champier was about this honor. Rustico also alludes to Champier's family-ties in Italy, which he sees in the Campeggi families of Bologna and Pavia. At the end of the speech Rustico enumerates and praises the hitherto books published by Champier, important as an early bibliography. The main part of the volume consists of a 'epistolary duel' with Girolamo da Pavia, an Augustinian monk from Asti, with whom he had for five years an intensive correspondence through the Lyonese publisher Balthazar de Gabiano cf.

Ijsewijn, eds. He also sees in many Italian writers detractors moved only by jealousy and malice and mentions Valla, Merula, Poggio, Pico and Girolamo Balbo. Fierce of his Lyonnais origins he praises the antique origins of his native city on the authority of Berosus, which however was rightly questioned by Girolamo da Pavia cf. The volume contains furthermore various letters by Champier to others, e. But the book also contains letters addressed to Champier, mainly from other scholars and physicians, among them Alessandro Benedetti and Robert Cockburn, bishop of Ross cf.

MacDonald, et al. The volume closes with Catalogus preceptorum, patronorum, familarium et auditorum, in which Champier lists his teachers, patrons, friends and students. The few libraries, which hold a copy of this work and the few scholars who mentions it in their articles, all pretend the work to be printed either at Basel or at Venice.

They even printed another work containing letters by Champier Duellum epistolare see J. Baudrier, Bibliographie lyonnaise, VI, Lyon, , p. Symphorien Champier, was born into a bourgeois family at Saint-Symphorien-sur-Croise, near Lyon and studied at the University of Paris before , when he matriculated at the medical school of Montpellier, which granted him his doctorate in He taught liberal arts in Grenoble and took a doctorate in theology in In he was appointed physician to Antoine Duke of Lorraine, who brought him to Nancy.

Champier followed the duke several time to Italy, where he was involved in the battles of Agnadello and Marignano During his stays in Italy he won recognition as an academic teacher from the University of Pavia. In he became an alderman in Lyon, and for the last twenty years of his life he was at the center of the cultural Renaissance of that city, while simultaneously promoting the study of medicine by helping to found the College of the Holy Trinity and sponsoring translations of, and writing commentaries on, the works of Hippocrates and Galen.

In the s he was involved in a controversy on the merits of Greek and Arab medicine with the German physician Lorenz Fries and also with the botanist Leonhard Fuchs. Defensio pro Symphoriano Campeggio Champier became more and more hostile to Arabic medicine and in Clysteriorum campi contra Arabum this work was ironically put by Rabelais in his library of Saint-Victor , he even goes so far to advise his readers to refrain from reading the Arabs.

With over fifty titles to his credit, Champier was a very prolific author, editor and compiler. His most important writings were in medicine, pharmacy, philosophy, and occultism, but he also worked in theology, history, biography, genealogy, poetry, patristics, and many other fields. From all sides this serried band of doctors made such inroads into the camp of the barbarian that, wherever they stood, no place was left to the enemy' cf. Allut, Etude biographique sur Symphorien Champier, Lyon, , pp. Baudrier, Bibliographie Lyonnaise, vol.

Description Von den Ausserlichen Kennzeichen der Fossilien. Leipzig: Siegfried Lebrecht, With 8 folding plates. Contemporary half-calf over boards. Publisher Siegfried Lebrecht. Publisher Imago. Date of theft: Mars-avril Authors Johannes Magnus. Description Vellum. Publisher Ioannem de Mariam. Date of theft: Description Reliure plein maroquin bleu nuit. I'm standing there in my pink shirt and chinos and black dress shoes and Sears sportcoat, a little self-conscious about my socks pink with seahorses and my hair should I have used the aloe gel?

So when exactly should I pluck up my courage and say, "Um, what would you think about maybe using some friends of mine in your movie? I am only the writer, I am not David O. I do know for a fact that Kenneth Branagh will be playing me , so there's one PHC regular you won't be seeing on the silver screen. A leg-pull I assume Here are the good bits from an interview with Alicia Silverstone : "It's not the size of the role I take or the success of the box-office success of a movie that excites me but the experience of making it," says Silverstone.

It was an incredible experience. People left the theatres singing and dancing. I don't think anyone saw it in America. A couple of quick updates The Los Angeles premiere of Warm Springs took place the other day. You can see two photos from the event here. And a pack of thumbnails from the same evening. The ladies in the photos besides Ms. Add a few pretty girls and nifty costumes and they're off to a good start, heh heh.

They'll be baaaaaack! There will be 15 performances until 17 September before the play transfers to the Albery in London. You can see an amusing poster and book tickets at the Theatre Royal Newcastle website. Keen Kenians - the Warm Springs promos have begun. Otherwise you can see two new photos here. As well, and it's been ages since I could give this kind of news, Kenneth will appear on a talk show - specifically, the Ellen Degeneres Show on Tuesday, 5 April.

You can visit the website of the show to see when it is on in your area, if it is there is actually some spotty coverage in Canada, if you live in Barrie, Ontario you're a lucky winner The show repeats on the Oxygen Network a week later Tuesday, 12 April. Watchers, remember we need details on the deep stuff like hair and wardrobe, not just the lite content crap. You can visit www. Moving slowly backwards in time, the release of the latest Woody Allen movie has sparked an article in the New York Post 13 March by Sara Stewart, with some nice words about Kenneth's turn in Celebrity : But Ferrell's Allen-esque antics pale in comparison to Kenneth Branagh in 's "Celebrity," in the role of an insecure Hollywood journalist with a screenplay to pitch.

He goes beyond stunt and impersonation - it has such a depth and texture. He's one of the great actors in the world, after all. She's a fan, heh heh. Continuing the journey back to Ken's early career, click here to read an article which appeared in The Melbourne Age , looking back at one of KB's earliest film roles in The Boy in the Bush. You can see the photo here.

A Picture Book of Benjamin Franklin by David A. Adler

As promised, a few photos. And, three photos from a showing of a later Hamlet , an event organised by the Marin Shakespeare Company. Visit their website and see the photos in context here. Yikes, Kenites, I cannot believe a month has passed since the last update! Yeah, all the real news has come out in the last few days, but where does the time go? It went Patrick's Day parade pretty good considering Canada is officially only years old, heh heh during which, as ever, the bagpipers always "took a break" just as they were passing where I was standing aaargh!

I live for the pipers!

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  • Okay, after you stop cheering and running around the house in a state of undress hi Renie! It's happening soon , with shooting starting April 21st. And while we're into the Shakespeare films, you will surely have noticed from the front page that Mark Casello's campaign to get Hamlet released on DVD has succeeded thanks also to your participation in the Valentine's Day email blast. Read all about it here. So there's going to be a Charles and Camilla stamp Wait till you see this first day cover from Tadjikistan look that up in your CIA World Factbook , or better still on the Republic's own site.

    Note the date of issue cough, cough. The Telegraph had a slide show online in honour of the Bafta Awards it has since disappeared , which included a photo and a quote: Greatest influence: "Hugh Cruttwell, my principal at Rada. He saw me before there was any actor in me. I worked with him across 20 years. He saw and oversaw my entire development as an actor. Here is a description of the additional goodies: Written by E. Nesbit, author of 'The Railway Children', this is the movie of five childrens' chance encounter with 'The Psammead' - an ancient, extremely irritable, sand fairy who has the ability to make wishes come.

    The only problem is that the wishes only last till sunset and the children also find it hard to think of sensible wishes! Our insiders tell us that Kenneth is captured going on about the word cool Again? Man, he's got to cool it, it's just not cool to malign that cool word cool. Who wants to bet the DVD comments are less colourful than the ones on this site? Apologies for never being able to resist the chance to link to one of my most favourite KB moments, right up there with the football story. You'll remember that a new biography of Kenneth by Mark White will be coming out this autumn.

    You can see the proposed cover and get some info about Professor White on his publisher's site. Click here to read an article about the Glyn Watkins' resuscitation of A Month in the Country which mentions that influential but approachable gang, Ken-Friends. Sporting News I : there have been a number of articles in the German press about Kenneth directing a short film for the World Cup of soccer.

    It was announced this month that the Berlin film festival and the German Football Association will produce a portmanteau film about football, including vignettes directed by Kenneth Branagh, Emir Kusturica, Jean-Jacques Beneix and Werner Herzog, to be shown as part of the World Cup celebrations next year. Young Mr. B makes his first appearance about 11 minutes into the film do we have helpful collaborators or what! No frame unturned and no appearance untimed! I do have photos - but I don't have time the frigid trek awaits , so I'll add them tonight. Just one quick item today: Mark Casello whom you may remember mentioned in a previous news update has has planned a Valentine's Day "campaign" to get the attention of the people at Time-Warner and let them know just how popular the idea of the Hamlet DVD is.

    Here is the information from his site : "Valentine's Day Email Blast On Monday February 14th, you will be able to click the "email blast" link above to tell Warner Brothers how much you "love" Branagh's Hamlet. The link will take you to a prewritten letter with room for your own comments. Click submit and it automatically sends your email to eight of Warner Home Video's highest ranking officials!

    You can see the cover here. Starting with the snippets Actor Kenneth Branagh caught an earlier show. We saw him last year 'In Five Children and It'. A large part of his earnings come from his signing-on fee for 'Mission: Impossible III' which is due to be released in And the notice from the Times about the Auschwitz documentary which KB waived his fee for in order to to ensure the series could be completed: From the Auschwitz Chronicle The History Channel, 10pm, Monday 24 January Scheduled to mark the 60th anniversary of the liberation of Auschwitz which falls on Thursday, also the fifth annual Holocaust Memorial Day in the UK , this five-part series is being shown nightly this week.

    Narrated by Kenneth Branagh and Miriam Margolyes, each programme looks at a different aspect of life in the camp, from the banal horror of morning roll call to the seemingly impossible story of the Auschwitz Orchestra. Preceding Thursday's episode is an hour-long documentary, 'Auschwitz: The Forgotten Evidence', which argues that the Allies knew much more about the Nazi death camps that was admitted at the time. Apparently Kenneth was in Los Angeles talking about Warm Springs during a sort of television convention in the second week of January you can read the article here.

    The Roosevelt Hall Auditorium, where the screening would take place, seats people, said Roosevelt Institute public relations director Martin Harmon. Details of the campaign were not disclosed. The film is tentatively scheduled to be shown on HBO April Not all film sets are that way. The people who work there are absolutely the most dedicated, committed and enthusiastic people I have seen.

    Definitely, we want to do this for the people at the institute. The institute's brace shop handmade leg braces nearly identical to those FDR wore for Branagh. Conner said she is pleased the film can focus on the needs of people with disabilities and on the place where FDR turned for help in his efforts to recover use of his limbs. On its Web site, HBO promotes the film as a bio drama, as Roosevelt "struggles against the crippling effects of polio in Warm Springs, a Southern resort that has fallen on hard times, and through the process finds his political soul.

    When asked if he would lend his distinguished voice to a peace-promoting television advertisement being screened here later this month, Kenneth Branagh did not hesitate. And it won't change the rest of my life. You start turning pages. When I got out of school, I turned every page in Moody's 10,some pages twice, looking for companies.

    And you have to find them yourself. The world isn't going to tell you about great deals. You have to find them yourself. And that takes a fair amount of time. So if you are not going to do that, if you are just going to be a passive investor, then I just advise an index fund more consistently over a long period of time. The one thing I will tell you is the worst investment you can have is cash. Everybody is talking about cash being king and all that sort of thing. Most of you don't look like you are overburdened with cash anyway. Cash is going to become worth less over time. But good businesses are going to become worth more over time.

    And you don't want to pay too much for them so you have to have some discipline about what you pay. But the thing to do is find a good business and stick with it. You had always kept the cash word around, too. We always keep enough cash around so I feel very comfortable and don't worry about sleeping at night. But it's not because I like cash as an investment. Cash is a bad investment over time.

    But you always want to have enough so that nobody else can determine your future essentially. The worst -- the financial panic is behind us. The economic spillout which came to some extent from that financial panic is still with us. It will end.

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    I don't know if it will end tomorrow or next week or next month. Or maybe a year. But it won't go on forever. And to sit around and try and pick the bottom, people were trying to do that last March and the bottom hadn't come in unemployment and the bottom hadn't come in business but the bottom had come in stocks. Don't pass up something that's attractive today because you think you will find something way more attractive tomorrow. We're not positioning ourselves. We just try to do smart things every day, and if there's nothing smart, then we sit on cash.

    Well, good things would have happened with following either party. Graham obviously had more influence on me than Phil. I worked for Ben, I went to school under him, and his three basic ideas: look at stocks as businesses; have a proper attitude toward the market; and operate with a margin of safety--they all come straight from Graham. Phil Fisher opened my eyes a little more toward trying to find a wonderful business. Charlie did more of that than Phil did, but Phil was espousing that entirely, and I read his books in the early 60s. Phil's still alive, and I owe Phil a lot, but Ben was one of a kind.

    That's the natural outcome--as Milton said, "If I've seen a little farther than other men, it's by standing on the shoulders of giants. No doubt somebody will come along and do a lot better than we have. I enjoyed making money more than Ben. With Ben it really was incidental, at least by the time I knew him. The process, the whole game, didn't interest him more than a dozen other things may have interested him.

    With me, I just find it interesting, and therefore I've spent a much higher percentage of my timing thinking about investing, and thinking about businesses. I probably know way more about businesses than Ben ever did. He had other things that interested him. I pursued the game quite a bit differently than he did, and therefore comparing the record is not proper. You don't need another Ben Graham. You don't need another Moses. There were only Ten Commandments; we're still waiting for the eleventh. His investing philosophy is still alive and well. There are disciples of him around, but all we are doing is parroting.

    I did read Phil Fisher later on, which showed the more qualitative aspects of businesses. Common stocks are part of a business. Markets are there to serve you, not to instruct you. You can often find a couple of companies that are out of line. Find one; get rich. Most people think that what the stock does from day to day contains information, but it doesn't. It isn't just something that wiggles around. The stock market is the best game in the world. You can take advantage of people who have no morals. Businesses don't change in value that much.

    That is simply crazy. There are extreme degrees of fluctuation, and Mr. Market will call out the prices. Wait until he is nutty in one direction or the other. Put in a margin of safety. Don't find a bridge that says no more than 10, pounds when you have a pound vehicle. It isn't a function of IQ, but receptivity of the mind. When investing you don't have to invest in all 10, companies available, you just have to find the one that is out of line.

    Market is your servant. Market is your partner and wants to sell the business to you everyday. Some days he is very optimistic and wants a high price, others he is pessimistic and will sell at a low price. You have to use this to your advantage. The market is the greatest game in the world. There is nothing else that can, at times, get this far out of line with reality. Negotiated transactions are less volatile. Some get this; others don't. Just keep your wits about you and you can make a lot of money in the market.

    Buffett: I had 49 university groups, in clumps of six, [visit me] last year. Start with a small circle of competence, things you can understand. You need to understand accounting, which has enormous limitations. Learn that the market is there to serve you, not instruct you. In the investing business, if you have an IQ of , sell 30 points to someone else. You do not need to be a genius. Reducing the nonsense would be a good goal. Buffett: [My experience] has given me a jaundiced view of academia generally. Efficient market theory—that everything is priced appropriately—is bunk.

    I think it's almost impossible to do well investing over time without this. If the market closed for years, we wouldn't care. Would still keep making Sees candy, Dilly bars, etc. If you focus on the price, you're assuming that the market knows more than you do. That may be the truth, but in that case you shouldn't own it. The stock market is there to serve you, not to instruct you. Focus on price and value. If a stock gets cheaper and you have some cash, buy more. We sometimes stop buying when prices goes up. When we're buying something, we want the price to go down and down and down.

    You only have to be right one or two times a year. I used to handicap horses. You can come up with a very profitable decision on a single company. You only have to be right a few times in your lifetime, as long as you don't make any big mistakes. They hire lots of people, evaluate Merck vs.

    You can't do it. Very few people have adopted our approach. Ted Williams, in his book The Science of Hitting, talked about how he carved up the strike zone into different zones and only swung at pitches that were in his sweet spot.

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    • Investing is the same way. Charlie and I have seen it. The whole world in the late s went a little mad in terms of investments. How could that happen? Temperament is the ability to not be swayed by the market. See what you are supposed to see. To sell the business is written in the ground rules. Never going to be a takeover or sell business because street thinks unfocused. I don't quite agree with Fisher, think can ride some stocks forever.

      Almost never sell operating businesses, and if we do, we do so because they can't fix their problem. There could be something that happens by I think the chances are almost nil. So what we really want to do is buy businesses that we would be happy to own forever.

      It is the same way I fell about people who buy Berkshire. I want people who buy Berkshire to plan to hold it forever. They may not for one reason or the other but I want them at the time they buy it to think they are buying a business they are going to want to own forever. I measure Berkshire by how little activity there is in it. If I had a church and I was the preacher and half the congregation left every Sunday. Terrific turnover I would rather go to church where all the seats are filled every Sunday by the same people.

      Well that is the way we look at the businesses we buy. We want to buy something virtually forever. And back when I started, I had way more ideas than money so I was just constantly having to sell what was the least attractive stock in order to buy something I just discovered that looked even cheaper. But that is not our problem really now. So we hope we are buying businesses that we are just as happy holding five years from now as now. And if we ever found a huge acquisition, then maybe we would have to sell something. Maybe to make that acquisition but that would be a very pleasant problem to have.

      We never buy something with a price target in mind. That is not the way to look at a business. The way to look at a business is this going to keep producing more and more money over time? We are best at evaluating businesses where we can come to a judgment that they will look a lot like they do now in five years. Iscar will be better — maybe a lot bigger — in five years, but the fundamentals will be the same.

      Charlie says we have three boxes: In, Out and Too Hard. I was virtually there at the birth of Intel. Some businesses are very, very hard to predict. Do you have an explanation? Look for simple businesses. They have share of mind. What about Oracle? Too hard. Too many variables. Investment knowledge is cumulative, and things you learn will make you better in the future.

      Stick to things you understand. How do you beat Bobby Fisher? Play him in anything except chess. Charlie and I went to Memphis to look at a chewing tobacco company. My view is that energy production should move to nuclear. Berkshire Hathaway has and will buy what trades, but will not buy companies that engage in certain behaviors. If they did not own it, someone else would. They protest investment in Chinese companies though. We just finished looking for someone.

      The Board has 3 candidates to replace me as CEO and 4 candidates to replace me as investor. In , I wound up my partnership and I had to help people find someone to manage their money. The problem with guys that do well is they attract so much money that it neutralizes their advantage. Buffett: All investing is laying out cash now to get some more back in the future. He knew a lot, but not that [he lived in] BC.

      What is the discount rate? Et cetera. It should be obvious. It should shout at you, without all the spreadsheets. We see something better. The higher math was false precision. The markets saw it in the Long-Term Capital Management [hedge fund] in It only happens to people with high IQs.

      Buffett: Opportunity costs have been in the forefront of our minds during the last 18 months. Tougher and possibly more profitable. We got lots of calls [for potential investments]—most we ignored. We never want to get dependent on banks. Our definition of comfortable is very comfortable. I have 2 views on diversification. If you are a professional and have confidence, then I would advocate lots of concentration.

      The economy will do fine over time. If you have a harem of 40 women, you never really get to know any of them well. Charlie and I operated mostly with 5 positions. I told investors they could pull their money out. None did. Later in , LTCM was in trouble. If I like a business, then it makes sense to buy more at 20 than at The question is about diversification. I have a dual answer to that. If you are not a professional investor. If your goal is not to manage money to earn a significantly better return than the world, then I believe in extreme diversification.

      All they are going to do is own part of America. And they have made a decision that owning a part of America is worthwhile. That is the way they should approach it unless they want to bring an intensity to the game to make a decision and start evaluating businesses. Once you are in the businesses of evaluating businesses and you decide that you are going to bring the effort and intensity and time involved to get that job done, then I think diversification is a terrible mistake to any degree.

      I got asked that question the other day at SunTrust. If you can identify six wonderful businesses, that is all the diversification you need. And you will make a lot of money. And I can guarantee that going into a seventh one instead of putting more money into your first one is gotta be a terrible mistake. Very few people have gotten rich on their seventh best idea. But a lot of people have gotten rich with their best idea. So I would say for anyone working with normal capital who really knows the businesses they have gone into, six is plenty, and I probably have half of what I like best.

      I call him Noah, he has two of everything. You will see things where it would be a mistake not to act. WB: You just had a good banker. I saw things in in junk bonds that would have been worth going heavily into. You could have bought Cap Cities in — selling for one-third the property value, with the best manager, and in a good business. CM: Students learn corporate finance at business schools. They are taught that the whole secret is diversification.

      But the exact rule is the opposite. The goal of investment is to find situations where it is safe not to diversify. Very seldom do we get to buy as much of any good idea as we would like to. Buffett: We will not be spinning off any companies. We have a real advantage in allocating capital—moving money around. When we buy companies from people, we buy them for keeps. People can trust us to keep our word on this. Munger: Wall Street sells that stuff [spin-offs] for fees. Buffett: We have listened to presentation after presentation by investment bankers, but there is always a fee.

      If we lose confidence or conditions change, we sell. When in doubt, we keep holding. If we were wrong, we sell. The answer is: nothing. Our peculiarity is our commitment to buy for keeps. I asked Graham the same question. Graham lived a life of sharing.

      He may have had more money hoarding, but lived happier because of it. At age 11 I started investing, purchasing three shares of Cities Service Preferred. I was really into charting and technical analysis. Did Ben lose because I read his book? The reason gets down to temperament.

      Charlie and I have educated competitors. GEICO still has enormous possibilities for growth. That being said, I advise you to pay off your credit card. This is a good life lesson: getting the right people into your system is the most important thing you can do. We think first in terms of business risk. The key to Graham's approach to investing is not thinking of stocks as stocks or part of the stock market. Stocks are part of a business. People in this room own a piece of a business. If the business does well, they're going to do all right as long as long as they don't pay way too much to join in to that business.

      So we're thinking about business risk. Business risk can arise in various ways. It can arise from the capital structure. When somebody sticks a ton of debt into a business, if there's a hiccup in the business, then the lenders foreclose. It can come about by their nature--there are just certain businesses that are very risky. There are certain businesses that inherently, because of long lead time, because of heavy capital investment, basically have a lot of risk.

      Commodity businesses have a lot of risk unless you're a low-cost producer, because the low-cost producer can put you out of business. Our textile business was not the low-cost producer. We had fine management, everybody worked hard, we had cooperative unions, all kinds of things. But we weren't the low-cost producers so it was a risky business. The guy who could sell it cheaper than we could made it risky for us. We tend to go into businesses that are inherently low risk and are capitalized in a way that that low risk of the business is transformed into a low risk for the enterprise.

      The risk beyond that is that even though you identify such businesses, you pay too much for them. That risk is usually a risk of time rather than principal, unless you get into a really extravagant situation. Then the risk becomes the risk of you yourself--whether you can retain your belief in the real fundamentals of the business and not get too concerned about the stock market. The stock market is there to serve you and not to instruct you.

      That's a key to owning a good business and getting rid of the risk that would otherwise exist in the market. You mention volatility--it doesn't make any difference to us whether the volatility of the stock market is a half a percentage of a point a day, or a quarter percent a day, or five percent a day. In fact, we'd probably make a lot more money if volatility was higher because it would create more mistakes in the market.

      Volatility is a huge plus to the real investor. Ben Graham used the example of Mr. Ben said that just imagine that when you bought a stock you in effect bought into a business where you have this obliging partner who comes around every day and offers you a price at which he'll either buy or sell and that price is identical. No one ever gets that in a private business, where daily you get a buy-sell offer by a party. But you get that in the stock market, and that's a huge advantage. And it's a bigger advantage if this partner of yours is a heavy-drinking manic depressive.

      So, as an investor, you love volatility. Not if you're on margin, but if you're an investor you're not on margin, and if you're an investor you love to get these wild swings because it means more things are going to get mispriced. Actually, volatility in recent years has dampened from what it used to be. It looks bigger because people think in terms of Dow points, but volatility was much higher many years ago than it is now. The amplitude of the swings used to be really wild and that gave you more opportunity.

      My best advice to all of you would be to totally ignore this development. Risk had a very good colloquial meaning, meaning a substantial chance that something could go horribly wrong, and the finance professors sort of got volatility mixed up with a bunch of foolish mathematics and to me it's less rational than what we do. And I don't think we're going to change. Finance departments believe that volatility equals risk.

      They want to measure risk, and they don't know how to do it, basically. So they said volatility measures risk. I've often used the example of the Washington Post's stock. That's something I've thought about ever since they told me that 25 years ago and I still haven't figured it out. One key aspect to risk is how long you expect to hold an investment, i.

      But, over a 5 or 10 year period it probably has almost no risk at all. The myth that volatility of a stock somehow equates to risk was discussed. In fact, volatility often creates great opportunity, in Buffett's view. The following comments on risk in investments were in the Annual Report, on page That judgment became ever more compelling as Berkshire's capital mushroomed and the universe of investments that could significantly affect our results shrank dramatically.

      Therefore, we adopted a strategy that required our being smart- and not too smart at that - only a very few times. Indeed, we'll now settle for one good idea a year. Charlie says it's my turn. The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort level he must feel with its economic characteristics before buying into it.

      In stating this opinion, we define risk, using dictionary terms, as "the possibility of loss or injury". Academics, however, like to define investment "risk" differently, averring that it is the relative volatility of a stock or portfolio of stocks - that is, their volatility as compared to that of a large universe of stocks. Employing data bases and statistical skills, these academics compute with precision the "beta" of a stock - its relative volatility in the past - and then build arcane investment and capital-allocation theories around this calculation.

      In their hunger for a single statistic to measure risk, however, they forget a fundamental principle: It is better to be approximately right than precisely wrong". For owners of a business - and that's the way we think of shareholders - the academics' definition of risk is far off the mark, so much so that it produces absurdities. For example, under beta-based theory, a stock that has dropped very sharply compared to the market - as had Washington Post when we bought it in - becomes "riskier" at the lower price than it was at the higher price.

      Would that description have then made any sense to someone who was offered the entire company at a vastly-reduced price? Risk to us is 1 the risk of permanent loss of capital, or 2 the risk of inadequate return. Some great businesses have very volatile returns -- for example, See's usually loses money in two quarters of each year -- and some terrible businesses can have steady results. I've been waiting for this craziness to end for decades. It's been dented, but it's still out there. We think the best way to minimize risk is to think.

      Our default is [to have our capital] in short-term instruments and only do something when it makes sense. Volatility does not measure risk. The problem is that the people who have written about and taught volatility do not understand risk. Past volatility does not determine risk. But stocks are traded and jiggle around and so people who study markets translate past volatility into all kinds of measures of risk.

      The whole concept of volatility is useful for people whose career is teaching, but useless to us. We recognized early on that very smart people do very dumb things, and we wanted to know why and who, so we could avoid them. We would love to own a lot of roulette wheels. In general, emerging markets are not great for me because I need to put a lot of money to work. Risk does not equal beta. There are normally 10 filters or so that I go through when I hear an idea. The first is can I understand the business and understand the downside not just today but five to ten years from now.

      I might be risk averse but I am not action adverse. B took cash and not Berkshire stock. She understood cash and that is what she took. I need only need to be right a few times and can let thousands of ideas go by. You have to know your sweet spot. Avoid debt. I like to play from a position of strength. I always try to have the odds in my favor. I like those odds better. Buffett: It breaks down into two periods of my life: when I had more ideas than money, I was constantly reviewing my portfolio, figuring out which stock to unload to buy a new one. Buffett: We think about adding more to certain stocks and have done so.

      We add to ones that look attractive and that we can buy. When I closed the Buffett Partnership, I felt and wrote to my investors that the prospective return was about the same for equities and municipal bonds over the next decade, and I was roughly right. Buffett: Of course, you could have said that and have been right at any point in the past century — there are always disruptions — but stocks have still done well.

      Buffett on the Stock Market , what would you be writing? You talked about year periods. In , people were extrapolating from the experience of the previous 17 years and had unrealistic expectations. They were bound to be disappointed. I would not have high expectations for equities, but better than for bonds.

      But every now and then, things really get out of whack. But the gradations in between are too tough. If you own great businesses, you should just hold on most of the time, maybe sell if the valuations get extremely high and buy more if they get really cheap like in the early s. I don't think that the stock market will return 6. Stocks usually yield a little more, but that isn't ordained.

      Every once in a while, stocks will get very cheap, but it isn't ordained in scripture that this is so. admin