achtung . serious money talk . beware , page-13

The nyse has been an interesting place this year and particularly the credit crunch has been a time to put some funds into the largest market in the world. Not only has technology made it easier and less expensive to do this but the dollar has been attractive to get near parity value.
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In saying, one of my favorite all time securities is BRK/B. I truly think one can go no wrong holding this piece of business. This past week alone it has put on $200+ to the share price and ytd has amassed $1400 gain, it touched an intraday high of over $5000 last night. Not to be disturbed by one year movements, this is a great security to hold for many light years ahead.

BSC has also been an outstanding buy under $100. It went all the way to the low 90s (an unwarranted amount in my view), but we can only accept what the market wants to price and we choose to accept or ignore such fluctuations. Again the dogma of the two hedge funds and credit crunch may still tilt on this years reportable earnings, however they are run well and tight knit. The Financial Times has an article of Joe Lewis (the British Billionaire) amassing a stake of 7% to be the largest shareholder (paying an avg price of 106 per share, a price that is $5+ more than the close last night) ahead of James Cayne (holding 6%). The fundamental business is no near worth anything under $100 for BSC. It is volatile and in an industry and environment where you may want to steer clear of. I welcome the instability of the movements because the fundamental business (of making money) is still there and will continue to be so.
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Mutual Funds are a great way to get exposure in the American market. One such fund that is an all star performer is The Fairholme Fund. Run by the brilliant master of Bruce Berkowitz. Read his letters and reports, you would think he is the next Warren. At a young age of 40 or so, you wouldnt want another person to manage your money as he has the skills/thinking set and aligns his money along with yours (a true Buffett/Munger trait).

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On the local scene, the particular weakness in certain businesses over the weeks has been great. One is WPL. Truly an outstanding business with a long LNG/energy play. Again, short term gyration should be welcomed to the long term holder.