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Energy, Inflation and Gold

Great article...so many don't want to believe that these assets are in a bull market! So obsessed with real estate as their inflation hedge....yikes! I read another great article summit-advisors.com entitled "Do commodities belong in your portfolio". Worth a read...

Dow Changes: BoA and Chevron In, Altria and Honeywell Out

We have a longstanding article on our website discussing the "original dow" for all of the fans of financial history...sad to see the "Big Mo" being replaced on the venerable index.

UnitedHealth Group Plunges to 3 Year Low

The sell off in this sector (especially UNH) appears excessive. I see lots of "smart", long term investors such as Capital Research, Dodge & Cox and Berkshire Hathaway...volatility is not risk, it is opportunity. This may be one of those situations where you hold your nose, fight your instincts to sell out of fear and buy...I suspect the prospect of a democrat president and larger majorities in both houses is also going to weigh on the valuation for some time.

The Investment Case for Sanofi-Aventis

Great summary...and with the current quotation at $35.5 (3/14/08), we believe it trades at a ~30% discount from our assessment of intrinsic value. The interesting item about this company is that all of the research we read indicates it has the "best" pipeline of the major pharmaceuticals...yet other comments (like yours) suggest a more sanguine outlook.

4 Reasons Why the Visa IPO Excites

Great article. Clearly, the investment bankers misjudged the valuation investors were willings to pay for Mastercard...they won't do that this time around so we do not expect great performance for public shareholders who buy at the opening. It will be interesting to see how the market reacts regarding this much anticipated IPO in this poor market environment. We agree with many of the previous comments, no need to rush into this one.

M&T Bank a Bargain at Current Levels: Low P/E, Attractive Dividend Yield

Nice analysis...for the same reasons (and a better valuation), take a look at US Bancorp (USB). Most importantly, virtually no subprime exposure and the highest returns on assets among the regionals.

Wal-Mart Remains Undervalued

Great article! Agreed...the present valuation is a meaningful discount from its intrinsic value (and relative to its historical metrics of p/cf and p/s). Most importantly, it is finally trading to the upside in the face of bad news and poor performance among its peer group. We have owned the shares since the low and mid 40's...looking for your $60-65 target price. It is also worth noting that Berkshire Hathaway and Dodge & Cox now have large stakes...those folks don't make too many mistakes!

What's Berkshire's Intrinsic Value?

Great article! We agree with your math on the intrinsic value...we are willing to add shares at a modest 20% discount to that price. If you had to buy-and-hold something for the next ten years...and not sell it until the end...can you think of a better idea. With that $40b+ cash hoard (and more everyday), can you think of a better capital allocator that WB as the market grinds lower? We wrote an article 6 months ago on our website detailing 15 reason to own BRK...they are all still intact. Looking forward to hearing more of your thoughts on BRK and other high quality businesses.

Get Ready for the Last Rally

The next 30 days? Do the math on the earnings yield for high quality equity at these prices...could they go lower? (Yes, but can't they always go lower?) I think if you pick up your head, extend your time horizon, "hold your nose" and buy the obvious, globally dominant franchises...you will do just fine. We have been adding to our core holdings in BAC, WFC and LM...and for non-financials, consider HOG, FAST and GGG.

Financials and Retail: Not as Dire as They Seem

Great article. Isn't it a little late to be selling these names? I think if you pick up your head, look down the road a few years then "hold your nose" and buy these great franchises...you will look very smart. I have been adding to shares of BAC, WFC, USB and LM. Do the math on these valuations!