This is the weekend of Berkshire Hathaway's annual meeting. These AGMs, along with Warren Buffett's annual letters, show the extent to which Buffett has become part of popular culture. So it's no surprise this leads off this installment of Five for the Weekend.
- The Lex column in the Financial Times has a nice consideration of the Berkshire annual meeting. Here's part: "Anyone expecting Mr Buffett to be defensive will be disappointed. Few bosses are so quick to admit their mistakes or, more important, learn from them. He has little to apologise for given his record of producing 84 times the return of equities overall since 1965. Even 2008’s annus horribilis trounced the overall S&P 500 by 27 percentage points. The meeting may be more focused this year. But in discussing how he aims to profit from the credit crisis, Mr Buffett should still impart plenty of wisdom."
- Fairfax Financial (FFH/NYSE) reported first quarter results this week, and the media holdings in the company's investment portfolio hurt. The Globe and Mail reports on this, with comments from Prem Watsa: "Our increased focus on high-quality common stocks reflects our view that these should provide excellent returns over the long term, though the volatility of the markets may result in lumpy quarters and even years," he said in yesterday's statement.
- Mark Hulbert writes on MarketWatch that after tracking investment newsletters, he believes chances are we're in a bear market rally. I agree, FWIW.
- If you enjoyed reading about Cody Lundin in the Jeffrey Goldberg article posted here recently (you know, the one about the guy who fired his broker), you'll enjoy the Modern Survival Philosophy (HT: LewRockwell.com). There are 10 points, and I don't measure up on all (though I agree with most of it).
- Africa Confidential gives hope for Jacob Zuma, South Africa's new leader. Reports are that his cabinet is being filled with pro-market types, with leftists in the trade unions and the country's communist party being left out. I'm tempted to say something about the American government and the Chrysler bankruptcy, but will resist.
Have a great weekend. See you soon.
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