Atul Gawande's "CheckList" for Surgery Success

Buffett Voted "No" to Kraft Issuance of Shares to Purchase Cadbury

To state the matter simply, a shareholder voting "yes" today is authorizing a huge transaction without knowing its cost or the means of payment.

What we know with certainty, however, is that Kraft stock, at its current price of $27, is a very expensive "currency" to be used in an acquisition. In 2007, in fact, Kraft spent $3.6 billion to repurchase shares at about $33 per share, presumably because the directors and management thought the shares to be worth more.

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Happy Birthday Mr. Munger!

A very Happy 86th Birthday to you, Mr. Charlie Munger!

May your knowledge and wisdom increase exponentially.

May you have a good health & abundant of happiness!

Warmest regards,

David & Grace from London