But first:

Don’t sell your PRKR.  The trial was delayed from May 3 to July 6, but the risk/reward remains compelling.

Don’t sell your BKUTK.  (Or buy it, either, if you’re in a rush.  It’s so thinly traded, you could drive the price up by buying; and find it difficult to sell without driving the price down).  The bank now sells for just 40% of its tangible book value and pays about a 4% dividend.  Both the book value and the dividend just keep slowly rising.  Boring; but beats a 30-year Treasury yielding 2.25%.

David M.: “I just finished reading Caste and give it the full 5 stars. The first chapter or two were a little bumpy. I don’t know if it was me or the writing.  After that, the book seemed to read faster and faster, and I was disappointed when I was done.”

Attend Harry Belafonte’s 94th Birthday Party, re-streaming here (free), I’m not sure how much longer.  What a line-up of talent and tributes.

And now:

Enjoy Warren Buffett’s latest annual shareholder letter.  I was paid $1,500 by Fortune Magazine 40 years ago to “review” the letters he had written up to that point, as one might review a book.  It was enough money to take a pretty fancy vacation (which I did not) or to buy 5 shares of Berkshire Hathaway stock (which I did not either, but which I could have sold for $1.9 million yesterday if I had).  You could spend two years and $100,000 to attend Wharton; or you could read Warren’s 42 most recent annual letters and the ones from 1959-1977 — free.



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