From Barron's 6-18-07: Lehman was counted out in 1994 when American Express dumped it. However, it survived with Dick Fuld at the helm and broader business lines. "Once again, Lehman is going up against perceptions. It's battling to join the likes of Goldman Sachs (GS) and Morgan Stanley (MS) as an elite international investment bank. Yet the firm is having a tough time getting its due as it recalibrates its strategy to leverage its core fixed-income expertise and increase international revenue." The bottom line is "Lehman's lagging share price offers the chance to invest in a rising banking power with a keen eye for risk management."

From Barron's 6-18-07: "Alleghany, a low-profile New York company, may be the closest thing to a small-scale Berkshire in the public market. Like Berkshire, Alleghany (Y) focuses on insurance and equity investments. Like Berkshire (BRK-A), Alleghany has a great balance sheet with considerable excess capital." The bottom line is: "If Alleghany hews to its course and doesn't encounter any unforeseen problems, its shares, which have been trading above $360, could rise 50% by 2010."

From Barron's 6-18-07: "What looks good to corporate China? U.S. stocks...That's what the steward of the purse at one of China's largest insurers, Ping An Insurance, says. If he's right, that eventually could be very good news for U.S. equities, as Beijing moves to ease rules curbing capital outflows to slow the swift buildup of foreign currency that is putting upward pressure on the yuan." The bottom line is: "To reduce the piling-up of foreign currency at home, China seems likely to ease its restrictions on investing abroad. That would be a boon for U.S. stocks."

From Barron's 6-18-07: "Sotheby's shares (BID) climbed 5.8% on the week amid the continued art-buying clamor. At about 49, shares have rallied 42% since they were flagged in Barron's last fall ("Time to Bid!" Oct. 9, 2006), but they could climb higher still." Among catalysts: nearly $297 million in auction guarantees for which the mid-estimate sale prices are adding up to $329 million, and the profit boost from the sterling pound's 7% surge this year against the dollar. A duopoly with privately held Christie's ensures strong pricing power, and both auction houses raised commissions this year by more than 10%."

From Barron's 6-18-07: "The boxing-equpment company Everlast (EVST) hastily decided to sell Everlast for a curiously low price. It has a good management team in one corner but in the other corner is a growing group of short-changed stockholders who vow to fight the deal....Aquamarine Capital, which holds a 2.3% stake, says it will vote against the low-ball offer. Since price is the decisive arbiter of cash bids, "why didn't the board of directors run an auction or actively take other measures to get the best possible price?" asks Jeff Lick, managing member of Galt Investments, which holds a 4% stake...Meanwhile, Everlast shares have climbed above the bid and are trading at about 27.50...Stockholders will reflexively argue that their stake is worth more, but Everlast's prospects indeed look bright.

From Barron's 6-18-07: Malaysia's run looks far from over...the Kuala Lumpur Composite Index is up 26% in U.S. dollars. Not including the currency effect, the market was up 13% last year and over 20% this year. "The market has been moving up on increased global interest from the beginning of this year," says Lorraine Tan, an equities analyst for Standard & Poor's based in Singapore...Institutions have no trouble buying Malaysian shares in Kuala Lumpur. Individual U.S. investors can trade Southeast Asia funds or pure-play Malaysian funds. One ETF is the iShares MSCI Malaysia Index (EWM) from Barclays Global Investors."

From Barron's 6-18-07: "Anyone seeking the perfect stock to satisfy the market's most intense fetishes could do worse than CB Richard Ellis (CBG). A big commercial real-estate broker, it sits where easy money flows into overpriced office buildings. And, it's a China/India story. And a busy acquirer. The stock has more than tripled in the past two years, to a new all-time high of 39.40 at last quote, and fetches 18 times aggressive 2007 profit forecasts. It has outperformed real-estate investment trusts, as investors figure that CB Richard Ellis is a mere facilitator of extreme property values. The Street is unanimously in love with the stock -- nine analysts, nine Buys."