1) Warren Buffett 2) Strong core earnings growth for Non-insurance holdings 3) Prudent risk analysis over long term in insurance writing 4) Taking advantage of distressed bond insurers by starting a new high-margin business, conservatively run--typical Buffett

Semiconductor testing trends favor full wafer contact systems. AEHR, Matsushita Electric Industrial, and Delta V Instruments (private, I believe)make these. Of these, AEHR is the most leveraged to this opportunity. It is illiquid, so be careful getting in and out of it. Use limit orders only. Also, some on-line brokers will only accept orders by calling them.

1) Excellent cash generation 2) Near-monopoly position in some of its key markets 3) Vista adoption rates are good 4) High percentage of international sales provide for a small benefit from the weak dollar (bought $22.14 on 6/8/06) 5) Has blown away estimates the last two quarters and increased guidance in late January. MSFT may get a multiple increase as a safe growth haven, as more economically-sensitive companies fail to meet expectations in a slowing economy.

Relative valuations are pretty good. Customers are "sticky" because switching costs are high, and SAP is the ERP market leader. They are trying to expand into mid-sized business which is pressuring margins a bit, but it will strengthen their bottom line. New products were introduced around the end of 2007, which should make for good comparisons for the next few quarters if historical trends repeat.

Biofuel Energy is selling at a third of the EV/capacity ratios of the other corn-based ethanol companies (using the capacity figures from the company when the first two plants are fully ramped in 1H '08). Energy bill increases demand for ethanol in 2008. While the slowing economy is a negative for the group, BIOF should outperform its peers.

At $2.61 on 3/28/08, Spansion is selling at only 0.14 times revenues and 0.3 times book value. They are losing money, but the bad news is overly-discounted in the stock. Year-end tax selling and SFUN acquisition-related arbitrage were both short-term negatives that should be over now. The Numonyx merger at the end of March may be a catalyst for upside based on slower price declines by the increasingly stand-alone competitor (had been subsidized by parents, Intel and STM).