Berkshire was trading at 60% of my determination of fair value at date of purchase, 2005 .

Wide economic moat; strong free cash flow growth; bad news mostly priced into the stock; contrarian play; investing alongside Buffett.

Easy way to ride the commodity bull market on autopilot.

Has roughly 50% of the US beer market; strong and growing free cash flow; invested alongside Buffett; people drink just as much in tough economic times, perhaps more.

Bought in 2005 before China was hot. Even though this ETF is arguably in bubble territory, the Chinese economy is a long-term winner, and I will add to this position during the inevitable downturns in the Chinese economy.

Core franchise remains intact; strong revenue growth; strong free cash flow growth; 40% of revenue earned abroad (good with a weaker dollar). Purchased in early 2006.

Solid management builds long-term shareholder value through continuously building book value per share; patient acquisition strategy pays off long-term; Esurance has growth potential and should become profitable soon. Trading at 70% of my estimate of fair value.

Large cap growth stocks out of favor but may be turning the corner; most of this ETF's top holdings have substantial foreign sales; flight to quality would boost relative performance.