I like the earning power.

I own BRK.b

I think that Buffett's actions should be scrutinized just like anyone else's. I have been turned on to this view by my good friend Doug Kass, who has been on this case for months now. In fact, I have talked to the editors and we are starting a "Buffett Watch" to see what is happening with Berkshire Hathaway (BRK.A) as it lurches from Johnson & Johnson and U.S. Bancorp to General Electric (GE) and Goldman Sachs (GS) and Tiffany(TIF) and Harley-Davidson(HOG).

Perhaps surprisingly, Warren Buffett's Berkshire Hathaway (BRKA) placed second. Buffett's status among investors remains undiminished by high-profile investments in GE and Goldman Sachs (GS), which were bold, but quickly pulled underwater by the deepening financial crisis -- not to mention a bear market that cost his own stock 40% of its value in five months. As one respondent commented, "Putting capital to work when others are either fearful or unable to is what you would expect from Buffett and [Berkshire Vice Chairman Charlie] Munger."

Berkshire's class A shares are down 10% in 2009 to $86,250, a reasonable level that we estimate at 1.3 times book and 14 times projected 2009 earnings of $6,000 a share. That looks appealing.

If the stock market rallies through 2009. Berkshire stock could rise by more than 20%. If the slump rolls on, Berkshire's solid balance sheet offers downside protection for its shares.

When it comes to individual stocks, the managers gave their biggest votes of confidence to Warren Buffett's Berkshire Hathaway (BRKA) and General Electric (GE), to which the Great One recently gave a $3 billion helping hand. The managers also cast their votes for BlackBerry maker Research In Motion (RIMM), whose shares have been decimated this year, and Wells Fargo (WFC), a much-admired survivor among the nation's biggest banks.

They Just Don't Get AMEX!:
Marek Fuchs denounces the business media for totally ignoring American Express' admirable return on equity.

Click here to watch the video.

Even today's undisputed master of value investing, Warren Buffett, has been known to step in early, Greenwald noted. After Buffett's Berkshire Hathaway (BRK-A) bought a stake in Washington Post (WPO) in 1973, Post stock fell 45%. "And it was still a good investment," Greenwald said.

As for optional write-in suggestions, some money managers emphasized return on capital, which is another way of saying they care about how company executives invest shareholder money. This must have something to do with the predictably strong scores for Berkshire Hathaway (BRKA), as Warren Buffett's company again placed in the top five and elicited raves about the master's investment acumen and management of risk. While some respondents expressed concern about Buffett's need to assure the market of his succession plan, this hardly cost Berkshire on the respect front.

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