Buffett's Berkshire Hathaway Annual Letter Released This Morning

Warren Buffett's Berkshire Hathaway Inc. has reported a 62 percent drop in its 2008 net income because investment and derivative losses of nearly $7.5 billion weighed on the results. Buffett detailed his worst year leading Berkshire in the shareholder letter that was issued this morning. Read the annual letter at:


http://www.berkshirehathaway.com/letters/2008ltr.pdf

Recent Dan Fuss Interview on Bloomberg's 'On the Economy'

Tom Keene's "On the Economy" talk show on Bloomberg is one of my favorites. This week he interviewed Dan Fuss (Marquette grad) of Loomis Sayles about the economy, bond yields, and the markets. Mr. Fuss says that the US Treasury will need to issue "a lot of bonds" in 2009 and 2010. Listening to the interview you will come to appreciate his 50+ years of experience in managing money. Listen to his interview on Bloomberg at:

http://media.bloomberg.com/bb/avfile/Economics/On_Economy/vDkHUYK0sKIA.mp3

View the two-minute video about the CFA Global Investment Research Challenge

Marquette's AIM team has advanced to the Americas' CFA Global Investment Research Challenge in New York on March 19. You can view a two-minute video about the CFA Global Investment Research Challenge at:

http://real.cfawebcasts.org/aimrdirect/video_hosted/girc_teaser.html

Marquette's AIM Team Wins the Wisconsin CFA Global Investment Research Challenge

The Chartered Financial Analysts (CFA) Society of Milwaukee announced that Marquette University's AIM team was the 2008-09 local winner of the Global Investment Research Challenge. Follow the link to the AIM news release:

http://www.busadm.mu.edu/_emailtemplates/aim_cfa_announcement.html

Bernanke says recession may end yet in 2009 (Video)

In his testimony before Congress today, Fed Chairman Ben Bernanke said that the currrent recession mignt end yet in 2009. See the 1 minute video at:
http://www.youtube.com/watch?v=OY8pI3QjBPg

The Economist: The World Next Week

What is the Market Worth?

What are stocks worth? Morningstar's Pat Dorsey takes a historical view of market valuation.

JS Online: Marquette students advance in investment contest

Marquette students advance in investment contest
By Rick Romell of the Journal Sentinel
Feb. 20, 2009 11:54 a.m. | Five undergraduate students from Marquette University's College of Business Administration have advanced to the Global Investment Research Challenge regional competition in New York City from March 18 to 20.

The Marquette students - Alison Bettonville, Chris Cebula, Brian Finnie, Maggie Hughes and Anna Toshach - beat a University of Wisconsin-Milwaukee team in the final round of the local competition. Marquette and UWM earned final-round spots after besting UW-Madison, UW-Whitewater, the Milwaukee School of Engineering, Alverno College, Wisconsin Lutheran College and Carroll University. All teams analyzed a Milwaukee-based small-cap industrial firm.

This is Marquette's first year in the competition, sponsored by the Chartered Financial Analyst Institute. The winner in New York will compete against three other regional winners in the global finals April 2 in London.

BizTimes: Marquette business students advance in investment contest

Five undergraduate students from Marquette University's College of Business Administration have advanced to the Global Investment Research Challenge - Americas Regional competition to be held in New York City, March 18-20.

This is Marquette's first year participating in the prestigious competition sponsored by the Chartered Financial Analyst Institute. Four winners from the Americas, Asia Pacific and Europe/Middle East/Africa regions will compete in this year's global finale on April 2, 2009, in London.

The Marquette students, who are in the college's Applied Investment Management (AIM) program, defeated the University of Wisconsin-Milwaukee team on Wednesday in the final round of the local competition, which was hosted by the CFA Society of Milwaukee.

Members of the winning team include Alison Bettonville, Chris Cebula, Brian Finnie, Maggie Hughes and Anna Toshach.

"This is a great group of talented men and women," said David Krause, AIM director and adjunct assistant professor of finance. "They worked countless hours researching and preparing their case presentation. The level of professionalism they displayed is second to none."

All teams analyzed a Milwaukee-based small-cap industrial firm. Each of the students had the opportunity to visit the company's headquarters for a tour, CEO/CFO presentation and meetings with management.

Marquette AIM Students Advance to Regional CFA Investment Challenge

A group of AIM students will be heading to NYC to compete in CFA Institute's Investment Research Challenge. Five undergraduate students from Marquette University’s College of Business Administration have advanced to the Global Investment Research Challenge – Americas Regional competition to be held in New York City, March 18-20, 2009. This is Marquette’s first year participating in the prestigious competition sponsored by the Chartered Financial Analyst Institute. Four winners from the Americas, Asia Pacific and Europe/Middle East/Africa regions will compete in this year's global finale on April 2, 2009, in London.

The Marquette students, who all are part of the college’s Applied Investment Management program, defeated the University of Wisconsin-Milwaukee team on Feb. 18 in the final round of the local competition, which was hosted by the CFA Society of Milwaukee. Members of the winning team include Alison Bettonville, Chris Cebula, Brian Finnie, Maggie Hughes and Anna Toshach.

For more information go to: http://tinyurl.com/auareh

Bianco on CNBC talking about the stimulus plan

Jim Bianco noted that in the Wall Street Journal that Roubini had praise for Geithner’s plan because it does not allow for the nationalization of banks. He noted, however, that the Financial Times argues that nationalization is still a possibility. He asks, "So what are we doing? Are we nationalizing or not? Are we doing Geithner’s plan or the opposite? What is going on? No wonder the markets are in a state of chaos. We have no plan and we seem to change our mind every day." Interesting interview which can be viewed by clicking on the title above or going to:

http://www.cnbc.com/id/15840232?video=1037229282

PBS FRONTLINE: Inside the Meltdown

FRONTLINE investigates the causes of the worst economic crisis in 70 years and how the government responded. The film chronicles the inside stories of the Bear Stearns deal, Lehman Brothers’ collapse, the propping up of insurance giant AIG, and the $700 billion bailout. Inside the Meltdown examines what Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke didn’t see, couldn’t stop and haven’t been able to fix.



FRONTLINE INVESTIGATES HOW THE ECONOMY WENT SO BAD SO FAST



FRONTLINE Presents: Inside the Meltdown
Tuesday, February 17, 2009, at 9 P.M. ET on PBS



www.pbs.org/frontline/meltdown

BizTimes Around Town: Economic Leadership Forum

BizTimes Around Town: Economic Leadership Forum

Published February 6, 2009

Marquette University’s College of Business Administration faculty and area business leaders engaged in an Economic Leadership Forum recently at Marquette’s Alumni Memorial Union. Marquette's new James H. Keyes Dean of Business Administration, Linda Salchenberger (left), moderated the panel of industry leaders and Marquette faculty experts, including Abdur Chowdhury, professor, economics; David Clark, chair/professor, economics; David Krause (center), director, Applied Investment Management Program; Jim Imhoff, CEO, First Weber Group Inc.; and Mary Ellen Stanek (right), managing director and director of asset management, Robert W. Baird and Co.

View more at: http://www.biztimes.com/news/2009/2/6/biztimes-around-town-economic-leadership-forum

The 'Mortgage Component' of Obama's Stimulus Bill

The 'mortgage component' of the recently passed Stimulus Bill is still murky to many pundits. This video discusses the mortgage-related issues in Obama's Stimulus Plan.

Other Blogs Followed by AIM Program

On the right column of this blog you will find a list of links and blogs that AIM students follow regularly. The newest listings were suggested by Connor Lawrie (AIM Class of 2009), who follows these on daily basis:

John Mauldin: www.frontlinethoughts.com
Bill Bonner www.dailyreckoning.com
Private Equity/Venture new and deals www.pehub.com

Feel free to suggest more.

Marquette AIM Team Advances to the Finals of the Wisconsin CFA Global Investment Research Challenge

On February 9, the CFA Society of Milwaukee announced that the CFA Global Investment Research Challenge teams from Marquette University and UW-Milwaukee had advanced to the finals. In addition to Marquette and UWM, participating universities in this year’s challenge included: Alverno College, Carroll University, Milwaukee School of Engineering, University of Wisconsin-Madison, University of Wisconsin-Whitewater, and Wisconsin Lutheran College.

The Wisconsin Investment Research Challenge is part of the CFA Institute’s Global Investment Research Challenge. This eight month real-world educational initiative involves leading industry professionals teaching finance students how to research and report on publicly traded companies. It consists of training in research and report writing, analysis of public companies, mentoring by a professional research analyst, assessment of written reports, and oral presentation of research to a high-profile panel of investment experts. The CFA Society of Milwaukee introduced the Challenge as a means to promote best and ethical practices in research among the next generation of analysts.

The two finalist teams were selected on the basis of their written investment research reports on Badger Meter (NYSE: BMI). Ten minute oral presentations by both teams – followed by a question and answer period - will be held on February 18 at the Milwaukee Athletic Club following a lunch hosted by the CFA Society of Milwaukee. A panel of experts, selected by the CFA Society, will grade the presentations and a winner will be selected from the finalists based on the combined scores of the written reports and the oral presentations (weighted 50% for the written report and 50% for the oral presentation).

The winner of the Wisconsin CFA Global Investment Research Challenge was advance to the Americas Regional Investment Research Challenge which will be held on March 19 in New York City. The Global Finale will be held on April 2, 2009, in London, UK, where the regional champions from Asia-Pacific, Americas, and Europe-Middle East-Africa will vie for the Global Investment Research Challenge title.



For more information, please visit www.cfamilwauee.org and www.cfainstitute.org/society/challenge

Unpacking the Unemployment Numbers (Morningstar video)

Pat Dorsey of Morningstar and his guests discuss the unemployment numbers released on Friday. Following the AIM students' visit to Mason Street Advisors / Northwestern Mutual on Friday, this video helps put the employment numbers into perspective.

WUWM "Lake Effect" Interview

David Krause is a finance professor at Marquette University, and director of the school’s Applied Investment Management (AIM) Program. Andy Verchota is a senior at Marquette in that program. On Friday, WUWM interviewed them about the AIM Program. Listen to the interview at:

Wells Capital's Jay Mueller Says Treasuries May Be Best Option Amid Downturn (Bloomberg video)

Click on the title above to be taken to a Bloomberg interview with Jay Mueller, Senior Portfolio Manager, of Wells Capital Management on Monday, February 2. Wells Capital Management oversees about $3 billion in fixed income investments.

Mr. Mueller still believes we are still in a difficult environment where Treasuries are the safest fixed income investment. He acknowledges the challenges of a deflationary short-term environment and a potentially long-term inflation environment.

Naked Capitalism Blog -- "China: Agricultural Ministry Pegs Unemployment Higher than Wen; Official Warns of Challenges to Social Stabilty"

Andy Verchota (AIM student in the Class of 2009) wrote, "I found this blog exactly in line with what Jim Bianco has spoken about in his past two presentations to the AIM students. It talks about the exodus of rural China away from the cities."

If you read this posting from Naked Capitalism (a blog that is linked on the right side of the AIM Program blog), it clearly highlights some of the major challenges faced by the Chinese government as a result of the global economic slowdown.