American Express Company (NYSE:AXP) shares are down 50% in the last 3 months and trading under $20 a share.  Why care?  First off, Berkshire Hathaway is its largest stockholder with 151 million, or 13%, of AXP shares. Barron's says "Berkshire's stake suggests the company's stock may be near a bottom". At Barron's: American Express: Nowhere Near Its Credit Limit By ANDREW BARY

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AmEx CEO Ken Chenault is considered among the best

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Warren Buffett says buy. Jeremy Grantham says it will get worse. Both are celebrated value investors. Who is right? It all depends upon your view of the third derivative of investing. Today we look at valuations in the stock market. This is the second part of a speech I have given in the past few weeks in California and Stockholm. I am updating the numbers, as the target keeps moving. 

While from one perspective things look rather difficult, from another there is a ray of hope. What can you expect to earn from stocks over the next five years? It should make for an interesting letter. Note: this will be a little longer than usual, but part of it is there are a LOT of charts.

I likened this to the economic situation we are in now. With consumer spending “resetting” to a new lower level, we are going to have to

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