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• Housing and Urban Development (HUD) secretary, Alphonso Jackson, resigned today to his duties. He is under criminal investigation but the government didn´t give any reason for his resignation.

• Citigroup Inc (C) has named Nick Roe to head its global equity finance and prime brokerage business. Roe joined Citi in London in 2005, after working for Deutsche Bank AG (DB).

• Federal Reserve Chairman Ben Bernanke will meet on Tuesday with House Republican leaders to discuss the rising threat to the US economy and the need for futher action to address problems in the housing market.

• Citi and Wachovia seen cutting dividends for next month, as shrinking earnings will make it hard to support current payouts. Economic experts believe Citigroup will earn $1.43 a share less than its dividend payout this year.

• Lehman Brothers (LEH) sues Japonese trading company Marubeni. demanding $350 million in damages over alleged fraud.

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According to Warren E. Buffett, this is “by far the best book on investing ever written”. In the following post, I wish to share with you some of the basic ideas.

INTRODUCTION

• A stock is not just a ticker symbol; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
• The intelligent investor is a realist who sells to optimists and buys form pessimists.
• There is no such thing as a good or bad stock; there are only cheap stocks and expensive stocks.
• The art of successful investment lies first in the choice of those industries that are most likely to grow in the future and then in identifying the most promising companies in these industries.
• Obvious prospects for physical growth do not translate into obvious profits if most other investors are already expecting the same.
• Stocks become more risky as their prices rise (this is obvious but very few follow this core principle).
• The more enthusiastic investors become about the stock market in the long run, the more certain they are to be proved wrong in the short run (rule of opposites).
• Never buy a stock immediately after a substancial rise or sell immediately after a substancial drop.

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After losing 9% on yesterday´s trading day, Citigroup upgraded Lehman Brothers Holdings from hold to buy due that is has a “very attractive share price”.

Lehman, the forth biggest US security firm, had a profitable recent quarter and according to Citigroup, it has a protected liquidity position because the Fed and US Treasury is ready to inject cash if Lehman´s share has a further decline.

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Well, the past trading days have been very good for Wall Street, but as I said on some of my recent posts, in my opinion recession is a fact. This euphoria is just temporary and these facts should make bullish investors reconsider their beliefs:

• Consumer confidence is in its lowest levels since 1973. Yes, 35 years!! Less confidence than September 11, that´s incredible. The consumer index is currently at 64,5 according to today´s report. We have to go back to the Watergate scandal to get a lower reading
• Home prices fell in January to new records, dropping 10% in just one month. This is another indicator that shows as the reality of US. Read the rest of this entry »

  

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