Johnson & Johnson Accepts Offer From The Carlyle Group to Acquire Ortho-Clinical Diagnostics (JNJ, CG)

Johnson & Johnson (JNJ) reported that it has accepted an offer from The Carlyle Group (CG) to purchase its Ortho-Clinical Diagnostics business for $4.15 billion.

JNJ was presented with the offer on January 16 and accepted it after the company consulted with the relevant works councils and trade unions. The deal is expected to close in the middle of 2014.

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The company said that it will report any updates at its next earnings call on April 15.

Johnson & Johnson shares were up 76 cents, or 0.78%, during pre-market trading Monday. The stock is up 6.39% YTD.

The Carlyle Group shares were up 36 cents, or 1.05% during pre-market trading Monday. The stock is down 3.71% YTD.

Mexico's 'green gold': Growers guard limes

MEXICO CITY — Citrus growers in the Gulf Coast state of Veracruz guard their groves as lime prices surge to the point that pistol-packing thieves pick pieces of fruit right off their trees.

Truckers, meanwhile, travel with escorts — especially after criminals started targeting their vehicles and commandeered a cargo of limes worth nearly $50,000 this month.

"There are a lot of people stealing limes, even entering the groves with weapons," says Adriana Melchor, director of fruit exporter Inverafrut.

Limes have always been a coveted crop in Mexico, where a squirt of the small citrus brightens the taste of everything from tacos to tequila to guacamole.

But a combination of poor winter weather, plagues and threats from organized crime have caused production to plunge and prices to rise — a trend that has many Mexicans calling the citrus "green gold."

Newspapers are covering the shortages as prices rise to more than $6 per kilogram (2.2 pounds) in some places. La Prensa, a tabloid catering to the cost-conscious working classes, replaced its usual blood-soaked front-page photos with the headline: "Like Meat!" and a subhead saying limes sell for the same price as chicken.

STORY: U.S. lime market squeezed by shortage in Mexico

Vendors say sales are on the decline, even though limes — along with chilies and salt — accompany many Mexican dishes.

"One year ago it was 15 to 20 pesos ($1.15 to $1.50) per kilogram. Now it's 50 pesos" ($3.80), says Mario Aguilar, who sells fruit from a market near the president's residence in Mexico City and reports people purchasing half of what they used to buy.

Taco stand operator Fidel González used to put out bowls of limes for his patrons. Now he portions out slices selectively to keep costs down.

"We have to charge the same price for our tacos, so we give out less limes," he says.

The quality of limes is also lacking, according to both growers and restaurateurs.

"We're getting a smaller-size lime ! and it doesn't produce as much juice as it should," says Claudio Hall, chef at Fonda El Refugio in Mexico City, where his bartenders now use twice as many limes to make margaritas.

"We just tighten our belts and pay the higher prices," he says.

The consumer prosecutor's office, Profeco, says prices have on average increased by 221% since December and promises to prosecute anyone hoarding the fruit or speculating. Profeco's director, Lorena Martínez, said the sanctions for speculation include prison terms of up to 10 years.

Melchor insists no one is hoarding any fruit — at least not in Veracruz, one of Mexico's three main growing regions and an area famous for its production of Persian limes, which are exported to the U.S. and Europe.

Production in her partners' groves has dropped from 20 tons per day to 3 tons per day, while customers in the USA have offered as much as $90 for a 40-pound box of limes, she says — more than seven times the price of $12 per box paid last year.

Melchor blames bad weather. Hurricane Ingrid stormed through last September, and unusually cold winter temperatures made matters worse.

Producers in other parts of Mexico who supply the domestic market with a smaller, more acidic lime variety suffered other problems such as a plague that wiped out the crop in the western state of Colima.

In the neighboring state of Michaocán, where self-defense groups formed to fight off drug cartels carrying out crimes like kidnap and extortion, a spokesman for the growers' association also blames bad weather. But he acknowledged that insecurity prevented some producers from working their lime groves last year.

"Producers didn't go out to their groves, didn't attend to their trees as they should have," says Leonardo Santibáñez, spokesman for the Citrus Growers Association of the Apatzingán Valley. "This brought about smaller harvests."

The growers formed a group five years ago to fetch better prices for their crops — currently 15 pesos! ($1.15) ! per kilogram (2.2 pounds), Santibáñez says, nearly double the 8 pesos ($0.61) per kilo they received last year. The growers' increased organization and marketing muscle is getting them a better price, Santibáñez says, but he rejects suggestions they're unduly profiting at a time when production from Michaocán can barely supply one-third of the Mexican market.

"The benefit of being organized is that there's a regulation of prices, regulation of harvests, that we take care of each other because if we don't the profits will stay in the commercialization process (and) not be distributed to those in the production process."

Mexican retailers reject any allegations of jacking up prices.

"Our prices are reflecting what we are paying in the market," says Antonio Ocaranza, spokesman for Wal-Mart de México, the nation's largest retailer. "We try to provide the lowest possible price and have been working closely with authorities to share what we are seeing in the market."

Baxter Jumps on Split: Fade the Bounce?

Sometimes the parts are worth more than the whole–and the market thinks that’s the case with Baxter International (BAX), which has surged after it announced that it plans to split into two companies.

REUTERS

The Wall Street Journal has the details on Baxter’s plans:

Baxter International Inc. said it plans to create separate, independent health-care companies, one focused on developing and marketing biopharmaceuticals and the other on medical products.

Baxter’s biopharmaceuticals business posted revenue of roughly $6 billion last year and includes treatments for hemophilia and other bleeding disorders, immune deficiencies as well as chronic diseases. The remaining company will focus on Baxter’s medical products, which had sales of more than $9 billion in 2013.

Baxter’s shares were up as much as 15% in per-open trading but are now up less than a third of that. ISI Group’s Mike Craig considers the reason why:

Timing of the transaction completion is mid 2015, following final approval of the BoD, receipt of favorable opinion on tax free status from IRS, shareholder approval, & all regulatory approvals. As a point of interest we have seen several announcements recently where an announcement of the split drives the stocks up 10% and quickly fades as timing sets in and market risk still exists. recent examples [Hertz (HTZ), FMC Corp (FMC), Agilent (A), Noble (NE), CBS (CBS)]. I would expect the stock to fade hard from these levels

Shares of Baxter have gained 4.9% to $73.49 today at 10:46 a.m. today, while FMC Corp. has risen 1.2% to $77.28, Noble has advanced 1.7% to $32.29, CBS Corp has dropped 1% to $61.32 and Agilent is off 0.3% at $55.

What You Can Learn from Buffett's Biggest Blunders

Nati Harnik/AP Warren Buffett, chairman of the board of Berkshire Hathaway (BRK-B), is surprisingly open about his mistakes, chronicling them for all to read -- and learn from -- in his annual shareholder letters. The Cigar Stubs The textile mill that gave Berkshire Hathaway its name turned out to be an albatross for more than two decades as Buffett dithered over shutting it down. Located in Massachusetts, far from the new textile and cotton hubs down South, it was a money-loser from the start. He has since admitted his stubborn attachment to it probably cost Berkshire $200 billion in lost opportunity costs to invest in better companies. Back then, Buffett was more a proponent of the "cigar stub" theory of investing -- buying a downtrodden company or stock and smoking out the last few puffs of profit. Another iteration of this thesis gone wrong was his purchase of Blue Chip Stamp Co. in the late '60s. It was a lesser rival of the Sperry & Hutchinson Green Stamps Co. Both involved an early form of loyalty program in which shoppers collected stamps that could be redeemed for merchandise. "When I was told that even certain brothels and mortuaries gave stamps to their patrons, I felt I had finally found a sure thing," Buffett said in his 2006 shareholder letter. However, Blue Chip revenues declined by more than 80 percent from 1970 to 1980 and by almost 99 percent by 1990 as credit-card loyalty programs and increasing affluence made shoppers reluctant to waste time pasting stamps in books. What Buffett learned became a new leg of his investing stool: to only buy businesses for their demonstrated profitability. The Economic Moat Buffett coined the term "economic moat" to describe the competitive and hopefully monopolistic advantages that will help a company thrive. He has long said he regrets buying Dexter Shoes in 1993, purchasing it with Berkshire Hathaway stock then worth $433 million for an estimated loss of $3.5 billion. He admits now it didn't have the brand loyalty or moat he expected. Since then Buffett has hunted for big elephants like Heinz and Burlington Northern Santa Fe, and investing more every year in his "Big Four" stocks: Wells Fargo (WFC), IBM (IBM), American Express (AXP) and Coca-Cola (KO). Fear and Greed He purchased US Airways preferred stock in 1989 when optimism about the airline was at its zenith -- just in time for competitors to undercut its prices. He soon found there is no brand loyalty among the flying public. Airlines in general have a tendency to accelerate debt growth at the same time as their revenue growth. In this case, he basically broke even. In 2008, he bought high into ConocoPhillips (COP), expecting oil prices (then more than $100 per barrel) to go even higher, violating his own precept to buy when others are fearful and sell when others are greedy. The loss he took on that gamble amounted to more than $1 billion. Still, this didn't deter him from a blunder detailed in the 2013 annual shareholder letter -- buying $2 billion worth of bonds in Energy Futures Holdings, an electric utility that has suffered from a decline in natural gas prices. Buffett wrote with his usual candor,"Most of you have never heard of Energy Future Holdings. Consider yourselves lucky; I certainly wish I hadn't," adding the company is likely headed for bankruptcy. Buffett has had many more big wins than losses, including some out-of-the-park hits like American Express in the 1960s when it was embroiled in a small subsidiary's salad oil scandal, his purchase of Geico and an annual compounded gain of 19.7 percent in Berkshire Hathaway's book value since 1965. In a seven-decade career dating from age 11 when he bought his first stock, Buffett's mistakes have grown fewer and farther between. Even better for investors, when he chooses poorly, he explains where he went wrong, so we can all learn from his mistakes.

On the road — and run — with John McAfee

SOMEWHERE IN THE BLUE RIDGE MOUNTAINS, Tenn. — John McAfee's distinctly British accent is on the other end of the cell call — and his instructions are precise.

"Sir, upon your flight's arrival, text me, and my people will coordinate their pickup of you," he says. "We will determine our rendezvous point."

Two hours later, after a circuitous journey from Memphis, I encounter McAfee sitting on the back porch of a remote farmhouse nestled deep in Tennessee's Blue Ridge Mountains. He is chain-smoking in a semicircle of weapons. McAfee travels with 10 guns — a Beretta .40 is hidden in the small of his back and a Ruger .380 is in his right front pocket. Often, he cradles a rapid-fire Kel-Tec shotgun as one would a newborn. A pitbull patrols the 40-acre spread, always keen to strangers.

It all sounds so LeCarre, but these are things one comes to expect from a rattled, sleep-deprived McAfee, who is convinced someone has put out a $650,000 contract on his life. He insists the initial hit was for $2 million, "so my value dead is in steep decline," he jokes.

McAfee is considered a legend in the computer industry for creating and popularizing antivirus software for the masses. But he cemented his place in the American zeitgeist with a murder mystery in Belize — he was named a "person of interest" in the case — and his desperate flight to freedom. That international adventure led to McAfee's claims of widespread corruption in the Belize government and, he insists, a contract on his life by a drug cartel. He and his wife, Janice, have been on the run in the USA for several months.

Authorities haven't called him a suspect in the murder. Raphael Martinez, a spokesman for the Belize police, says McAfee has not been charged and there is no plan to extradite him. U.S. authorities have made no effort to question McAfee since he returned in December 2012.

RISKY BUSINESS

For now, the mercurial McAfee's immediate concern is updating me on his adventures since we last met, in P! ortland, Ore., nearly a year ago. Since then, he says, he has narrowly escaped an attempt on his life in Portland in September, traversed the country with his wife to avoid hit squads and hardly slept a wink. At the same time, he's a frequent Fox TV contributor and was able to launch a start-up, Future Tense, based in Montreal. Its first product, DCentral 1, is about to be released. ("Our program makes you aware of apps that track you," he says. "No one is anonymous.")

The product launch is nothing short of miraculous considering that McAfee may be the only CEO in America overseeing a start-up while on the run from what he believes is a Central American hit squad.

"This is one of those things where truth is stranger than fiction — of which I am intimately familiar," says McAfee, who triggered worldwide headlines when he escaped the Central American country in disguise using old-fashioned tradecraft. He headed for Guatemala, then made his way to Miami.

"This is the age of paranoia, with the NSA, hit squads, government snooping — you name it," McAfee says, checking the sight on his Ruger pistol.

EARLIER: John McAfee breaks long silence in interview

For McAfee, so much has changed since he was named a person of interest in the unsolved 2012 murder of Gregory Viant Faull, an American expatriate and McAfee's neighbor in Belize. McAfee says he was fingered for Faull's death because he had refused to pay Belize officials a $2 million bribe months earlier.

McAfee says the FBI takes the threats against him seriously — so seriously that he is in almost daily contact with an agent. He shows me texts to back up his account. McAfee says the FBI has offered to place him in protective custody, but he is loath to accept such a fate because he considers the prospect of working in a grocery store in the Deep South under an assumed name "akin to a death sentence" of stultifying anonymity.

Dave Joly, an FBI spokesman in Denver, would neither confirm nor deny McAfee's claims.

An ! investigative reporter says his research on the case backs up McAfee's story. John Casaretto, a reporter for website Silicon Angle who spent three days with McAfee, says that a mountain of documents shows McAfee's claim of an elaborate plot against him isn't a hoax.

"There is too much evidence, too many coincidences, for this not to be true," Casaretto says. "A couple of things I know about John McAfee: I've never seen him do drugs. And he's been nothing but honest and open to me."

So far, the national press has largely ignored the latest chapter in McAfee's improbable journey. McAfee laid it out to me over two days from the haven of the mountain retreat. A couple, one packing heat, was hosting him. "If anyone comes around (to harm McAfee), they're dead," says John, one of McAfee's hosts, showing off his handgun with glee. "I don't miss anything from 1,000 feet when I shoot."

The cast of unlikely characters sounds like something out of a Martin Scorsese film, based on a Quentin Tarantino script. The star is McAfee, 68, a brilliant software developer who almost single-handedly created the anti-virus software industry — and will be the first to admit he is "not normal, if you will."

UNDER COVER OF NIGHT

Fifty phones, 50 places.

McAfee has plowed through that many phones and venues to evade a team of assassins, he says. The short-term plan is to zigzag the USA, paying for hotels with cash under anonymous names like James Corwell. With each phone, McAfee meticulously scrubs data, removes the GPS antenna and disables all apps.

One trick McAfee, an amateur magician, employs is duct-taping active phones to 18-wheelers so as to confuse those hunting him via cellphone signals. Properly configured, a phone, with its GPS reinstalled, can run for six days. "This is a big country to get lost in," he says.

While we're in middle Tennessee, McAfee tailgates a propane truck. When the truck comes to a stop at a red light, he jumps out, drops one of his phones in the lip! of the t! ruck's back and jumps back into his car. The diversionary goal: to confound his trackers by having them chase the movements of a random propane truck.

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"This should set (the cartel) on a merry chase," McAfee says, laughing. "Necessity focuses the mind remarkably."

McAfee is going to elaborate lengths to hide in plain sight because he and others are convinced at least one attempt was made on his life and another may come soon.

"I'm scared, but I feel alive," McAfee explains. "So many people lead dead lives, which is tragic. But I would gladly trade for a few of those days."

Instead, McAfee and his wife, whom he married in October, crisscross the country in an SUV tricked out with police lights, spotlights and infrared vision. The McAfees frequently change the vehicle's color, license plates and registration.

As for that new start-up, McAfee says, "Running a company while on the run is not easy." He does so with the help of a cadre of helpers in North America that includes Tom Gusinski.

"We talk once a day — it can be 10 a.m. or 5 a.m.," Gusinski says. "John is an amazing, intelligent man. Miraculously, he has been able to lay out what he wants, and our job is to get it done."

By Saturday afternoon, McAfee and his bride are on to the next stop on their whirlwind tour of cheap hotels, tucked-away safe houses and backwoods roads.

They check their guns, the truck's spotlights and supplies before hopping into the vehicle for the next leg of their improbable journey.

"We'll see you down the road," McAfee says. "I don't know where it will take us, but I'm sure it will be interesting."

Carl Icahn Gains 3 More Seats on Herbalife Ltd. Board (HLF)

On Monday, Herbalife (HLF) announced that it has given Carl Icahn three more board seats.

Carl Icahn is currently the company’s biggest shareholder, and with the addition of three more Icahn representatives on the board, Icahn will control five board seats on a 13-person board. Herbalife stated it will nominate Hunter C. Gary and Jesse A. Lynn–two employees of Icahn–and James L. Nelson, an independent director of the firm Icahn Enterprises.

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The nutrition and weight loss products company has been under scrutiny in recent months, with the U.S. Federal Trade Commission investigating Herbalife’s business practices.

Herbalife shares rallied 6.7% during Monday’s session. Year-to-date, the stock is down 37.94%.

Russia Vetoes Crimea Resolution In U.N. Security Council

Russia vetoed a U.S. sponsored resolution resolution Saturday to make illegal a referendum for Ukrainian peninsula, Crimea, to secede and join Russia. The mostly Russian speaking Crimea will vote on joining Russia on Sunday.

Thirteen of the Council's 15 members voted in favor of the draft text, Russia voted against, and China abstained. A veto by any of the Council's five permanent members –- China, France, Russia, the United Kingdom and the United States -– means a resolution cannot be adopted. The resolution would have reaffirmed Ukraine's "sovereignty, independence, unity and territorial integrity" and declared that tomorrow's referendum, which could lead to Crimea's break with Ukraine, "can have no validity".

Russia's veto eliminates that as a possibility within the U.N.

Russia's Permanent Representative to the United Nations, Vitaly Churkin, said it was "no secret" that Russia was planning to vote against the resolution, the U.N. noted on its website. He added that Moscow would respect the decision of the Crimeans but could not accept the basic assumption of the draft resolution which aimed "to declare illegal the planned March 16 referendum where residents of the Republic of Crimea should decide on their future".

Crimea is an autonomous region of Ukraine much in the way Hong Kong has a separate government but remains part of China.

Liu Jieyi, Permanent Representative of China to the U.N., said Beijing sought a "balanced" solution to the conflict within a framework of law and order. He called on countries to refrain from action which could further escalate the conflict.

The resolution vote today marked the seventh time the Security Council was convening to discuss Ukraine.

Ukraine entered a deep political crisis in late 2013 when then-president Viktor Yanukovych rejected a trade deal with Brussels in favor of moving the country closer to Russia. Millions in Kiev, Ukraine's capital, saw Yanukovych as acting on behalf of a foreign nation rather than the good of Ukraine. He was impeached through extra-legal means on Feb. 22 and allegedly fled to the Russian naval base in Sevastopol, located on the Black Sea coast in southern Crimea.

When pro-Western politician Arseniy Yatsenyuk took the helm of Ukraine, he quickly summonsed allies in Brussels and at the International Monetary Fund to help save the country's ailing economy. But one of Yatsenyuk's first orders of business was to eliminate Russian as the second official language of Ukraine. Many ethnic Russians took offense. And the mostly Russian peninsula of Crimea quickly became the new hot zone of Ukraine's latest revolution. Washington moved to essentially replace Brussels, which was once the third party in this torrid affair.

Crimea's leaders voted to secede last week, but the voters will decide on the matter tomorrow.

Eight U.S. Senators are currently in Ukraine's capital waiting for fireworks.

U.S. Sen. Ron Johnson said that the United States should hold Russian President Vladimir Putin responsible for any bloodshed in Ukraine, the independent Kiev Post reported.  Ukraine has reported around 100 civilian deaths since protest erupted in the fourth quarter of 2013.

Human Rights Watch documented the involvement of self-defense units in the abductions of at least six activists from the  so-called Euromaidan movement, which organized the months of protests in Kiev

"I'll tell you what, from my standpoint there is one person I hold accountable for this aggression and it's Vladimir Putin. If there's further bloodshed, there's also one person I will hold responsible," Johnson told a news conference in Kiev today. "There's one person that can stop it, that can prevent it. That's Vladimir Putin."

See: 'Blame Putin', Wisconsin Republican Johnson Says  – Kiev Post

Legal Or Not, Crimea Referendum Will Reshape Ukraine Crisis – CNN

Crimea As Consolation Prize As Russia's Ukraine Costs Rise – The Washington Post

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Mid-Morning Market Update: Markets Open Higher; Tiffany Posts Downbeat Earnings

Related BZSUM #PreMarket Primer: Friday, March 21: US Expands Russian Sanctions Mid-Afternoon Market Update: Walter Energy Gets Pounded as Markets Rise

Following the market opening Friday, the Dow traded up 0.44 percent to 16,402.68 while the NASDAQ surged 0.04 percent to 4,320.84. The S&P also rose, gaining 0.46 percent to 1,880.67.

Leading and Lagging Sectors
Friday morning, the utilities sector proved to be a source of strength for the market. Leading the sector was strength from Huaneng Power International (NYSE: HNP) and Exelon (NYSE: EXC). In trading on Friday, telecommunications services shares were relative laggards, down on the day by about 0.01 percent.

Among the sector stocks, 8x8 (NASDAQ: EGHT) was down more than 2.2 percent, while USA Mobility (NASDAQ: USMO) tumbled around 2.5 percent.

Top Headline
Tiffany & Co (NYSE: TIF) swung to a loss in the fourth quarter. Tiffany posted a quarterly loss of $103.6 million, or $0.81 per share, versus a year-ago profit of $179.6 million, or $1.42 per share. Excluding special items, it earned $1.47 per share. Its revenue climbed to $1.30 billion versus $1.24 billion. However, analysts were estimating earnings of $1.51 per share on revenue of $1.31 billion. For fiscal year 2014, Tiffany projects earnings of $4.05 to $4.15 per share, versus analysts' estimates of $4.27 per share.

Equities Trading UP
Endocyte (NASDAQ: ECYT) shares shot up 121.31 percent to $32.40 after Merck & Co (NYSE: MRK) and Endocyte announced the European CHMP positive opinions for VYNFINIT and the companion agents FOLCEPRI and NEOCEPRI.

Shares of LIN Media LLC (NYSE: LIN) got a boost, shooting up 30.67 percent to $28.08 after Media General (NYSE: MEG) announced its plans to buy Lin Media LLC for $1.6 billion.

CommScope Holding Company (NASDAQ: COMM) was also up, gaining 11.66 percent to $24.71 after the company lifted its Q1 forecast.

Equities Trading DOWN
Shares of Symantec (NASDAQ: SYMC) were down 11.70 percent to $18.46 after the company fired President and Chief Executive Steve Bennett and appointed director Michael Brown as interim president and CEO. UBS downgraded the stock from Buy to Neutral and lowered the price target from $27.00 to $21.00.

AAR (NYSE: AIR) shares tumbled 6.23 percent to $28.99 after the company reported a drop in its Q3 profit and lowered its FY14 forecast.

Nike (NYSE: NKE) was down, falling 3.89 percent to $76.19 after the company issued a cautious forecast for 2015 earnings. Nike posted its quarterly adjusted profit of $0.73 per share on revenue of $6.97 billion.

Commodities
In commodity news, oil traded up 0.27 percent to $99.17, while gold traded up 0.53 percent to $1,337.80.

Silver traded down 0.05 percent Friday to $20.42, while copper rose 1.52 percent to $2.97.

Eurozone
European shares were mostly higher today.

The Spanish Ibex Index fell 0.18 percent, while Italy's FTSE MIB Index rose 0.20 percent.

Meanwhile, the German DAX surged 0.19 percent and the French CAC 40 gained 0.01 percent while U.K. shares rose 0.10 percent.

Economics
On the economics calendar Friday, there is no important data due out.

Posted-In: Earnings News Guidance Eurozone Futures Forex Global Econ #s Economics Intraday Update Markets Movers Tech

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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5 Best Heal Care Stocks To Buy For 2014

5 Best Heal Care Stocks To Buy For 2014: Legg Mason Inc (LM)

Legg Mason, Inc. (Legg Mason), incorporated in 1981, is a global asset management company. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles. It offers these products and services directly and through various financial intermediaries. The Company provides its asset management services through a number of asset managers, each of which generally markets its products and services under its own brand name and, in many cases, distributes retail products and services through a centralized retail distribution network. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in a number of investment styles for institutional and individual investors. Legg Mason's investment products include mutual funds ranging from money market and other liquidity products to fixed inc ome and equity funds managed in a variety of investment styles, other domestic and offshore funds offered to both retail and institutional investors and funds-of-hedge funds. As of March 31, 2012, assets under management were $643.3 billion. During the fiscal year ended March 31, 2012 (fiscal 2012), the Company sold Bartlett & Co., a Cincinnati-based wealth manager.

Asset Managers

The Company conducts its business primarily through 12 asset managers. Its asset managers are individual businesses, each of which generally focuses on a portion of the asset management industry in terms of the types of assets managed (primarily equity or fixed income), the types of products and services offered, the investment styles utilized, the distribution channels used, and the types and geographic locations of its clients. The Company's asset managers provide a ran! ge of separate account investment management services to institutional clients, including pension and other retirement plans, corporations, insurance companies, ! endowments and foundations and governments, and to high-net-worth individuals and families. In addition, its asset managers also sponsor and manage various groups of the United States mutual funds, including the Legg Mason Funds, The Royce Funds and the Western Asset Funds, funds-of-hedge funds and a number of equity, fixed income, liquidity and balanced funds that are domiciled and distributed in countries worldwide, and provide investment advisory services to a number of retail separately managed account programs. Western Asset Management Company is a global fixed income asset manager for institutional clients. Western Asset's operations include investment operations in New York City, the United Kingdom, Japan, Brazil, Australia and Singapore. Western Asset offers a range of products spanning the yield curve and encompassing the bond markets, including a suite of limited duration and core products, emerging market and high yield portfolios, municipal portfolios and a varie ty of sector-oriented and global products. Among the services Western Asset provides are management of separate accounts and management of mutual funds, closed-end funds, international funds and other structured investment products.

ClearBridge Advisors is an equity asset management firm. ClearBridge Advisors provides asset management services to 29 of the equity funds (including balanced funds and closed-end funds) in the Legg Mason Funds, to retail separately managed account programs, to certain of its international funds and, primarily through separate accounts, to institutional clients. ClearBridge also sub-advises domestic mutual funds that are sponsored by third parties. Royce & Associates is investment advisor to all of The Royce Funds and to certain of the Company's international funds. In addition, Royce & Associates manages other pooled and sep! arate acc! ounts, primarily institutional. Brandywine Global Investment Management manages fixed income, inclu ding global and international fixed income, and equity portf! olios for! institutional and, through wrap accounts, high-net-worth individual clients.

Batterymarch Financial Management manages the United States, international and emerging markets equity portfolios for institutional clients. Permal Group Ltd. is a global funds-of-hedge funds management firm. With a headquarters in London and other offices in New York City, Boston, Dubai, Paris, Tokyo, Hong Kong, Singapore and Nassau, Permal manages products, which include both directional and absolute return strategies, and are available through multi-manager and single manager funds, separately managed accounts and structured products sponsored by a number of financial institutions. Legg Mason Capital Management is an equity asset management business that manages both institutional separate accounts and mutual funds. Legg Mason Capital Management manages 12 Legg Mason Funds, and also sub-advises the mutual fund managed by the joint venture described below and investment products spon sored by its other subsidiaries, including certain of the Company's international funds.

Legg Mason Investment Counsel & Trust Company, National Association is a national banking association with authority to exercise trust powers. Legg Mason Investment Counsel & Trust Company provides services as a trustee for trusts established by its individual and employee benefit plan clients and manages fixed income and equity assets. Legg Mason Investment Counsel, LLC, a subsidiary of Legg Mason Investment Counsel & Trust, manages equity, fixed income and balanced portfolios for high-net-worth individual and institutional clients and a number of its mutual funds. Legg Mason Investment Counsel operates out of offices in New York City, Cincinnati, Philadelphia, Easton, Maryland, and Bryn Mawr, Pennsylvania. Esemplia Emerging Markets is an emerging markets! equities! investment manager. Esemplia offers a range of portfolio management strategies, including core long-only and alpha-extension portfolios, to institutional investors worl! dwide, in! cluding pension funds and sovereign wealth funds.

Private Capital Management manages equity assets for high-net-worth individuals and families, institutions, endowments and foundations in separate accounts and through limited partnerships. Legg Mason's business in Poland engages in portfolio management, servicing and distribution of both separate account management services and local funds in Poland. The firm provides portfolio management services primarily for equity assets to institutions, including corporate pension plans and insurance companies, and, through funds distributed through banks and insurance companies, individual investors. Legg Mason Australian Equities is an Australian asset management business that offers Australian equity products, Australian property trusts and asset allocation products. As of March 31, 2012, Legg Mason Australian Equities managed assets with a value of $1billion.

United States Mutual Funds

The Com pany's United States mutual funds business primarily consists of three groups of mutual and closed-end funds, the Legg Mason Funds, The Royce Funds and the Western Asset Funds. The Legg Mason Funds invest in a range of domestic and international equity and fixed income securities. The Royce Funds invest primarily in smaller-cap company stocks using a value investment approach. The Western Asset Funds invest primarily in fixed income securities. The Legg Mason Funds consist of 113 mutual funds and 27 closed-end funds in the United States, almost all of which are sub-advised by its subsidiary asset managers. The mutual funds and closed-end funds within the Legg Mason Funds include 63 equity funds (including balanced funds) that invest in a spectrum of equity securities. The fixed income and liquidity mutual funds and closed-end funds within the Legg! Mason Fu! nds include 77 funds. As of March 31, 2012 , the Legg Mason Funds included $114.7 billion in assets, respectively, in t heir mutual funds and closed-end funds, of which approximate! ly 30% an! d 27%, respectively, were equity assets, approximately 24% and 18%, respectively, were fixed income assets and approximately 46% and 55%, respectively, were liquidity assets.

The Royce Funds consist of 32 mutual funds and three closed-end funds, most of which invest primarily in smaller-cap company stocks. The Royce Funds are distributed through non-affiliated fund supermarkets, its centralized funds distribution operations, non-affiliated wrap programs, and direct distribution. In addition, two of the portfolios in The Royce Funds are distributed only through insurance companies. The Company's mutual funds business also includes the Western Asset Funds, a family of nine mutual funds and two closed-end funds. The mutual funds are marketed primarily to institutional investors and retirement plans through the Company's institutional funds marketing group. Western Asset Management Company manages these funds. The funds primarily invest in fixed income securitie s.

International Funds

The Company, outside the United States, manages, supports and distributes a number of funds across an array of global fixed income, liquidity and equity investment strategies. Its international funds include a range of cross border funds that are domiciled in Ireland and Luxembourg and are sold in a number of countries across Asia, Europe and Latin America. The Company's international funds also include local fund ranges that are available for distribution in the United Kingdom, Australia, Japan, Singapore, Poland, Hong Kong and Canada. All of its international funds are distributed and serviced by Legg Mason's global distribution group. Its international funds include equity, fixed income, liquidity and balanced funds that are primarily managed or sub-advised by Batterymarch Financial Ma! nagement,! Brandywine Global, ClearBridge, Esemplia, Legg Mason Capital Management, Private Capital Management, Royce & Associates, Western Asset Management and its global asset allocation team. In a! ggregate,! the Company sponsors and manages more than 220 of these international funds.

Retail Separately Managed Account Programs

The Company is a provider of asset management services to retail separately managed account programs, commonly known as managed account or wrap programs. These programs typically allow securities brokers or other financial intermediaries to offer their clients the opportunity to choose from a number of asset management services. It provides investment management services to a number of retail separately managed account programs sponsored by a number of financial institutions.

Distribution

The Company's centralized global distribution group distributes and supports its United States and international funds and retail separately managed account program business. The United States-based operations of the Company's global distribution group support and distribute the Legg Mason Funds, The Royce Funds and the Western Asset Funds, and include its mutual fund wholesalers and its institutional funds marketing group. The Company's mutual fund wholesalers distribute the Legg Mason Funds through a number of third-party distributors. The Company's institutional funds marketing group distributes institutional share classes of the Legg Mason Funds and the Western Asset Funds to institutional clients and also distributes variable annuity sub-advisory services provided by its asset managers to insurance companies. Its institutional liquidity funds are primarily distributed by Western Asset's distributors. In addition to its centralized funds distribution group, Royce & Associates' distributors also distribute The Royce Funds. In addition to distributing funds, the wholesalers in the Company's global distribution operations also suppor! t its ret! ail separately managed account program services. These services are provided through programs sponsored by Morgan Stanley Smith Barney's re tail business, as well as other financial institutions.

! The international distributors within the Company's global distribution group offer its investment management services to individual and institutional investors across Asia, Europe and the Americas. These distributors operate out of distribution offices in 18 cities in 14 countries and are the sole distributors of its cross border funds globally and its international local funds in their respective countries. Legg Mason Investments is responsible for the distribution and servicing of cross border and local fund ranges across Europe, the Americas and Asia. Legg Mason Investments has offices in locations including London, Paris, Milan, Geneva, Frankfurt, Madrid, Singapore, Hong Kong, Taipei, Miami, Santiago and New York. In addition to Legg Mason Investments, the Company's global distribution group includes separate distribution operations in Australia, Canada and Japan. In Australia, its distribution operations distribute local and cross border pooled investment vehicles sub-advised by the Company's asset managers primarily to retail investors, pension plans, fund-of-funds managers, insurance companies and government funds/agencies. In Canada, its distribution operations distribute Legg Mason-managed products primarily to pension plans, endowments, foundations, banks and mutual fund companies and separately managed account programs. In Japan, the Company's distribution operations distribute domestic investment funds, cross border funds and institutional separate accounts primarily to the retail market, which includes retail banks, private banks, asset managers, funds platforms and insurance companies.

Advisors' Opinion:

• [By MONEYMORNING]

  Take a look at these other Nelson Peltz activist investing success stories:

  H.J. Heinz: When Peltz got inv! olved wit! h Heinz, the stock had been slumping. He encouraged management to cut costs, buy back shares, and refocus the company on its core brands. By the time Warren Buffett's Berkshire Hathaway (NYSE: BRK.A, BRK.B) bought it last year for $23 billion, the stock had shot up 75%. "Management did a great job executing the turnaround, but Peltz was the catalyst for a lot of the change," John Sini, a portfolio manager at Douglas C. Lane & Associates Inc., told Bloomberg News last year. "We are looking at this price now and saying, 'Thank you, thank you, thank you.'" Ingersoll-Rand PLC (NYSE: IR): Peltz took an interest in this manufacturer of industrial and commercial goods back in mid-2012; the stock is up 77% since then. Among the moves Peltz influenced was a spinoff of IR's security division, a $2 billion share repurchase program, and a 31% increase in the dividend. Legg Mason Inc. (NYSE: LM): Peltz owns 10% and has a seat on the board of the once high-flying financial firm that fell on hard times after the departure in 2008 of founder Raymond "Chip" Mason. Peltz helped get Legg Mason back on track by playing a leading role in selecting current Chief Executive Officer Joseph A. Sullivan, who assumed the top post in February 2013. The change in leadership worked; since December 2012, LM is up 75%.

  This "Peltzing" is a phenomenon of particular interest now that he has a new top holding...

• [By Zacks]

  Currently, shares of T. Rowe Price carry a Zacks Rank #2 (Buy). Among other investment managers, Invesco Ltd. (NYSE: IVZ) is scheduled to report December quarter end results on Jan 30, Legg Mason Inc. (NYSE: LM) on Jan 31 and Ameriprise Financial, Inc. (NYSE: AMP) on Feb 4.

source from Top Stocks Blog:http://www.topstocksblog.com/5-best-heal-care-stocks-to-buy-for-2014.html

5 Best Small Cap Stocks To Buy Right Now

5 Best Small Cap Stocks To Buy Right Now: Petroquest Energy Inc(PQ)

PetroQuest Energy, Inc. operates as an independent oil and gas company. It engages in the acquisition, exploration, development, and operation of oil and gas properties in Oklahoma, Arkansas, and Texas, as well as onshore and in the shallow waters offshore the Gulf Coast Basin. As of December 31, 2009, the company had estimated proved reserves of 1,931 thousand barrels of oil and 167,361 million cubic feet equivalent of natural gas. It owned working interests in 9 net producing oil wells and 277 net producing gas wells. PetroQuest Energy was founded in 1983 and is headquartered in Lafayette, Louisiana.

Advisors' Opinion:

• [By Jon C. Ogg]

  PetroQuest Energy Inc. (NYSE: PQ) was downgraded to Neutral from Overweight at J.P. Morgan.

  Rubicon Technology Inc. (NASDAQ: RBCN) was downgraded to Underperform from Perform at Oppenheimer.

source from Top Stocks Blog:http://www.topstocksblog.com/5-best-small-cap-stocks-to-buy-right-now.html

Does This Make Apple the Most Vulnerable Tech Company?

The mighty Apple (AAPL) has greatly reaped benefits from its epic innovation –iPhone. Smartphones have been around us in various forms since early 2000. But, right from its introduction in 2007, till the present day Apple has made millions by revolutionizing the smartphone experience, the latest and the greatest contribution being made by the iPhone 5S.

What iPhone means to Apple Its known to all that iPhone is Apple's flagship product that contributes massively to the company's top-line. The following chart summarizes the device's contribution from 2007 till 2013.

(Source: Statista.com)

While, at product inception in 2007, the iPhone accounted for only a meager 0.5% of Apple's total revenue, today it generates 53.4% of the total revenue, and going forward its contribution to the total revenue of the company is expected to surge further. According to Pacific Crest analyst Andy Hargreaves, iPhone is going to account for as much as 68% of the company's gross profit in yet to complete fiscal year 2014.

(Source: Statista.com)

All this clearly signifies how important the gadget is for the company. But, is that all that it signifies? Well, no. It also signifies how vulnerable the mighty Apple is because of its absolute dependence on this one single gadget.

The changing market situation Apple is dependent on the iPhone. So what? Isn't this the way usually companies function; revenue and profits being driven by its flagship offering? The answer is an obvious Yes. But, this doesn't diminish the fact that such dependence calls for a huge amount of risk also. The problem for Apple is not just its dependence, but that coupled with the changing dynamics of the smartphone space.

Best Low Price Stocks To Invest In 2014

Several industry experts and analysts are concerned about the diminishing growth momentum of the spartphone market and its impact on the players of the space, particularly the big ones such as Apple. Though the market was valued at a whooping $338 billion last year, it is growing at a slower rate and is being characterized by gradual price drop which makes making money all the more difficult. According to a recent study conducted by IDC, while worldwide smartphone sales increased by 39% over 2012, the expected market growth for this year is at only 19%, 8% for 2017 and just 6% for 2018.

Another huge concern for Apple is that the developed markets are more or less saturated and whatever growth is taking place is because of the relatively under-developed nations. The consumers in these markets are highly price-sensitive and the cost to own an iPhone stands as a barrier. The company has already launched the iPhone 5C keeping the requirements of these markets, still the price is too high in comparison to other Google (GOOG) Android powered products or Microsoft (MSFT) Windows Phone handsets.

A point of relief In all this the only point of relief for Apple is the expectation of replacement sales. A study conducted by Pacific Crest Securities reveal that Apple can expect 69% of iPhone sales to be accounted by repeat buyers looking at replacing their old iPhones with the latest one. The figure further expands in 2015 at 80%.

(Source: Statista.com)

Departing thoughts Though there are concerns about Apple's dependence on the iPhone, it can be expected that the company might just be able to reap the benefits from the gadget for another good number of years thanks to the ongoing research and development activities. The company is working to bring in best of the class features in its devices, such as the iOS 8 update, the health focused apps and the much awaited iWatch. All these additions are very likely to provide a boost to the iPhone sales and keep the company's top-line safe.

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Top 5 Oil Stocks For 2014

Top 5 Oil Stocks For 2014: Quantum Energy Inc (QEGY)

Quantum Energy, Inc. (Quantum), incorporated on February 5, 2004, is engaged in the acquisition and exploration of oil and gas properties. As of February 28, 2010, the Company did not generate any revenues from its business operations.

The Company has acquired interests in oil and gas properties. The properties are located in the Barnett Shale area of West Texas.

Advisors' Opinion:

• [By Peter Graham]

  Last Friday, small cap energy or mining stocks Yukon Gold Corporation (OTCMKTS: YGDC) and Quantum Energy Inc (OTCMKTS: QEGY) surged 323.5% and 41.2%, respectively, while 1st NRG Corp (OTCMKTS: FNRC) sank 25%. However, it should also be mentioned that two of these small cap stocks have been the subject of paid promotions. With that in mind, will these small cap energy or mining stocks deliver some more Christmas cheer this week? Here is a closer look and a reality check:

source from Top Stocks Blog:http://www.topstocksblog.com/top-5-oil-stocks-for-2014.html

Best Insurance Stocks To Buy For 2015

Best Insurance Stocks To Buy For 2015: Berkshire Hathaway Inc (BRKA)

Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. The Company is engaged in insurance businesses conducted on both a primary basis and a reinsurance basis. Berkshire also owns and operates a number of other businesses engaged in a variety of activities. On December 30, 2011, Medical Protective Corporation (MedPro) completed the acquisition of 100% of the Princeton Insurance Company, a professional liability insurer for healthcare providers based in Princeton, New Jersey. During the year ended December 31, 2011, Acme Building Brands (Acme) acquired the assets of Jenkins Brick Company, the brick manufacturer in Alabama. In September 2011, Berkshire acquired The Lubrizol Corporation (Lubrizol). In June 2011, the Company acquired Wesco Financial Corporation. In June 2012, Media General, Inc. sold 63 daily and weekly newspapers to World Media Enterprises, Inc., a subsidiary of Berkshire. In July 2012 , Berkshire's The Lubrizol Corporation acquired Lipotec SA.

Insurance and Reinsurance Businesses

Berkshire's insurance and reinsurance business activities are conducted through numerous domestic and foreign-based insurance entities. Berkshire's insurance businesses provide insurance and reinsurance of property and casualty risks world-wide and also reinsure life, accident and health risks world-wide. Berkshire's insurance underwriting operations are consisted of the sub-groups, including GEICO and its subsidiaries, General Re and its subsidiaries, Berkshire Hathaway Reinsurance Group and Berkshire Hathaway Primary Group. GEICO insurance subsidiaries include Government Employees Insurance Company, GEICO General Insurance Company, GEICO Indemnity Company and GEICO Casualty Company. These companies primarily offers private passenger autom! obile insurance to individuals in all 50 states and the District of Columbia. In addition, GEICO insures mo torcycles, all-terrain vehicles, recreational vehicles and s! mall commercial fleets and acts as an agent for other insurers who offer homeowners, boat and life insurance to individuals. GEICO markets its policies primarily through direct response methods in which applications for insurance are submitted directly to the companies through the Internet or by telephone.

General Re Corporation (General Re) is the holding company of General Reinsurance Corporation (GRC) and its subsidiaries and affiliates. GRC's subsidiaries include General Reinsurance AG, a international reinsurer based in Germany. General Re subsidiaries conduct business activities globally in 51 cities and provide insurance and reinsurance coverages throughout the world. General Re provides property/casualty insurance and reinsurance, life/health reinsurance and other reinsurance intermediary and risk management, underwriting management and investment management services.

Property/Casualty Reinsurance

General Re's property/casu alty reinsurance business in North America is conducted through GRC. Property/casualty operations in North America are also conducted through 16 branch offices in the United States and Canada. Reinsurance activities are marketed directly to clients without involving a broker or intermediary. General Re's property/casualty business in North America also includes specialty insurers (primarily the General Star and Genesis companies domiciled in Connecticut and Ohio). These specialty insurers underwrite primarily liability and workers' compensation coverages on an excess and surplus basis and excess insurance for self-insured programs. General Re's international property/casualty reinsurance business operations are conducted through internationally-based subsidiaries on a direct basis (through General Reinsurance AG, as well as several other General Re subsidia! ries in 2! 5 countries) and through brokers (primarily through Faraday, which owns the managing agent of Syndicate 4 35 at Lloyd's of London and provides capacity and particip! ates in 1! 00% of the results of Syndicate 435).

Life/Health Reinsurance

General Re's North American and international life, health, long-term care and disability reinsurance coverages are written on an individual and group basis. Most of this business is written on a proportional treaty basis, with the exception of the United States group health and disability business which is predominately written on an excess treaty basis. Lesser amounts of life and disability business are written on a facultative basis. The life/health business is marketed on a direct basis. The Berkshire Hathaway Reinsurance Group (BHRG) operates from offices located in Stamford, Connecticut. Business activities are conducted through a group of subsidiary companies, led by National Indemnity Company (NICO) and Columbia Insurance Company (Columbia). BHRG provides principally excess and quota-share reinsurance to other property and casualty insurers and reinsurers. BHRG's underwriting activities also include life reinsurance and life annuity business written through Berkshire Hathaway Life Insurance Company of Nebraska and financial guaranty insurance written through Berkshire Hathaway Assurance Corporation.

BHRG writes catastrophe excess-of-loss treaty reinsurance contracts. BHRG also writes individual policies for primarily large or otherwise unusual discrete risks on both an excess direct and facultative reinsurance basis, referred to as individual risk, which includes policies covering terrorism, natural catastrophe and aviation risks. A catastrophe excess policy provides protection to the counterparty from the accumulation of primarily property losses arising from a single loss event or series of related events. Catastrophe and individual risk policies may provide amounts of indemnification per contract and a singl! e loss ev! ent may produce losses under a number of contracts. BHRG also underwrites traditional non-catastrophe insurance and reinsurance coverages, referred to as multi-line property/c! asualty b! usiness.

The Berkshire Hathaway Primary Group is a collection of primary insurance operations that provide a variety of insurance coverages to insureds located principally in the United States. NICO and certain affiliates underwrite motor vehicle and general liability insurance to commercial enterprises on both an admitted and excess and surplus basis. This business is written nationwide primarily through insurance agents and brokers and is based in Omaha, Nebraska. U.S. Investment Corporation (USIC), through its three subsidiaries led by United States Liability Insurance Company, is a specialty insurer that underwrites commercial, professional and personal lines of insurance on an admitted and excess and surplus basis. Policies are marketed in all 50 states and the District of Columbia through wholesale and retail insurance agents. USIC companies underwrite and market 109 distinct specialty property and casualty insurance products. Medical Protective Corporatio n (MedPro) is based in Fort Wayne, Indiana. Through its subsidiary, the Medical Protective Company, MedPro is engaged in primary medical professional liability coverage and risk solutions to physicians, dentists, other healthcare providers and healthcare facilities.

Railroad Business

Through BNSF Railway, BNSF operates a railroad network in North America with approximately 32,000 route miles of track (excluding multiple main tracks, yard tracks and sidings) in 28 states and two Canadian provinces as of December 31, 2011. BNSF owns approximately 23,000 route miles, including easements, and operates on approximately 9,000 route miles of trackage rights that permit BNSF to operate its trains with its crews over other railroads' tracks. As of December 31, 2011, the total BNSF Railway system, including single and multip! le main t! racks, yard tracks and sidings, consisted of approximately 50,000 operated miles of track, all of which are owned by or held under easement by BNSF except for approximately 10,000 route! miles op! erated under trackage rights.

BNSF is based in Fort Worth, Texas, and through BNSF Railway Company operates railroad systems in North America. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and ports of the country, BNSF transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries. In serving the Midwest, Pacific Northwest, Western, Southwestern and Southeastern regions and ports of the country, BNSF transports a range of products and commodities derived from manufacturing, agricultural and natural resource industries. Over half of the freight revenues of BNSF are covered by contractual agreements of varying durations. BNSF's primary routes, including trackage rights, allow it to access cities and ports in the western and southern United States as well as parts of Canada and Mexico. In addition to cities and ports, BNSF efficiently serves many smaller market s by working closely with approximately 200 shortline partners. BNSF has also entered into marketing agreements with other rail carriers, expanding the marketing reach for each railroad and their customers.

Utilities and Energy Businesses

MidAmerican's businesses are managed as separate operating units. MidAmerican's domestic regulated energy interests are comprised of two regulated utility companies serving more than three million retail customers and two interstate natural gas pipeline companies with approximately 16,600 miles of pipeline and a design capacity of approximately 7.7 billion cubic feet of natural gas per day. Its United Kingdom electricity distribution subsidiaries serve about 3.9 million electricity end-users. In addition, MidAmerican's interests include a diversified portfolio of dom! estic ind! ependent power projects, a hydroelectric facility in the Philippines and residential real estate brokerage firm in the United States.

PacifiCorp is a regulated electric utility compa! ny headqu! artered in Oregon, serving regulated retail electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. The combined service territory's diverse regional economy ranges from rural, agricultural and mining areas to urban, manufacturing and government service centers. As a vertically integrated electric utility, PacifiCorp owns approximately 10,600 net megawatts of generation capacity. MidAmerican Energy Company (MEC) is a regulated electric and natural gas utility company headquartered in Iowa, serving regulated retail electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska. MEC has a diverse customer base consisting of residential, agricultural and a variety of commercial and industrial customer groups. In addition to retail sales and natural gas transportation, MEC sells regulated electricity to markets operated by regional transmission organizations and regulated electricity and natur al gas to other utilities and market participants on a wholesale basis and sells non-regulated electricity and natural gas services in deregulated markets. As a vertically integrated electric and gas utility, MEC owns approximately 7,000 net megawatts of generation capacity.

The natural gas pipelines consist of Northern Natural Gas Company (Northern Natural) and Kern River Gas Transmission Company (Kern River). Northern Natural is based in Nebraska and owns interstate natural gas pipeline systems in the United States reaching from southern Texas to Michigan's Upper Peninsula. Northern Natural's pipeline system consists of approximately 14,900 miles of natural gas pipelines. Northern Natural has access to supplies from mid-continent basin and provides transportation services to utilities and numerous other cus! tomers. N! orthern Natural also operates three underground natural gas storage facilities and two liquefied natural gas storage peaking units.

< p>Kern River is based in Utah and owns an interstate natural! gas pipe! line system that consists of approximately 1,700 miles and extends from the supply areas in the Rocky Mountains to consuming markets in Utah, Nevada and California. Kern River transports natural gas for electric utilities and natural gas distribution utilities, oil and natural gas companies or affiliates of such companies, electricity generating companies, energy marketing and trading companies, and financial institutions. The United Kingdom utilities consist of Northern Powergrid (Northeast) Limited (Northern Powergrid (Northeast)) and Northern Powergrid (Yorkshire) plc (Northern Powergrid (Yorkshire)), which own a substantial United Kingdom electricity distribution network that delivers electricity to end-users in northeast England in an area covering approximately 10,000 square miles. The distribution companies primarily charge supply companies regulated tariffs for the use of electrical infrastructure. MidAmerican also owns HomeServices of America, Inc. (HomeServices), a full-service residential real estate brokerage firm in the United States. HomeServices also offers integrated real estate services, including mortgage originations through a joint venture, title and closing services, property and casualty insurance, home warranties, relocation services and other home-related services. It operates under 22 residential real estate brand names with over 14,000 sales associates and in nearly 300 brokerage offices in 20 states.

Manufacturing, Service and Retailing Businesses

Berkshire's numerous and diverse manufacturing, service and retailing businesses. Marmon consists of approximately 140 manufacturing and service businesses that operate independently within eleven diverse, stand-alone business sectors. These sectors are Building Wire, Crane Services, Dis! tribution! Services, Engineered Wire and Cable, Flow Products, Food Service Equipment, Highway Technologies, Industrial Products, Retail Store Fixtures, Transporta tion Services and Engineered Products and Water Treatment.

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Building Wire, providing copper electrical building wire for residential, commercial and industrial construction. Crane Services provides the leasing and operation of mobile cranes primarily to the energy, mining and petrochemical markets. Distribution Services, supplying specialty metal pipe and tubing, bar and sheet products to markets including construction, industrial, aerospace and many others. Engineered Wire & Cable, providing electrical and electronic wire and cable for energy related markets and other industries. Flow Products is producing copper tube for the plumbing, heating, ventilation, and air conditioning (HVAC), refrigeration, and industrial markets. Food Service Equipment is supplying commercial food preparation equipment for restaurants and shopping carts for retail stores. Highway Technologies, primarily serving the heavy-duty highway transportation industry with trailers, fifth wheel coupling devices and undercarriage products such as brake parts and s uspension systems, and also serving the light vehicle aftermarket with clutches and related products.

Industrial Products, consisting of metal fasteners for the building, furniture, cabinetry, industrial and other markets, gloves for industrial markets, portable lighting equipment for mining and safety markets, overhead electrification equipment for mass transit systems, custom-machined brass, aluminum and copper forgings for the construction, valve and other industries, brass fittings and valves for commercial and industrial applications, and drawn aluminum tubing and extruded aluminum shapes for the construction, automotive, appliance, medical and other markets . Retail Store Fixtures, providing shelving and other merchandising displays and related services for retail stores worldwide. Transp! ortation ! Services & Engineered Products, including manufacturing, leasing and maintenance of railroad tank cars, leasing of intermodal tank containers, in-plant rail serv ices, manufacturing of bi-modal railcar movers, wheel, axle ! and gear ! sets for light rail transit and gear products for locomotives, manufacturing of steel tank heads, and services, equipment and technology for processing and distributing sulfur. Water Treatment, equipment including residential water softening, purification and refrigeration filtration systems, treatment systems for industrial markets including power generation, oil and gas, chemical, and pulp and paper, gear drives for irrigation systems and cooling towers, and air-cooled heat exchangers. Marmon operates approximately 300 manufacturing, distribution and service facilities that are primarily located in North America, Europe and China, and employs more than 16,000 people worldwide.

McLane Company, Inc. (McLane) provides wholesale distribution and logistics services in all 50 states and internationally in Brazil to customers that include discount retailers, convenience stores, wholesale clubs, quick service restaurants, drug stores and military bases. Operations are divided into five business units: grocery distribution, foodservice distribution, beverage distribution, international logistics and software development. McLane's foodservice distribution unit, based in Carrollton, Texas, focuses on serving the quick service restaurant industry. Operations are conducted through 18 facilities in 16 states. The foodservice distribution unit services more than 20,000 chain restaurants nationwide.

Other Manufacturing, Other Service and Retailing Businesses

Berkshire's apparel manufacturing businesses include manufacturers of a variety of clothing and footwear. Businesses engaged in the manufacture and distribution of clothing products include Fruit of the Loom, Inc. (Fruit), Russell Brands, LLC (Russell), Vanity Fair Brands, LP (VFB), ! Garan and! Fechheimer Brothers. Berkshire's footwear businesses include H.H. Brown Shoe Group, Justin Brands and Brooks Athletic. Fruit, Russell and VFB (together FOL) is primaril y a vertically integrated manufacturer and distributor of ba! sic appar! el, underwear and athletic apparel and products. Products, under the Fruit of the Loomand JERZEES labels are primarily sold in the mass merchandise and wholesale markets. In the VFB product line, Vassarette, Bestformand Curvationare sold in the mass merchandise market, while Vanity Fairand Lily of Franceproducts are sold in the mid-tier chains and department stores. FOL also markets and sells athletic uniforms, apparel, sports equipment and balls to team dealers; college licensed tee shirts and fleecewear to college bookstores and mid-tier merchants; and athletic apparel, sports equipment and balls to sporting goods retailers under the Russell Athleticand Spaldingbrands. Additionally, Spaldingmarkets and sells balls in the mass merchandise market and dollar store channel. During the year ended December, 31, 2011, approximately 30% of FOL's sales were to Wal-Mart. FOL generally performs its own spinning, knitting, cloth finishing, cutting, sewing and packaging.

< p>Garan designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants. Products are sold under its own trademark Garanimalsand private labels of its customers. Garan also licenses its registered trademark Garanimalsto independent third parties. Garan conducts its business through operating subsidiaries located in the United States, Central America and Asia. Substantially all of Garan's products are sold through its distribution centers in the United States to national chain stores, department stores and specialty stores. In 2011, over 90% of Garan's sales were to Wal-Mart. Fechheimer Brothers manufactures, distributes and sells uniforms, principally for the public service and safety markets, including police, fire, postal and mili! tary mark! ets. Fechheimer Brothers is based in Cincinnati, Ohio.

Justin Brands and H.H. Brown Shoe Group manufacture and distribute work, rugged outdoor and casual shoes and wes tern-style footwear under a number of brand names, including! Justin, ! Tony Lama, Nocona, Chippewas, Born, Sofft, Carolina, Double-H Boots, Corcoran, Matterhornand Kork-Ease. Brooks Athletic markets and sells running footwear to specialty retailers under Brooksbrand. In 2011, Brooksachieved #1 market share in footwear with specialty retailers. A volume of the shoes sold by Berkshire's shoe businesses are manufactured or purchased from sources outside the United States. Products are principally sold in the United States through a variety of channels including department stores, footwear chains, specialty stores, catalogs and the Internet, as well as through Company-owned retail stores.

Acme manufactures and distributes clay bricks (Acme Brickand Jenkins Brick), concrete block (Featherlite) and cut limestone (Texas Quarries). In addition, Acme distributes a number of other building products of other manufacturers, including glass block, floor and wall tile and other masonry products. Acme also sells ceramic floor and wall tile, as well as marble, granite and other stones through its subsidiary, American Tile and Stone. Products are sold primarily in the South Central and South Eastern United States through Company-operated sales offices. Acme distributes products primarily to homebuilders and masonry and general contractors.

Benjamin Moore & Co. (Benjamin Moore) is a formulator, manufacturer and retailer of a range of architectural coatings, available principally in the United States and Canada. Products include water-thinnable and solvent-thinnable general purpose coatings (paints, stains and clear finishes) for use by the general public, contractors and industrial and commercial users. Products are marketed under various registered brand names, including Regal, Superspec, Moorcraft, Moorga! rd, Aura,! Nattura, ben, Coronado Paint, Insl-xand Lenmar.

Benjamin Moore and its manufacturing subsidiaries rely primarily on an independent dealer network for the distribution of its p roducts. Its distribution network includes approximately 100! Company-! owned stores as well as over 4,500 third party retailers representing over 10,300 storefronts in the United States and Canada. Benjamin Moore's Company-owned stores represent several multiple-outlet and stand-alone retailers in various parts of the United States and Canada serving primarily contractors and general consumers. The independent retailer channel offers an array of products including Benjamin Mooreand Insl-xbrands and other competitor coatings, wallcoverings, window treatments and sundries. Benjamin Moore also has three color stations located in regional malls that serve as brand marketing tools. In addition to the independent retailer channel, Benjamin Moore has recently begun to sell direct to the consumer through e-commerce sites and its customer care program, which includes national accounts and government agencies.

Johns Manville (JM) is a manufacturer and marketer of products for building insulation, mechanical insulation, commercial roofing and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include aerospace, automotive and transportation, air handling, appliance, HVAC, pipe and equipment filtration, waterproofing, building, flooring, interiors and wind energy. Fiber glass is the basic material in a majority of JM's products, although JM also manufactures a portion of its products with other materials to satisfy the broader needs of its customers. JM regards its patents and licenses as valuable, however it does not consider any of its businesses to be materially dependent on any single patent or license. JM is headquartered in Denver, Colorado, and operates 40 manufacturing facilities in North America, Europe and China and! conducts! research and development at several other facilities. JM sells its products through a variety of channels, including contractors, distributors, retailers, manufacturers and fabricators.

MiTek is a provider of engineered connector products, engine! ering sof! tware and services and computer-driven manufacturing machinery to the truss fabrication segment of the building components industry. Primary customers are truss fabricators who manufacture pre-fabricated roof and floor trusses and wall panels for the residential building market, as well as the light commercial and institutional construction industry. MiTek also participates in the light gauge steel framing market under the Ultra-Spanname, manufactures and markets assembly line machinery used by the lead acid battery industry, manufactures and markets a line of masonry connector products and manufactures and markets air handling systems used in commercial building. MiTek operates on six continents with sales into approximately 90 countries. MiTek has 34 manufacturing facilities located in eleven countries and 45 sales/engineering offices located in 17 countries.

The Shaw Industries Group, Inc. (Shaw) is a carpet manufacturer based on both revenue and volume of p roduction. Shaw designs and manufactures over 3,000 styles of tufted carpet, tufted and woven rugs, laminate and wood flooring for residential and commercial use under about 30 brand and trade names and under certain private labels. Shaw also provides installation services and sells ceramic and vinyl tile along with sheet vinyl. Shaw's manufacturing operations are fully integrated from the processing of raw materials used to make fiber through the finishing of carpet. Shaw's carpet, rugs and hard surface products are sold in a broad range of prices, patterns, colors and textures.

Shaw products are sold wholesale to over 40,000 retailers, distributors and commercial users throughout the United States, Canada and Mexico and are also exported to! various ! overseas markets. Shaw's wholesale products are marketed domestically by over 2,000 salaried and commissioned sales personnel directly to retailers and distributors and to national accounts. Shaw's 10 carpet full-service distribution facilities, three hard surface an! d two rug! full-service distribution facilities and 24 redistribution centers, along with centralized management information systems, enable it to provide prompt efficient delivery of its products to both its retail customers and wholesale distributors.

Berkshire acquired an 80% interest in IMC International Metalworking Companies B.V. (IMC B.V.). Through its subsidiaries, IMC B.V. is a multinational manufacturers of consumable precision carbide metal cutting tools for applications in a range of industrial end markets under the brand names ISCAR, TaeguTec, Ingersoll, Tungaloy, Unitac, UOP It.te.diand Outiltec. IMC B.V.'s manufacturing facilities are located in Israel, United States, Germany, Italy, France, Switzerland, South Korea, China, India, Japan and Brazil. IMC B.V. has five primary product lines: milling tools, gripping tools, turning/thread tools, drilling tools and tooling. Forest River, Inc. (Forest River) is a manufacturer of recreational vehicles, utility, cargo and office trailers, buses and pontoon boats, headquartered in Elkhart, Indiana. Its products are sold in the United States and Canada through an independent dealer network.

Scott Fetzer companies are a diversified group of 20 businesses that manufacture and distribute a variety of products for residential, industrial and institutional use. The two of these businesses are Kirby home cleaning systems and Campbell Hausfeld products. Albecca Inc. (Albecca), headquartered in Norcross, Georgia, does business primarily under the Larson-Juhlname. Albecca designs, manufactures and distributes a complete line of branded custom framing products, including wood and metal moulding, matboard, foamboard, glass, equipment and other framing suppl! ies in th! e United States, Canada and 15 countries outside of North America. CTB International Corp. is a designer, manufacturer and marketer of systems used in the grain industry and in the production of poultry, hogs and eggs.

Lubrizol is a specialty chemical company that pro! duces and! supplies technologies for the global transportation, industrial and consumer markets. Lubrizol operates two business sectors: Lubrizol Additives, which includes engine, driveline and industrial additive products and Lubrizol Advanced Materials, which includes personal and home care, engineered polymer and performance coating products. FlightSafety International Inc.(FlightSafety) is engaged primarily in the business of providing high technology training to operators of aircraft. FlightSafety's training activities include advanced training for pilots of business and commercial aircraft; aircrew training for military and other government personnel; aircraft maintenance technician training; flight attendant and aircraft dispatcher training, and ab-initio (primary) pilot training to qualify individuals for private and commercial pilots' licenses. FlightSafety also develops classroom instructional systems and materials for use in its training business and for sale to others.

NetJets Inc. (NJ) is a provider of fractional ownership programs for general aviation aircraft. TTI, Inc. (TTI) is a global specialty distributor of passive, interconnect, electromechanical and discrete components used by customers in the manufacturing and assembling of electronic products. Business Wire provides electronic dissemination of full-text news releases daily to the media, online services and databases and the global investment community in 150 countries and 45 languages. Berkshire's retailing businesses principally consist of several independently managed home furnishings and jewelry operations. The home furnishings businesses are the Nebraska Furniture Mart (NFM), R.C. Willey Home Furnishings (R.C. Willey), Sta! r Furnitu! re Company (Star) and Jordan's Furniture, Inc. (Jordan's). NFM, R.C. Willey, Star and Jordan's each offer a wide selection of furniture, bedding and accessories. In addition, NFM and R.C. Willey sell a line of household appl iances, electronics, computers and other home furnishings. N! FM, R.C. ! Willey, Star and Jordan's also offer customer financing to complement their retail operations. An important feature of each of these businesses is their ability to control costs and to produce high business volume by offering value to their customers.

NFM operates its business from two retail complexes with almost one million square feet of retail space and sizable warehouse and administrative facilities in Omaha, Nebraska and Kansas City, Kansas. NFM is a furniture retailer in each of its markets. NFM also owns Homemakers Furniture located in Des Moines, Iowa, which has approximately 215,000 square feet of retail space. R.C. Willey, based in Salt Lake City, Utah, is a home furnishings retailer in the Intermountain West region of the United States. R.C. Willey operates 11 retail stores, two retail clearance facilities and three distribution centers. Borsheim Jewelry Company, Inc. (Borsheims) operates from a single store located in Omaha, Nebraska. Borsheims i s a high volume retailer of jewelry, watches, crystal, china, stemware, flatware, gifts and collectibles. Helzberg's Diamond Shops, Inc. (Helzberg), based in North Kansas City, Missouri, operates a chain of 233 retail jewelry stores in 37 states, which includes approximately 550,000 square feet of retail space. Most of Helzberg's stores are located in malls, lifestyle centers or power strip centers, and all stores operate under the name Helzberg Diamonds. The Ben Bridge Corporation (Ben Bridge Jeweler), based in Seattle, Washington, operates a chain of 70 upscale retail jewelry stores located in 11 states that are primarily in the Western United States. Three of its locations are concept stores that sell only PANDORA jewelry.

Finance and Financial Products

Clayton Homes, Inc. (Clayton) is a vertically integrated manufactured housing company. At December 31, 2011, Clayton operated 33 manufacturing plants in 12 states. Clayton's homes are marke ted in 48 states through a network of 1,333 retailers, inclu! ding 333 ! Company-owned home centers. Financing is offered through its finance subsidiaries to purchasers of Clayton's manufactured homes as well as those purchasing homes from selected independent retailers. XTRA Corporation (XTRA), headquartered in St. Louis, Missouri, is a transportation equipment lessor operating under the XTRA Leasebrand name. XTRA manages a diverse fleet of approximately 83,000 units located at 63 facilities throughout the United States and two facilities in Canada. The fleet includes over-the-road and storage traile

Advisors' Opinion:

• [By Tiernan Ray]

  Berkshire B shares ended the day at $117.82 and were up another 68 cents, or 0.6%, at $118.50, in late trading. The Class A stock (BRKA) closed at $176,500 and were up another $250.04 at $176,750 after hours.

• [By WALLSTCHEATSHEET]

  Berkshire Hathaway is a well-regarded investment manager that has been led by Warren Buffett to great successes. The stock has risen consistently over the last several years and is now trading at all-time high prices. Earnings and revenue have shown steady growth, over the last four quarters, which has really pleased investors. Relative to its peers and sector, Berkshire Hathaway has been a year-to-date performance leader. Look for Berkshire Hathaway to OUTPERFORM.

source from Top Stocks Blog:http://www.topstocksblog.com/best-insurance-stocks-to-buy-for-2015.html

Bargain Buys in Commodities

We believe the recent sell-off represents a once-in-a-lifetime opportunity to purchase inflation protection at ultra low, bargain prices, suggests Richard Stavros, editor of Inflation Survival Letter.

This is mainly because the market has significantly overreacted, with uncanny similarity to last May, when a sell-off was triggered after Fed Chairman Ben Bernanke made his initial comments about plans to taper the stimulus program.

GreenHaven Continuous Commodity Index (GCC) is an exchange-traded fund that aims to track the Equal Weight Continuous Commodity Total Return Index (CCI-TR), which provides exposure to diversified commodities. The index is up 4.75% year-to-date, and up 24.63% over the last five years.

Top Asian Stocks To Watch For 2015

The CCI-TR is an equal weighted index of 17 commodities plus an additional Treasury bill yield. CCI-TR is one of the only commodity indexes to provide meaningful exposure to all four major commodity subgroups: Energy, Metals, Agriculture, and Softs.

Similarly, GreenHaven is exposed to 17 commodities including: corn, wheat, soybeans, soy oil, live cattle, lean hogs, coffee, cocoa, sugar, cotton, platinum, gold, silver, copper, natural gas, crude oil, and heating oil.

Due to its equal weightings, the ETF offers significant exposure to grains, livestock, and soft commodities, and a lower energy weighting than many of its peers. Currently, the ETF has 24% of its allocation in soft commodities, 24% in metals, 34% in agriculture, and 18% is in energy.

GreenHaven is rebalanced every day to maintain each commodity's weight as close to 5.88% (equal weighting of all 17 commodities) of the total as possible. However, allocations for commodities may suffer dramatic change over time. For example, the ETF recently closed out its position in orange juice for other soft commodities.

Commodities tend to serve as an inflation hedge over the long-term. As inflation rises, the value of paper/fiat currency loses value and demand for commodities (tangible goods) often increases.

Also, during an inflationary environment, the costs to produce commodities such as energy, food, softs, and metals often increases, forcing commodity prices higher to keep pace with the inflation rate.

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Scott Olson/Getty Images NEW YORK -- U.S. consumer sentiment rose marginally in February even as concerns about the extreme weather persisted, a survey released Friday showed. The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment for February came in at 81.6, slightly above the 81.2 in both the preliminary February number and the final January reading. It was also slightly above the median forecast of 81.3 among economists polled by Reuters. "The most significant implication is not whether consumers have correctly assessed the weather's negative impact on the economy, but the resilience consumers have demonstrated in the face of the polar vortex as well as higher utility bills and minimal employment gains," survey director Richard Curtin said in a statement. The survey's barometer of current economic conditions edged up to 95.4 from the 94 preliminary reading, which was also the median forecast. It was 96.8 in January. The gauge of consumer expectations was 72.7, slightly lower than the initial February reading of 73 but up from January's 71.2. The survey's one-year inflation expectation ticked down to 3.2 percent from 3.3 percent in the preliminary release, while the five-to-10-year inflation outlook was unchanged from the preliminary at 2.9 percent.