THE ORACLESEE

So Warren drives up the futures by agreeing to insure some municipal bond good stuff at the troubled insurers while agreeing not to touch the bad stuff and he even declares that stocks are trading at fair value. So if you ever wondered how Warren got to be a multi multi billionaire now you know. Lets insure stuff that doens't need insurance.

Anyhow, interesting bit out of MORN this morning on the fair value they percieve for the DJIA (incl HON and MO). Here are the highlights:

1) the DJIA is trading at/near a 17% discount to their estimate of fair value;

2) the DJIA is trading at its cheapest valuation since September 2002 (a pretty pretty good time to buy it);

3) biggest discounts to fair value at C (56%), AIG (62%), HD (65%), AXP (66%),

4) only MCD and T trade at/near fair value;