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 President  Vice-President  Director of Technology  Director of Marketing  Director of Group Simulations  Director of Finance  Director of Outside Events  Director of Research

 Payroll jobs increased by a mere 126,000 in March, significantly below the 247,000 which was expected  Private payrolls increased by 129,000 below the 240,000  March increase much lower than January and February numbers  Average hourly earnings rose by.3 percent, marginally above analyst expectations.

 Personal income growth was moderately healthy, posing a gain of.3 percent  Wages and salaries component increased.6%, larger than in the prior months  Might have been boosted by increases in the minimum wage

 Biotech Sector down 5% for the week (Although Friday saw 2%+ in gains)  Gilead (GILD) observed a “potentially fatal reaction” for patients that used its Hepatitis C drugs  Gilead’s drugs have been so successful that this news “threatened investor confidence” in the entire Biotech sector  Gilead is currently trading at 13.7 times earnings vs current 50 P/E for Sector

 Value (Low P/E):  Truly undervalued/under-recognized by Market  Peak earnings – low growth ahead (value trap!)  Distressed/Turnaround Security (Buffett: “Turnarounds rarely work…”)  Growth (High P/E):  Company has more growth potential and…  RISK: The more growth priced into stock; the higher the chance of that growth not materializing (or at least not to the market’s expectations)

 Spector of Interest Rate hike  Lowered rates in Japan and Eurozone  strength in US economy vs abroad  More expensive dollar and cheaper foreign currencies  Ex. Dollar buys.91 Euros vs previous.7-.8 for last 5 years  Equal < depreciation in other currencies against US dollar

 Viewpoint: Europe Manufacturer (example)  Buying US goods: More Expensive  Selling to US companies (raw materials, etc.): Easier since Euro goods are cheaper  Viewpoint: US Manufacturers (example)  Buying US goods vs Euro: More expensive  Buying Euro goods: Less expensive  US Imports will increase; exports will decrease; potentially affecting US economy adversely…

 Important to understand supply chain!!!  Winners:  Euro Manufacturers selling to US Companies  Euro companies buying Euro goods  US companies buying Euro Goods (raw materials, etc.)  Losers:  US companies selling to other US companies that sell goods abroad  US companies that rely on US made goods (as opposed to Euro goods)  Euro companies that sell only to Euro markets (missed opportunity)  US companies that sell goods to foreign markets (conglomerates, etc.)

 3G Capital and Berkshire Hathaway teamed up to create a new company through the merger of H.J. Heinz Co. and The Kraft Foods Group.  Will Create the 3 rd largest food producer in the U.S. and 5 th largest in the world.  Deal is valued around $45 billion.

 Shareholders of Heinz will hold a 51% stake in the new company, including 3G and Berkshire.  The remaining 49% will go towards Kraft Shareholders.Kraft  In addition, the Kraft shareholders will receive a one time dividend of $16.50/share.

 Heinz derives 60% of sales outside of North America, 25% of which comes from emerging markets. Kraft derives 98% of sales from the North America.  However, due to previous agreements with Mondelez, Kraft can’t bring Velveeta, Planters or Lunchable brands international.  Expected to have $1.5 in cost synergies, largely due to a larger volume in sales.