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"By comparing identical tracks video-surveyed by remotely operated underwater vehicle in one of the least accessible parts of the Antarctic, we found two- and three-fold increases in the biomass and abundance of glass sponges, respectively, from 2007 to 2011," said Claudio Richter of the Alfred Wegener Institute in Germany. "This is much faster than any of us would have thought possible."
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Perhaps even more valuable is the way the letter throws light on Buffett's approach to value investing. Buffett tries to act not like a typical fund manager but like a company owner thinking about buying another company. The crucial ingredients: patience, to get a good purchase price; courage, to stick with your investment if the business is doing well but the market doesn't agree; and a willingness to sell into a bubble when, as so often happens, one comes along.
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Aberdeen's Akintewe said that despite the drop in U.S.yields, "there is still a big likelihood of a steepening of theU.S. yield curve and as a result, investors don't want to beaggressive about taking duration risk at this stage."
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iShares Floating Rate Note Fund. With a 0.95percent yield, the fund also tracks the Barclays US FloatingRate Index. It's gained more than 2 percent for the year to datethrough June 21. The fund owns notes from Goldman Sachs GroupInc, Citigroup Inc and JP Morgan Chase & Co. Annual expenses are 0.20 percent annually. Itseffective duration is 0.13 as some 95 percent of the notes inthe portfolio have less than five-year maturities.