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A $650,100 lunch with Warren Buffett included a blessing for a businessman from India. In the Indian magazine Business Today, Mohnish Pabrai recounted the event that he and a friend, money manager Guy Spier, won in an online auction to benefit the Glide Foundation of San Francisco.

The three-hour lunch was in June at Smith & Wollensky, a New York steakhouse, with the two men's families. Spier manages Aquamarine Capital Management LLC Investors. Pabrai sold his computer consulting company in 2000 for $20 million and now manages investments.

Legendary investor Warren Buffett told 'Squawk Box' he has no bets against the dollar, and stocks are more attractive now than a year ago. Buffett repeats his view about economy that the negative ripples will continue to spread for awhile.  He sees no "early end" to the problems although they will end eventually.

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Warren Buffett said the U.S. economy is unlikely to improve before 2009, and that he expects the government to take action to support troubled mortgage financiers Fannie Mae and Freddie Mac.

"What we're seeing in business, in our retail businesses, or anything having to do with housing, is even a further slowing down in June and July, both in terms of credit experience where people first got in trouble with house payments, and now credit card payments," he said.

Bill Miller, Martin Whitman and David Dreman, mired in the worst slumps of their careers, are poised once again to trounce the stock market.

For years, star stock pickers with a yen for bargain bin fare have been crediting Benjamin Graham's research for much of their success.

But it's not just the Warren Buffetts of the active management world who are big fans. So is John Gambla. His name isn't known in too many households across America. That could change, however, if his latest project comes anywhere near the success of its lofty premise.

A couple of months ago, Warren Buffett was kind enough to invite a group of us to Omaha to meet with him at Berkshire headquarters and subsequently dine at one of his favourite restaurants, Piccolo Pete's.

Consistency of a company's earnings growth is a key virtue to focus on in these uncertain economic times, says Darrell Anderson,  of Calgary-based Mawer Investment Management. A specialist in the U. S. equity market, Anderson continues to be defensive.

"The U. S. housing woes, the credit crisis and the poor performance of the U. S. economy has spread," he notes. "There are growing signs of weakness in the European economy."

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Mohnish Pabrai, an increasingly well-known value investor in the mold of Warren Buffett, has endured a tough year, but he continues to take the long view. In his Q2 letter to investors in his Pabrai Funds, he wrote "Some exceptional businesses and assets are clearly available at spectacular prices -- well below what a rational intelligent private buyer would pay for these businesses. These market declines generally bode well for net buyers of securities.

Billionaire investor Warren Buffett's Berkshire Hathaway Inc. announced changes in its investments in US stocks, which totaled $57.88 billion at the end of the second quarter, lower than $66.46 billion of investments as of March 31. In a filing with the US Securities and Exchange Commission on Thursday, Berkshire announced new holdings in NRG Energy Inc. while the company reduced its Anheuser-Busch Cos. Inc. (BUD:  News,   Chart,  Quote ) stock sharply and eliminated Trane Inc. holdings.