With the Kentucky Derby rapidly approaching many an investor's thoughts turns to bluegrass and mint juleps. Despite the distraction there are a few items worth noting in our daily missive.

The other big event this weekend is the annual shareholder meeting of Berkshire Hathaway (BRKa) in Omaha. Anticipation is swirling that the company will make a long anticipated "major" acquisition. Karen Richardson and Dennis K. Berman in the Wall Street Journal report on growing buzz around a reduction in Berkshire's huge cash hoard. Alistair Barr at Marketwatch.com focuses on the persistent discount to intrinsic value that some analysts see for the company's stock. These managers note that Warren Buffett is still a "jockey worth betting on."

Julie Macintosh at Reuters.com reports on the preference of many hedge funds to be called by another, more dignified name.

The above trend may have something to do with the growing scrutiny hedge funds are coming under. Amanda Cantrell at CNNMoney.com examines the SEC's initial push at hedge fund audits.

It seems that the foreign exchange joint venture between the CME and Reuters is targeting hedge funds as likely users.

Mark Hulbert at Barrons.com summarizes a study that shows mutual fund companies have a tendencey to tout fund performance at the worst possible times for investors.

Jay Walker at the Confused Capitalist tracked down an excellent investor's twelve "investing principles."

Chart of the Day notes the tendency for gasoline prices to rise in the spring (especially April and May).

We have been reading more items on the (slim) possibility of a substantial gasoline tax, per our prior post.

If BRIC funds aren't exotic enough for you, Zaid Sabah in the USA Today reports on the Iraq Stock Exchange.

Uh oh. Scott Adams (of Dilbert fame) is encroaching in on our turf!

When two of our favorite economics blogs (Freakonomics and Marginal Revolution) both given raves to a new book, we take note.

For those fans of the sport of kings this Derby seems a particularly difficult one to handicap. Skip Sauer at the Sports Economist notes that given the field, "racing luck" is going to play a role in who wins the Run for the Roses.

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