1) Can you tell us about one of your favorite value stocks in this frothy climate?

Berkshire Hathaway and Microsoft are our largest positions today. Both fall into the category of strong-balance-sheet, decent-growth, big-cap blue-chips, which is the only area of the market that we think is cheap overall. We think both stocks are approximately 30% undervalued. A slide presentation we’ve done on Berkshire is posted at www.tilsonfunds.com/BRK.pdf

For investors willing to stomach more risk in exchange for greater upside, we’ve been buying Iridium steadily at prices below $8.

2) Our readers are quite familiar with Berkshire and Microsoft, so tell us more about Iridium.