Cricket is not Cricket without Shahid Afridi

P The year 2015 marks the fiftieth anniversary of Berkshire Hathaway under Warren Buffett's leadership, a milestone worth commemorating. The tenure sets a record for chief executive not only in duration but in value creation and philosophizing. This fourth edition of The Essays of Warren Buffett: Lessons for Corporate America celebrates its twentieth anniversary. As the book Buffett autographs most, its popularity and longevity attest to the widespread appetite for this unique compilation of Buffett's thoughts that is at once comprehensive, non-repetitive, and digestible. The original edition of The Essays of Warren Buffett was the centerpiece of a symposium held two decades ago at the Benjamin N. Cardozo School of Law under the auspices of its Heyman Center on Corporate Governance. This gathering brought hundreds of students together for a two-day dissection of all the ideas in the compilation, featuring a series of vibrant debates among some 30 distinguished professors, inves

We re-initiate coverage on Mari with our DCF based Dec-17 PT of PKR2,009/sh, offering an upside of 27% from last closing. Our liking for the stock emanates from i) a robust 3 years earnings CAGR of 58%, ii) recent 62% upgrade of Mari's reserves, iii) ~4x higher prices on new finds & iv) aggressive exploration targets where the company is looking to drill 9wells/annum over next 3 years, looking to add reserves of ~679bcf (~87% RRR).  The stock is trading at a PEG of 0.29x relative to ~1.0x in the broader Elixir universe & an EV/Reserves of 2.6x (USD/mmboe) relative to 5.5x on average for its peers.  Upside to our estimates include; i) higher than estimated flows from Mari, ii) higher than estimated oil prices & iii) further exploratory success. Strong Earnings Growth: Earnings for MARI are estimated at grow at a 3 year CAGR of 58% over FY16-19, on the back of i) unwinding of pricing discount on its core asset (i.e. Mari field), ii) improved flows from Mari field (HRL)