Kadmon announced expanded results from the previously reported interim analysis of ROCKstar, its ongoing pivotal trial of KD025 in chronic graft-versus-host disease. As announced in November 2019, KD025 met the primary endpoint of Overall Response Rate at the study's planned interim analysis, two months after completion of enrollment. KD025 showed statistically significant and clinically meaningful ORRs of 64% with KD025 200 mg once daily and 67% with KD025 200 mg twice daily. In the expanded KD025-213 dataset presented, ORRs were consistent with the previously reported interim analysis across key subgroups, including in patients with four or more organs affected by cGVHD, patients who had prior treatment with ibrutinib and patients who had prior treatment with ruxolitinib. Three patients achieved a Complete Response. Responses were observed in all affected organ systems, including in organs with fibrotic disease. KD025 has been well tolerated: adverse events were consistent overall with those expected to be observed in cGVHD patients receiving corticosteroids, and no apparent increased risk of infection was observed. Additional secondary endpoints, including duration of response, corticosteroid dose reductions, Failure-Free Survival, Overall Survival and Lee Symptom Scale reductions continue to mature and will be available later in 2020. At the TCT Meetings, Kadmon also presented long-term follow-up data from KD025-208, its ongoing Phase 2 study of KD025 in cGVHD. These data were recently presented at the 61st American Society of Hematology Annual Meeting and Exposition in December 2019.

Warren Buffet said in his annual letter to shareholders, "What we can say is that if something close to current rates should prevail over the coming decades and if corporate tax rates also remain near the low level businesses now enjoy, it is almost certain that equities will over time perform far better than long-term, fixed-rate debt instruments."

Warren Buffet said in his annual letter to shareholders, "In past reports, we've discussed both the sense and nonsense of stock repurchases. Our thinking, boiled down: Berkshire will buy back its stock only if a) Charlie and I believe that it is selling for less than it is worth and b) the company, upon completing the repurchase, is left with ample cash. Calculations of intrinsic value are far from precise. Consequently, neither of us feels any urgency to buy an estimated $1 of value for a very real 95 cents. In 2019, the Berkshire price/value equation was modestly favorable at times, and we spent $5 billion in repurchasing about 1% of the company. Over time, we want Berkshire's share count to go down. If the price-to-value discount (as we estimate it) widens, we will likely become more aggressive in purchasing shares. We will not, however, prop the stock at any level."

Warren Buffet said in his annual letter to shareholders, "Charlie and I long ago entered the urgent zone. That's not exactly great news for us. But Berkshire shareholders need not worry: Your company is 100% prepared for our departure. The two of us base our optimism upon five factors. First, Berkshire's assets are deployed in an extraordinary variety of wholly or partly-owned businesses that, averaged out, earn attractive returns on the capital they use. Second, Berkshire's positioning of its "controlled" businesses within a single entity endows it with some important and enduring economic advantages. Third, Berkshire's financial affairs will unfailingly be managed in a manner allowing the company to withstand external shocks of an extreme nature. Fourth, we possess skilled and devoted top managers for whom running Berkshire is far more than simply having a high-paying and/or prestigious job. Finally, Berkshire's directors - your guardians - are constantly focused on both the welfare of owners and the nurturing of a culture that is rare among giant corporations...Today, my will specifically directs its executors - as well as the trustees who will succeed them in administering my estate after the will is closed - not to sell any Berkshire shares. My will also absolves both the executors and the trustees from liability for maintaining what obviously will be an extreme concentration of assets."

In addition to eBay's portfolio review, the company's management team has executed numerous value creating actions since the beginning of 2019 that are transforming eBay's business and strengthening its foundation for growth. Among others, these actions include: Scaled Managed Payments in the U.S. and Germany; by 2022, Payments is expected to generate $2B of revenue and $0.5B of operating income; Delivered a point of margin improvement and committed to at least 2 additional points of margin expansion by 2022 while investing in revenue growth initiatives; Executed $5B in share buybacks and recently announced expansion of 2020 share buyback plan from $1.5B to $4.5B; Implemented eBay's first ever dividend and committed to a 14% increase in 2020; Increased focus on Marketplace volume growth with a reorganization of the executive leadership team and a re-prioritized customer-focused plan that includes improved vertical buyer experiences, more data & tools for sellers, and increased platform conversion leveraging an expanded structured data foundation. eBay's Board and management team are confident that the above actions will help achieve the previously stated priorities for 2020 and position eBay for sustainable, profitable long-term growth.