To: Principals and Veterans:

Since so many of you have told me you enjoy my commencement speeches, I’ve attached the one I’ll deliver when I receive an Honorary Doctor of Humane Letters degree at Trinity College this Sunday, May 23.

Also attached are two recent newspaper articles:

1. A story from today’s Wall Street Journal about my presentation at the CFA Annual Meeting in Boston on May 19.

2. A New York Times story about the excessive level of fees charged by most mutual funds. (I believe there will be a follow-up to this story.)