NEW YORK (Fortune) - Going out to Omaha to Berkshire Hathaway's rich fest. I can hardly wait! Me, a bunch of steaks, and 24,000 multimillionaires! Yipee!

FREEPORT MCMORAN COPPER & GOLD: I've talked about this company before (its gold properties), but I can't help coming back to talk more about copper. Did you know the price of copper is now up 75 percent this year! FCX (Research) has 2.8 million metric tons of reserves. Demand is way up, and competitors have mining problems in Indonesia and Mexico. Now it is true that hedge funds et al are pouring money in here. Commodity funds had some $80 billion in assets last year and that's expected to grow to $120 billion by the end of next year. Copper just hit a record of $3.50 a pound yesterday, and I am sure there will be some major bumps in the road as hedgies move in and out. But I am a firm believer in the long term fundamentals here. As in strong demand. And folks still haven't figured this out yet. People are still thinking about Cisco, Intel, and even Sun. FCX has a P/E of 12!

PLAYBOY: No, I'm not talking about myself. Talking about the Hefner's little outfit, out Chicago way. Company reported lousy earnings yesterday and the stock fell over 20 percent. Obviously the magazine is kind of a dinosaur, (know ANYONE who reads it?). But PLA (Research) is in other businesses: Internet, TV shows, merchandising (think Britney Spears types wearing those threads), and casinos and clubs. So the magazine is just sort of reinforcement/placeholder for the brand. I had lunch with Christie Hefner a few months ago ... and she was naturally upbeat about the business, particularly the casino/club business. She's actually a lot of fun to hang out with. Didn't get any invites to any mansions though. Stock's down from $15 to $10. I like the brand. And the bunnies.

FEDERAL EXPRESS: I like it when companies are out there hiring people. FEDEX said it will begin a major expansion of its Indianapolis hub and add 800 jobs. NICE! Now earlier in the week, FDX (Research) got downgraded by Morgan Stanley because the stock had gotten too pricey. And it's true. Stock is up from $70 to $118 over the past two years. And the Dow Transportation Average hit an all time on Thursday. Economy is cooking! FDX isn't cheap, but over time this is very nice growth stock.

Loose Change: Why did we name the sport football, if there already was a sport called football? Why don't we rename American football? What would you choose? How about Murderball? Or moveball? Send me your ideas!...Good weekend, Go Clippers!

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E-mail Andy Serwer at serwer@fortunemail.com

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