Happy Sunday.

I’m William D. Cohan and you’re reading Dry Powder, my biweekly email about what’s really happening on Wall Street. Welcome to all of the new subscribers who have joined Puck over the past few weeks. It’s so exciting to watch this community continue to grow. If you’re still receiving the free version of this email, sign up here for full access to my reporting and to all of my very talented colleagues.

In today’s column, I explain why the histrionics surrounding the Tesla and Twitter stocks are premature. Plus my thoughts on Apollo’s cash injection and why bankers love Comcast C.E.O. Brian Roberts. But first, what Warren Buffett’s new Hollywood play reveals about the worst kept secret on Wall Street…

If there is one thing I know about Buffett, it is that he tries pretty damn hard not to overpay for companies. So let’s stipulate that he thinks Paramount Global is undervalued. Since Warren revealed Berkshire Hathaway’s stake on Monday, in a S.E.C. filing, the Paramount Global stock is up around 16.5 percent in a very rocky market. That doesn’t yet prove Warren is right that the company is undervalued, but it does prove that the Buffett halo is still for real. It’ll take longer to prove whether C.E.O. Bob Bakish and his team at Paramount Global can live up to whatever Buffett is expecting from it. (Buffett did not respond to my request for comment.)

Personally, I suspect the underpinning of Buffett’s logic is the M&A play that has been lingering over what Shari is now calling Paramount Global ever since its inception as ViacomCBS in 2019. One of the biggest open secrets on Wall Street is that Shari would happily sell the company to the right suitor offering the right price...