Hi Jack: Thanx , I can see you'v followed this stock longer than I
have..WASHINGTON, March 13 (Reuter) - A group including Amerindo
Investment Advisors said Thursday it reduced its stake in
PSINet Inc to 3,428,430 common shares or 8.55 percent.
------------------------------------
I knew about this sale and the one before..but why I didn't worry
was he still has 3,428,430..or 8.55% of PISX.
The org 17% must have been as it related to psix, and the percent
was likley higher because psix had less shares outstanding at
that time. to subtract the one from the other can introduce an
error..in respect to his ( personal ) percentange.
Ie he sold 300000+598500+466000= 1364500
he had left in march +3428430
--------------------------------------------
total 1364500 /4792930 = .2847
so with the figures you gave me he sold 28.5 % of his
holdings..and still leaves him with 71.5 %..I did not know about
the first sale..so I figured a balance of about 80%..
at any rate I do not find this alarming..or unusual.
Psix just didn't do as he thought it would as fast as he thought
it would and he wanted or "needed" to shift some of his assets..
------------------------------------------------
Lots of selling went on in March..with a lot of companies..by a
lot of people, and mutuall funds, not all of it by choise.
-------------------------------------------
I'm glad to know about that other sale..and will watch her little
closer..but understand I came in when she was 7..the next day
she bounced..and I sold coverd calls that put my nut down to
less than 6..then she retraced and I sold naked puts..and bought
some cheap out of the money oct calls..with what I got from my
sale of july calls.the puts have me in a position that I won't
feel any pain unless she goes below 5.75..some of that was luck
I almost came in at 9 but didn't have the cash at the time..
and I did not count on that bump up the day after I bought her,
( even when I saw it I said "hey she will retrace that"..I belive
she is building a base now..at the 7 to 7-1/2 level..and may do
that for some time..If she don't do something by Oct I'll unwind
my position, unless she gets put to me..in that case I'll be like
a bull dog and will hang on to her even if I lose it all.
No risk no gain..<G> I don't buy the "chicken" idea they put
out about cutting losses..I don't do a lot of what the books say,
about not averaging down.., I often average down, but what I don't
do is get caught with margin calls I can't meet, or that forces
me to sell some equity I might not want to, I do have some
bond funds I can sell if she comes to me.
I Still think Psix is a bargin at these prices, and if she pops
down below 7 again I'll likley write more puts. I only want 1-3/4
for Oct 7.5 puts..and will hold that position, and maybe
increse it as long as I'v got cash free. The reserve I have to
pick her up with is meanwhile drawing intrest..along with the
put premiums. If she pops up, and gets took from me but looks
like she will run or get bought out I can now call her back.
So I'm long 3 ways..and doubt any of the funds have her
at a better price than I do. <G>
Jim |
