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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (24905)	12/15/2006 11:15:00 PM
From: E_K_S	of 78666

Hedged 25% of my DRYs stock purchased in June 2006 by selling the June 2007 $17.50 calls. The May-June period is typically the low seasonal period in the cycle but 2007 may be different this time. Stock has run from $9 to $16 and currently pays a 5% dividend. DRYS management recently purchased shares in the open market during November 2006 and now control 12.2 million shares (34.3% of total shares outstanding). I continue to hold shares in Ship Finance International Ltd. (SFL) which are up over 35%. finance.yahoo.com SFL pays a higher dividend has diversified into financing offshore drilling rigs and has a better balance sheet and PE than DRYs. I plan to hedge my SFL shares once it hits $25/shares as this is my fair value target. ================================================ Santa Clause rally is supposed to start next week (and then the January effect!). investopedia.com I will be looking to locking in profits during this period and into January 2007. EKS

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