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Strategies & Market Trends : Value Investing
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To: Arthur Radley who wrote (35118)8/17/2009 12:12:24 PM
From: MCsweet   of 78728
 
Citigroup spread,

The spread is a done deal. The tender offer is over. I am not recommending do anything with Citigroup at this juncture. It is just an example of a hedged trade.

I made money buying Citigroup puts, since I could not short the stock, and tendering the preferred that converted into stock. The money was less than shorting the stock, but at least I didn't have to worry about a stock loan buy in. By the way, I didn't use margin to put the trade on.

MC
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