Been following the market from the I do not know what parts of ShiJiaZhuan (capital of Hebei province) in a 1950s type of Russian Cheese Cake styled hotel. Too exciting. The boats seem to be be going under everywhere, including some inside the confines of safe harbour. In hindsight, getting off the Microsoft boat party was a good thing but loading up on 9984 appetizer was early.
Holding tight on 9984 but have exited the 56k warrant at slightly below average cost (save the powder to fight another day) intending to use the resulting proceeds to write puts on Nasdaq shares (since I was selling, I advised Netwit to stay away from the warrants).
All B2B annual report subscription shares have capsized (relative to purchase cost), except Ariba and Safeguard. All net infrastructure subscription shares (including AOL) have been tossed around but floating, seemingly anchored.
My large positions are mostly OK (Philip Morris+Put/Call, Newmont Mining+Put, Sony) but China Telecom+Put (ouch!) has taken on water. I am begining to have doubts about the Marborough Man as insurance in a system wide quaking event.
The high valuation, IPO lockup termination and margin debt enabled drownings will subside as all drownings eventually do. The speed of the tanking is surprising and the extent is not yet discernable, including 9984. Only comfort is that the whole tech system is going down, and relative to 200 day averages, our 9984 has not done too badly.
We viewed our SI as TV entertainment not so long ago, but no one said the programs would be violent to such extreme.
This is beginning to feel like the Asian Financial Storm. Sell first, ask questions later is the general advice. |
