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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (36688)	2/13/2010 2:17:09 PM
From: MoneyPenny	Respond to of 78596

Garmin is a great short, IMO MoneyPenny

To: Jurgis Bekepuris who wrote (36688)	2/15/2010 11:57:42 PM
From: gcrispin	Read Replies (1) \| Respond to of 78596

Long Positions: CHGI, CHNG, GFRE, HQS, PRSC Positions Increased: HQS, CHNG Positions Reduced: PRSC Positions Eliminated: CNOA pimco.com

To: Jurgis Bekepuris who wrote (36688)	2/28/2010 5:05:33 PM
From: Jurgis Bekepuris	Read Replies (3) \| Respond to of 78596

My top 10-ish positions in no particular order: GTE, GFRE, TIP, GLW, GPOR, FR-J/K, IACAF, HOG, EMB, IGK/IND, NXY, OXY, PKX, SDTH, JNJ. New positions: EMB, CELM, NEWN, DYP. Positions increased: CPBY, NXY, TXIC, FUQI, GEOI, RIG. Positions reduced: PBEGF, IGK, SPPRO, CHBT. Positions eliminated: DDR-G, TLM, NBG-A. Purchases were concentrated in undervalued Chinese companies (CELM, NEWN, DYP, CPBY, TXIC, FUQI) and cheap oil related companies (RIG, NXY, GEOI). I reorganized the income part of the portfolio a bit, not necessarily in a positive direction by buying a position in EMB and selling some IGK, SPPRO, DDR-G, NBG-A. This move probably should be called di-worse-fication. :) Unfortunately, currently there are no good long positions to play the income side of market. Assuming the coming rise in interest rates and unclear direction of US$, almost nothing looks good. Few convertibles offer high enough interest and possible capital appreciation. Funds like TIP or EMB may suffer as rates rise, since TIP only protects from inflation but not rate risk and EMB may become less attractive compared to higher US rates. One could short long-term treasuries perhaps, but I don't advocate or take short positions. On the sell side, PBEGF is rather expensive although very well executing company. I sold TLM to switch to more oily companies. CHBT is somewhat expensive if we go with GAAP results and don't discount their derivative losses.