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George Acs

 
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  • Pity The Hedge Fund Manager [View article]
    Right and now here we are a day later.

    Are you talking about the puts? I did roll that later in the afternoon, but should have waited even longer as if really fell more on the debt rating. Still, 3 weeks running with the weekly puts could become a habit that worked out well earlier in the year. High maintenance at times, but worthwhile.
    Nov 13 07:30 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    The breach wasn't so bad, just ask Home Depot. It was the way management dealt with it, which will very likely be a Harvard Business School type case study. It was just awful from beginning to end and their leadership was so consumed by it that they also lost sight of their businesses, especially in Canada.

    Although the CFO who became the interim CEO was competent, it really took the naming of a real CEO to get footing back. Hopefully it continues.
    Nov 13 07:28 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    I thought about that, too, but if it stays at this level for a while, it can become a recurrent play. It just wasn't worth putting the dividend at risk, but now that it's gone ex-dividend and had another strong morning, it finally felt like time.
    Nov 13 07:25 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    We actually sold some 12/20 $70 calls this morning (Nov. 13).

    I still don't know what took so long for this one to finally get above $62, but something has lit a fire under it heading into earnings. Given the mixed retail news and the run up, I expect it to close below $70 on earnings, but am glad to finally have it back as a productive member of the portfolio and a long term holding, at that.
    Nov 13 07:24 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    The $0.01 over on the strike at closing (or actually up to 90 minutes after the contract's closing) isn't a guarantee of assignment, as brokers or holders of options may request they not be subject to automatic exercise.

    If I was a buyer of those calls I night not want to exercise and be faced with having to pony up the money for the shares and also face the risk of shares opening lower on Monday.
    Nov 11 11:05 AM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    Absolutely correct.

    Chasing an index, specifically trying to outperform it during a finite period of time, such as the last two months of the year can result in achieving some alpha for that period, but ultimately the measure has to be for the one year standard by which a hedge fund manager's performance is measured.

    As an individual hedge fund investor, however, I might not particularly care what the basis for my manager's out-performance happens to be, as long as he does out-perform. I probably wouldn't care if the activities were mostly passive either and I likely wouldn't have too much of a reference point to know what the degree of systemic risk happens to be.

    For more sophisticated and discriminating investors, such as institutions, all of those factors are critical. Unless there are lots of rabbits to be pulled from hats, look for many more to close up shop and to see greater assets concentrated in the hands of fewer players, which creates its own problem for achieving superior performance.
    Nov 11 09:33 AM | 2 Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    The bar is not terribly high with regard to initiating a class action suit. You may want to read the details surrounding the most recent decision, rather than simply cutting and pasting from a synopsis of another synopsis.

    In the most recent rulings the plaintiff, once again, had most of her accusations against eBay and PayPal dismissed by the judge.

    My guess is that since it took the plaintiff about 2 years to respond to the previous ruling, it will be more than a week before anything substantive will occur that would be detrimental to a covered call or put sale trade in eBay
    Nov 10 07:21 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    Reading between the lines, and not too deeply buried, is a belief that eBay owes something to the sellers that may have been there at the outset of the online auction business.

    In so believing is also the unsaid belief that those sellers, by virtue of their large size, should not be allowed to compete against smaller sellers.

    My guess is that the buyers would disagree and don't particularly care about the seller's back story. They choose on the basis of price, reliability, service or whatever other factors may exist. If a seller can't compete or can't comply with the marketplace's evolving guidelines, it's time to do, as you suggest and migrate to another site.

    In business nothing can stay the same and hope to survive for long. The reality is that eBay is competing as well with the likes of AMazon, even Alibaba, that have razor thin margins, so there's not much room for error. or sentimentality about its legacy sellers.
    Nov 10 07:08 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    If DNKN ever gets a weekly option, I would be all over it, especially around dividend time.

    I think it may be a little earnings constrained for a while as it goes through some expansion pains, although nowhere close to WHole Foods as it went through expnasion, owing to its franchise structure. There's lots of revenue to be made as it does that expansion
    Nov 10 12:07 PM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    Just like everyone is prison is innocent, it seems likely to no one would feel that had in any way violated some eBay policy. To believe that either hackers had taken over the system or that eBay is methodically working toward bankruptcy, says enough for most rational people to move on.
    Nov 10 10:56 AM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    I spent very small parts of 2 winters in Minnesota. I'm still impressed with the plug in car radiator stands.
    Nov 10 10:52 AM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    Nice article.

    However, there will always be a segment of the investing public that understands the role of human nature in such an arrangement and is willing to bet on someone else trying to capitalizing on greed. That's especially true for those that may have had managed portfolios and there was no"alignment of interests," only fees.

    The alignment of interest part is critical. By that I meant that the manager and principals had their own money at stake, as well. Nothing aligns interests better than shared risks and rewards.
    Nov 10 10:43 AM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    We just had our first Whole Foods open in my county, which I think is the 2nd highest per capita in the country, but the population was pretty small to maybe support a Whole Foods (plus very restrictive zoning).

    We went in on opening week and it was really a different experience, although I still think I prefer Wegemans, especially their bulk candy aisle.
    Nov 10 10:39 AM | Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    Absolutely, if I want to find dispassionate presentation of facts, I will go to the Discussion Boards.

    When you say that "there is not one functional person inside those walls," are you referring to the prison or to eBay's corporate headquarters?
    Nov 9 09:24 PM | 2 Likes Like |Link to Comment
  • Pity The Hedge Fund Manager [View article]
    As long as it doesn't all materialize by next week, thanks for the warnings.

    I'm certain that the various state Attorney Generals will agree that eBay has no right to control or transform its own platform and that it is obligated to support whatever inefficiencies in scale that may exist on that platform.
    Nov 9 08:31 PM | 3 Likes Like |Link to Comment
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