Jase's Comments

Buffett's Financial Bets

Mon, 02 Mar 2009 01:54:03 -0500

He's a smart lad, indeed. But his kindness or soundness of character aren't what one ought to pay attention to in the end. What matters is his judgment. As of late, he's been making more than his fair share of mistakes. Long term investments are oftentimes short-term trades gone awry. In that respect, Buffet has been making a lot of investments of late. I've been short BRK/B since last year, I intend to cover my position at some stage. Oddly, when I do, I'll be going long BRK/B for my children's college fund. "I like buying quality merchandise when it is marked down." I couldn't agree with you more, Warren.

12 Reasons to Short Gold

Wed, 11 Feb 2009 16:16:05 -0500

Louis, shorting gold is the right trade. Though it's astoundingly far from the mean, the oil/gold ratio still has room to run before reverting, so careful not to enter a short too early. DZZ is a buy on a breakdown to $11 to $14. Considering going long Canadian dollars, also.

This Is Just the Beginning

Tue, 10 Feb 2009 15:45:58 -0500

Yank,

You've missed my point:

1. I do hold Gold, there's a place for it in my portfolio. I just don't worship it. It's a dead store of wealth as it generates nothing for me;

2. Brown was right in 2001, the US Dollar Index had topped out that year and it was an excellent year to dump gold. You mention that he dumped it at $250/oz. What you fail to mention is that the $250 referred to "2001 US Dollars", the buying power of a US Dollar in 2001 was over 40% more than is today. It's incorrect to compare gold's $1000/oz price in 2008 and think that gold appreciated by 400% since 2001. It absolutely did not. If it did, then an ounce of gold would buy 4x as much oil as it did in 2001. It does not, not even close. If the gold/oil ratio is anything to go by, oil is set to rocket and gold set to dump when viewed over the next 24 months.

As for your XLF comments, if it goes to zero, you won't have a vault to store your yellow metal, nor a functioning country. I suggest you lads sort out that problem in a hurry.

I maintain that the XLF will outperform gold, on a % basis, over the next 24 to 36 months. Gold belongs back below $500/oz, ready for the next generation of suckers.

This Is Just the Beginning

Mon, 09 Feb 2009 01:12:33 -0500

Ron,

Thanks for the feedback. There are few indicators that together suggest that gold's upside is limited, the technical reason I commented on is just one such indicator. The gold/oil ratio, the US Dollar Index, interest rates, various sentiment indicators--all these paint a similar picture.

As far as I'm concerned, gold is a dead store of wealth. It doesn't interest me, save for its place as part of balanced/diversified portfolio (I hold about about 8% of my wealth in the form of bullion: 0% silver, 3% gold, 5% platinum. To me, holding gold via an ETN like GLD is missing the point entirely.)

If push comes to shove and the US dollar begins to decline substantially (personally, I believe it will eclipse 95 to 103 on the US Dollar Index before any such reversal materializes), then a balanced investor shouldn't be hurt materially by this. Holding ones wealth in a single currency is a stupid, stupid idea. 40% of my portfolio in is Canadian Dollars, about 25% in US Dollars, the balance is in a mix of Francs and Sterling (yes, Sterling--never, ever bet against the United Kingdom long term.). I'm also holding crude oil in several of these currencies as a hedge. Australian Dollars, Brazilian Real, Canadian Dollars--currencies from resource-rich nations, are a good way to protect oneself from future chaos. I consider currency losses a small price to pay for a good night's sleep. As you get older, such things matter.

I like the US Financial sector from a 5-year point of view. I like crude oil (and the solar sector, for that matter) over that same time-frame. I still really like tech and especially the digital content industries, longer term. 2009 and 2010 is the time to pick up some of these assets. You complained when they were too expensive, now they're really inexpensive. Buy something, learn technical analysis, and sit tight.

Peter makes some excellent points, but the fact of the matter is... the world isn't going to end. Let things worsen, those living life within their means (be it those with assets of 100k or 100M) shouldn't be affected in the least. If you're an entrepreneur, now is the time to build. If you have a job, now is the time to work harder for your company to improve its competitiveness globally. If you are young, now is the time to educate yourself. If you're no-so-young, enjoy yourself, you've earned it.

The cycle playing out right now is just that, a cycle. It's the logical end to the actions that were made during the past several decades. The reasons for it aren't important--they can't be changed. Focus on what you can control. Blue skies will return, they always do. Until then, go build something.

On Feb 08 10:20 PM ron_paulite wrote:

> Hi Jase
>
> Good contrarian view. Gold is in for a rough ride. I'm always
> very cautious when every pundit is saying the same thing, and now
> almost everybody, including all the Wall St investment banks, are
> saying Gold will go up -- and that's scary.
>
> Yes, I don't believe Gold has completed decoupled from the Dollar
> -- although lately that seems to be the case.
> But if the Dollar strengthens, even if Gold can still go up (as it
> has been doing so lately), its upside is limited.
> On the other hand, the Dollar weakens, Gold will go up by quite a
> bit.
>
>

This Is Just the Beginning

Sun, 08 Feb 2009 12:43:51 -0500

Gold broken out? You must be kidding me. It's pierced the declining tops line, but it has yet to confirm the move. It's more likely to break $800 than it is to break $1000.

Is Electronic Arts a Clear Case of Institutional Manipulation?

Tue, 03 Feb 2009 22:54:18 -0500

What nonsense. This is a short candidate on its next breach of $18 to $19. Next stop: below $9. Technically broken. Sound dramatic? Check in with me in a few months.

Have We Reached an Historic Buying Opportunity?

Tue, 03 Feb 2009 16:39:21 -0500

Hayweed,

While we're at it, let's have a chat about 'looser' vs. 'loser':

looser: not firm, taut, or rigid
loser: you

Opportunities in a High Correlation World

Tue, 03 Feb 2009 16:32:53 -0500

Geoff,

Excellent article. To what extent do large currency fluctuations contribute to this increased correlation? At the beginning of 2006, 2007, 2008, and 2009, the value of US Dollar Index was at ~90, ~83, ~76, and ~81 respectively. Those are massive % swings. The run-up from its lows of 70.70 in March 2008 to its recent high of 88.46 in November of 2008 is an astounding, if not unprecedented, percentage gain. Surely this must influence your correlation results. My question is, how?

Microsoft Windows 7: The Tech Sector Impact

Mon, 02 Feb 2009 16:41:29 -0500

I've installed the beta of Windows 7. The interface and user experience are lousy. It's simply the version of Windows that MS intended to ship when Vista went out the door. I've been short MSFT since $27/share. It will break below $13 per share before the year is out. Their product pipeline has a few potential winners but these imbeciles always nip and tuck and shape new ideas to fit old molds. New products are doomed as MS as they don't have the guts to start over again. Backward compatibility=reduced innovation. No earnings growth, no innovation, flush with cash and desperately looking to buy value, layoffs, the whole story is dark. Will MSFT fall? I argue that it already has.

Banks: The Final Countdown?

Sun, 18 Jan 2009 17:06:47 -0500

What's the consensus for the financials during this 4-day inauguration trading week? TA points to a retest or break of November lows, but the market rarely does what we anticipate--anyone care to provide a case for a large bullish move/recovery for the financials this week? If so, upside targets for XLF, UYG, FAS? If not, what support levels must hold for each of these?

Lookee Here: An IPO Filing!

Wed, 24 Dec 2008 10:26:28 -0500

Two words: short candidate. (No pun intended.)

Apple Drops MacWorld: Good Move, But Likely to Start Another Steve Jobs Rumor

Wed, 17 Dec 2008 14:34:27 -0500

Dream on? I began my short position at $161 back on September 8th. I've covered only a partial portion of my position (at $86/share; then added to my short again at $112). Do you have any idea of how many longs are trapped above $120 per share? You've had two failed moves to attempt to capture the old floor at $115.44. Go on, pull up a chart of AAPL. Notice the pending death cross of the 200MA over the 600MA? The pissy 50-day moving average is now just north of $100/share. Let me guess, you think the lows were put in at $79.14? You're ready to cite how iPhones sales are such and such, and the monthly revenue from iPhones contracts are going to fatten up that balance sheet, and the future is all lollipops and unicorns and rainbows blah blah. Here's a newflash, homeslice: it's all priced in--that's *why* it traded at $180 to $200 all those months ago. Do yourself a favour: sell your stock or go short. 12-times current forward is at around $60/share--I wouldn't even think about touching AAPL until those levels are reached. Wouldn't surprise me to see it trading in the high 40's or 50's at some point in 2009 on ratings/revenue downgrades. Whatever the case, good luck with your trades.

On Dec 17 12:16 PM brewer wrote:

> "I look forward to covering my short AAPL position at around those
> levels."
>
> Dream on.

Apple Drops MacWorld: Good Move, But Likely to Start Another Steve Jobs Rumor

Wed, 17 Dec 2008 03:30:18 -0500

Arbitrage Cons.,

Re. "... will go down with Thomas Edison"--that's a bit of a stretch. Taking nothing away from Jobs' ability to dream, design, think, simplify, outsmart, incessantly craft, and relentlessly persist... placing him in the same category as Edison, in my view, is a grossly inaccurate comparison. Names that perhaps ought to accompany Edison (or perhaps names that Edison ought to accompany, in no particular order) might include: Bardeen, Brattain, Shockley, Townes, Schawlow, Maiman, Tesla, Babbage, Turing, S. Christie, J. Fleming, Kemeny, Kurtz--you get the idea, this is a long list.

I acknowledge that my list is comprised of arbitrary names whose contributions vary considerably. Steve Jobs is an entrepreneur, calling him an inventor is unfair to those who truly invent. While Jobs created the first Apple computer, true elegance in computer design was first demonstrated by Jef Raskin. Jef Raskin is the real, long forgotten, creator of the Macintosh computer. Many are surprised to learn that on several occasions Jobs actually attempted to thwart the Macintosh development efforts at Apple.

Yes, Jobs is a vicious CEO and shrewd businessman, an excellent designer, and a master of aesthetics. He is, however, not an inventor.

Glad to hear that you were able to pick up Apple at $16 when it rose from the ashes. I look forward to covering my short AAPL position at around those levels.

John Hussman: The Market Is Not in Uncharted Territory

Tue, 18 Nov 2008 18:52:19 -0500

Roga,

Listen, I'm having trouble with a math problem. Can you help me prove this: "Every even integer greater than 2 can be written as the sum of two primes."

Thanks

Four Commonsense Clues to a Genuine Market Bottom

Tue, 18 Nov 2008 16:30:53 -0500

Sean M,

Take a look at Jeff Rubin's (CIBC World Markets) report that attempts to provide hard evidence that each major economic downturn this century was immediately preceded by a spike in oil prices. Note that I'm not saying that *I* believe that this is the case, I'm just pointing out a potential body of evidence that argues the point counter to yours. Make up your own mind. Here's the link to the report:

research.cibcwm.com/ec...

The chart/data that I'm citing is found at the bottom of page 4.

John Hussman: The Market Is Not in Uncharted Territory

Tue, 18 Nov 2008 01:06:19 -0500

vladimir,

It's difficult to respond to your post as your initial comments are "I don't know what your exact method is, but..." then the remainder of your diatribe goes on to challenge what you imagine my method to be.

What shall I comment on--the actual methods that I use or the words that you've put in my mouth?

When you elect to pelt me with comments like: "You seem to believe that making these kinds of returns is easy" and "Do you believe that you can establish cause and effect based on 8 trades?" and "I guess it must be easy for you but impossible for the rest", it suggests to me that you're having a conversation with yourself, not me.

Here's the spill:

1. The eight trades that I listed weren't the only trades that I've made this year, there were many more trades, and many, many were losers. Each losing trade, however, incurred a maximum loss of 6% on only a partial initial position size. In other words, if I intend to commit a total of $100,000 to a position, I will never lose more than $1800 plus commissions. No exceptions. I add to all successful positions using very strict guidelines and I'm not afraid of taking partial profits.

2. Yes, I do this full-time. I lost $30M earlier this year when the financing for my software company fell through (investment bank went tits up due to subprime exposure, among other things). The capital that I use to trade is all that I have left in this world--so I take trading very, very seriously.

3. I don't care about profits. All I care about is managing risk.

4. I have patience. More than 70% of my gains are realized in the last 20% of the time that I hold my positions. I'm still working at mastering the skill of sitting still; this is really, really hard. That said, I've been taking profits much more quickly during October and November. I'm sitting in a relatively high % cash right now.

5. Yes, I'm still in the market. Of the eight trades that I've mentioned, I'm still holding the BRK/B short, still holding USD against CAD, and I'm still short crude oil... there are a few others.

In your comments, you used the word "believe" several times. I don't trade what I believe. Frankly, the market doesn't give a shit what I think. I only trade what's right there in front of me, what I'm seeing occur. If a trade isn't going my way and I'm stopped out (100% of my trades have stops in place, no exceptions), all it means is that I was wrong. That's it, I was wrong. So what? I try to let it go like a bad first serve in tennis, my second serve doesn't have to be affected by my poor first serve--unless I choose to let it adversely affect me. Hopefully you get the idea.

I'm not going to comment on technical analysis here because my description of it won't make you understand it any more than you think you do now. As for being special, believe me, I'm not. I'm just interested in making some money and repaying my investors so that I can get back to my research in number theory.

Best of luck in your future trades.

On Nov 17 08:30 PM Vladimir Senkov wrote:

> Jase,
>
> Congrats on your 8 good trades and your high YTD return.
> Why do you think that any of this has something to do with TA?
I
> don't know what your exact method is, but most TA methods I'm familiar
> with are an attempt at pattern recognition. Human brain is very good
> at confirmation bias. If you already believed that gold was "expensive"
> your TA would always confirm it.
> Do you believe that you can establish cause and effect based on 8
> trades? Have you closed all of them yet? My guess is no, since you
> are still in the market.
> You seem to believe that making these kinds of returns is easy.
I
> guess if it's so easy you have probably already quit your day job.
>
> I guess it must be easy for you but impossible for the rest. What
> makes you so special? I know we are all special, but seriously?

>
> Good luck climbing the easy money mountain!
>
> On Nov 17 07:26 PM Jase wrote:

John Hussman: The Market Is Not in Uncharted Territory

Mon, 17 Nov 2008 19:26:55 -0500

chrisb,

Your comments regarding the futility of TA are amusing. "And did any squiggle-people predict the current bear market?" Yes, many did. But most of them wouldn't bother telling you about it. Unfortunately, you still think you understand what technical analysis is by reading about it from a Wikipedia page while eating a sandwich. It takes time to learn the art behind the science; in time you'll see the charts in a completely different way. This is about as kind a message as I can proffer considering that I gain nothing by telling you this. If you must know, this year I "used the squiggles" to:

- short gold (DZZ) at $970/ounce;
- short Encana (ECA) at $92/share;
- buy SKF at $89/share (more than once);
- short Goldman (GS) at $137/share;
- short crude oil (HOD.TO) at $119/barrel;
- sell CAD against USD at parity;
- short SPY at 130.00/share (via SDS); and last but not least
- short BRK/B at $4390/share.

The list goes on. How many long-side trades do you see? I've only been doing this for 18 months and my measly initial couple of hundred grand bankroll isn't big enough to crack the billion mark yet; this and this alone is the reason that I'm writing you--I'm still in the market. My 135% year to date return, however, suits me just fine. Doubt me? Send me your postal address and I'll fedex you my trade tickets. Take this advice: keep your toilet shut before discounting a method you know absolutely nothing about.

UltraShort ETFs: At a Tipping Point?

Sat, 15 Nov 2008 13:07:45 -0500

Price target is 101.70 +/- 1.90 by February 20, 2009.

Ban on Short Sale Ends - Hold Your Breath

Thu, 09 Oct 2008 07:59:58 -0400

Anastos,

I'm fully aware that SKF tracks the Dow Jones Financial Index. I'm also fully aware that ProShares calculates the NAV based on pricing of the underlying at 4PM EST. My point was simply that the closing price of the underlying (DJUSFN) at market close yesterday was still below the closing price back on July 14th (approx. 270 vs. 287, respectively).

IBM: Reassurance from Big Blue

Thu, 09 Oct 2008 03:50:08 -0400

Investa Mania,

IBM is clueless. Do you really think that beyond their 1-year outlook that revenue will remain steady? Way too much exposure to emerging markets, way too optimistic an outlook. IBM should be trading below $40 if we're going to price in what's in store for them in this economy. Take a look at SAP. It's tanking. IBM is extremely overvalued. I wouldn't pay more than 5x forward for this bloated thing. Want to change my mind? Do two things for me: tell IBM to triple their dividend; and show me some earnings that don't rely so heavily on luck in the currency markets.

Ban on Short Sale Ends - Hold Your Breath

Thu, 09 Oct 2008 03:37:17 -0400

SKF is a bargain below $250. There's a tracking discrepancy that was caused by the short selling ban. Think about it: SKF should now be tracking above $300. It made its all-time high of $211 when UYG (its counterpart) made its all-time low of 14.08 back in July. UYG has since tanked more than 30%... do the math. SKF should be trading above $300 as I type this.

3 Stocks That Are Begging To Be Bought

Sun, 05 Oct 2008 23:15:58 -0400

Sorry mate, I'm of the opinion that you've severely underestimated the severity of the conditions of the overall market. Apple isn't a buy until it reaches $45 to $50. Google is a buy at $130 to $150. And Priceline will dump another 40 to 50%, at least, from current levels. All continue to be short candidates. The market has been using these as stores of value within their portfolio for years. As the market continues unwind and convert to cash, these marquee names are the first to be liquidated. There are an abundance of sellers at the moment. Don't believe me? Let's talk in a month.

36 Opportunities for the Beginning of the Bull

Sun, 05 Oct 2008 21:04:01 -0400

I share your view regarding most of these. I disagree, however, with your call regarding QCOM. Rather than bank on the mobile chipsets, I'd rather play the terrestrial and mobile backhaul/edge network angle via AKAM. Akamai moves 1/5th of the planet's daily internet traffic--despite continued competition in this space, it's exceedingly undervalued.

European Banks To Consider - Barron's

Sun, 05 Oct 2008 21:00:07 -0400

RBS is still on shaky ground, IMHO. UBS, however, has been among the most proactive in removing gangrene assets. UBS may continue to have minor write downs (minuscule, in comparison to what they purged earlier in the year)... I strongly believe that this is already priced in; it's a bargain under $35 per share and they'll benefit from any European bailout. If their future was bleak, then news released at the recent shareholder meeting last Thursday would have caused it to plummet. The opposite happened--it gained strength on heavy volume on one of the darkest trading days of the year.

Five Energy Companies That Spell Opportunity

Sun, 05 Oct 2008 18:44:58 -0400

Agreed, Petrochina (PTR) is astoundingly cheap right now. Their dividends have generally been over $2 per share, I don't see this changing; PTR will continue to pay to wait. Here are some more stats on PTR (pardon the formatting):

Total Returns %, 2003, 2004, 2005, 2006, 2007, YTD
Stock, 205.8, -1.4, 60.9 ,79.1, 29.2, -43.0
+/- Industry, 171.3, -21.5, 36.0, 58.6, 2.2, -11.0
+/- S&P 500, 179.4, -10.4, 57.9, 65.4, 25.7, -17.8

They are down over 60% from their 52-week and 5-year highs. Global recession, mild correction, major correction, upcoming depression--whatever your viewpoint is, China isn't going to stop growing. It may slow somewhat, but it will not stop. McKinsey's findings:

"By 2025, an additional 5 million buildings — including up to 50,000 skyscrapers, or the equivalent of 10 New York Cities — could be built in China, the McKinsey Global Institute, a U.S. consulting firm, predicted in a March report.

China could end up with as many as 221 cities that each have a population above 1 million, as a result of hundreds of millions of farmers moving to urban areas."

Add to this fact that a few hundred new vehicles (300M+) will be added to Chinese roads by 2015--this growth story may slow, but it WILL NOT stop. We are looking at the world's new super power jockeying for position.

Disclosure: I'm long platinum (ELR.TO, the commodity itself, and a few ETF's; catalytic converters will still be in heavy demand going forward), I'm long Petrochina for the reasons stated above, and I'm long steel and infrastructure (MT is strategically positioned to service China's growing demand).

In my view, this global market meltdown--though seemingly severe right now--will look like a hiccup when viewed in context in five years from now.

The world is not ending. We are just about to commence the biggest bull market in the history of civilization.

Bottoms are violent.

On WaMu's Birthday, JPMorgan Takes the Cake

Fri, 26 Sep 2008 11:26:09 -0400

Washington Mutual made extremely, extremely bad bets. Capitalism rewards appropriate risk, but it categorically decimates prolonged gluttonous behavior. Are any of you seriously surprised that WaMu failed? Are you serious?

I applaud JP Morgan's patience and opportunistic (if not predatory) actions. Clever bastards. Good for them. And I won't shed a tear for WaMu's shareholders (don't talk to me about post-bankruptcy pain, I was a shareholder of BRLC and IMBD; both went tits up earlier this year but I was absolutely aware of the risks involved).

I'm certain of one thing, when all this nonsense settles down (weeks, months, years from now), those that are left standing will be stronger. While it may not be apparent now, I'm of the opinion that that benefits us all.

If you think my comments are crass, I recommend that you skip work tomorrow, arm yourself with a bowl of ice cream, and sit down cross-legged in front of your TV and take in a few hours of old-school nature shows. Kenya, lions, impalas, African plains, all that.

Pay close attention: weak things die.

Happy Birthday WaMu.

Oppose the Treasury's Bailout Plan

Sun, 21 Sep 2008 15:50:20 -0400

Never in all my years have I met a person who can consistently beat the market. All markets, when considered over long time frames, are immensely efficient at allocating capital resources. The proposal being sent to Congress--effectively a blank check--arrogantly asserts that a small group of humans possess skills that, collectively, are smarter and more efficient than the market itself.

Despite his uncle-that-never-seems... appearances, Ben Bernanke is brilliant. Really. I got fantastically liquored up once and elected to read:

"Long-Term Commitments, Dynamic Optimization, and the Business Cycle by Beb Shalom Bernanke, MIT 1979"

This is Ben's doctoral thesis. I kid you not--he's a smart, smart lad. But alas, Mighty Ben of the Academic Jungle, there are grander rules at play at all times--rules that, in time, will make a violent mockery of your bailout efforts. Long term stochastic processes get very, very angry if they are tampered with.

I'm not American...I'm Canadian. I beg of you, for your sake, for my sake, for the sake of the world: do not, under any circumstances, allow this bill to pass in Congress. You're about to distribute into public coffers the assets that the private sector itself was unwilling to buy.

This should frighten you to your core.

The Artificial Inflation of Stock Prices, Due to the Short Selling Ban

Sun, 21 Sep 2008 03:32:25 -0400

Three letters: SKF

After October 2nd this thing will start a volatile and bumpy journey onwards and upwards and eventually break $300.

There's Only So Much That Goldman Can Do

Thu, 18 Sep 2008 14:26:22 -0400

mythreecents,

The context of my sentiment was directed at the fact that if you look at the laundry list of IPO's, what sense does it make to kill the beast itself? "You can shear a sheep many times, but..."

I'd be delighted to send you a t-shirt silk-screened with my pre-market short order ticket for GS at 138.00; believe me, I remain entirely unemotional.

You can't play tennis if you kill the company that produces the tennis balls.

There's Only So Much That Goldman Can Do

Thu, 18 Sep 2008 11:52:01 -0400

Have you forgotten what this company has done? Seriously? How quickly we forget. He's a partial list of some of the companies that GS has underwritten. These would not be household names without Goldman. Do we really want this company crushed?

1-800-Flowers.com Inc//AFC Enterprises//ANDA Networks Inc////Acme Packet Inc//Active Power Inc//Active Software Inc//Actuate Software Corp//Advertising.com Inc////AeroVironment Inc//Agency.com Ltd//Alaska Commun Sys Grp Inc//Allied Riser Communications Co//Allied World Assur Co Hldgs//Allscripts Inc//Amscan Holdings Inc////Anteon International Corp//Anthem Inc//Archipelago Holdings Inc//ArrowPoint Communications Inc//Asbury Automotive Group Inc//Ashford.Com Inc//Aurora Foods Inc//Axcelis Technologies(Eaton)//B... Escentuals Inc//Barnesandnoble.co... Inc//Bill Barrett Corp//Blue Martini Software Inc//Bluelinx Holdings Inc//Bucyrus International Inc//CP&P Inc/////Cabot Microelectronics Corp//Calico Commerce Inc//Calumet Specialty Products//Capital Maritime & Trading///Capstone Turbine Corp//Carters Inc//Charter Communications Inc//ChemConnect Inc////Citadel Broadcasting Corp//Classic Communications Inc//CoSine Communications Inc//Coach Inc//Cobalt Networks Inc//College Park Communities Trust////Columbia Sportswear Co//Commerx Inc///Convergent Communications Inc//Convio Inc////Corio Inc//Crystal Decisions Inc/////Cytokinetics Inc//DJ Orthopedics Inc//Directed Electronics Inc//Dorel Industries Inc///DoubleClick Inc//E-Loan Inc//E-Tek Dynamics Inc//EBay Inc//EToys Inc//EXE Technologies Inc////Edocs Inc////Education Management Corp////El Paso Energy Management LLC///Elmos Semiconductor AG///Enbridge Energy Management LLC//Encore Acquisition Co//Engage Technologies Inc//Entrust Technologies Inc//Equinix Inc//Esprit Europe AG///Evolving Systems Inc//Exelixis Inc//Exodus Communications Inc//First Marblehead Corp//Fitness Holdings Inc///Focus Media Holding Ltd//Furniture.com Inc////GTx Inc//Galyan's Trading Co Inc//Garage.com Inc///GeoCities//Glass... Technologies Inc////Glu Mobile Inc//Golden State Vintners Inc//Goldman Sachs Group Inc//Goldman Sachs Group LP////Greenhill & Co Inc//HOB Entertainment Inc////Heller Financial Inc//Hewitt Associates LLC//Holly Energy Partners LP//Hornbeck Offshore Services Inc//Hornbeck-Leevac Marine Svcs////Hugoton Royalty Trust//Hutchison Telecommun Intl Ltd//IAsia Works Inc//ISS Group Inc//IVillage Inc//IXOS Software AG//Icon PLC//Idealab////Idenix Pharmaceuticals Inc//Illumina Inc//Inet Technologies Inc//Infinera Corp//Inforte Corp//Initiate Systems Inc////Inktomi Corp//InsWeb Corp//Internet Initiative Japan Inc//Intira Corp////Ipass Inc/////Julius Baer Americas Inc////Juniper Networks Inc//Kana Communications Inc//Kinder Morgan Inc////Kinder Morgan Mgmt LLC////Las Vegas Sands Corp//Lazard Ltd//LeMaitre Vascular Inc//LeadersOnline Inc////Leadis Technology Inc//Liberty Lane Acquisition Corp///Limelight Networks Inc//LookSmart Ltd//Lydian Trust Co///MONY Group Inc//Marvell Technology Group Ltd//MatrixOne Inc//Maxygen Inc//Medibuy.Com Inc////Mercata Inc///Metals USA Holdings Corp////Metropark USA Inc////Microtune Inc//Mobius Management Systems Inc//Monolithic Power Systems Inc//Monsanto Co//Move.Com Inc (Cendant Corp)///Net2000 Communications Inc//NetScreen Technologies Inc//Netcom Systems Inc///Network Plus Corp//Netzero Inc//Neuberger Berman Inc////Newpage Group Inc///Nextel International Inc//Nextel Partners Inc//Niku Corp//Noosh Inc///NorthPoint Communications Grp//Novirio Pharmaceuticals Inc///Nuance Communications Inc//ONI Systems Corp//Ocean Energy Inc//Ocean Energy Royalty Trust///OpNext Inc//OptionsXpress Holdings Inc//Orbitz Inc//Organic Inc//Orion Power Holdings Inc//PYA/Monarch Inc///Packaging Corp of America//Palm Inc//PaperExchange.com Inc/////PcOrder.com//P... Exploration & Prod////PlanetRx.com Inc//Plug Power Inc//Plumtree Software Inc//Portal Software Inc//Principal Financial Group Inc//Prudential Financial Inc//Red Hat Inc//Reliant Pharmaceuticals Inc/////Reliant Resources Inc//Renovis Inc//Resonate Inc//Restoration Hardware Inc//Rivals.com Inc////Riverbed Technology Inc//Saba Software Inc//School Specialty Inc//Seminis Inc//Shamrock Logistics LP//Shanda Interactive Ent Ltd//Shopping com Ltd//SkyStream Networks Inc////Snowball.com Inc//Solarfun Power Hldgs Ltd//Sonic Innovations Inc//Sonus Networks Inc//Sparkling Spring Water///StanCorp Financial Group Inc//StarMedia Network Inc//Steelcase Inc//Stereotaxis Inc//Storagenetworks Inc//Strategic Hotel Capital Inc//Strategix Solutions Inc////Sun Apparel Inc////Synchronoss Technologies Inc//TC Pipelines LP//TIBCO Software Inc//TRX Inc/////Tality Corp///Telenor ASA//Telergy Inc////TenFold Corp//Texas Genco Inc////Texas Permian Royalty Trust//TheStreet.com Inc//Timberland Growth Corporation///Times Company Digital///TradeOut.com Inc////Tritel Inc//Turner Investments Inc//Turnstone Systems Inc//Under Armour Inc//United Pan-Europe Comm NV//Universal Access Inc//ValueClick Inc//Verigy Ltd//Viant Corp//Viasystems Group Inc/////Virtual Radiologic Corp//VistaPrint Ltd//Visual Networks//Volterra Semiconductor Corp//WP Stewart & Co Ltd//Wavesplitter Technologies Inc///WebEx Communications Inc