IJR

Shanda Games Spinoff: Good Move for Shanda Interactive

Interesting article. Where do you find the info on GAME paying 20% of revenue to use the SNDA platform? In the filings, I see reference to a 15.5% service fee, and also a variable percentage on sales of the debit cards. Thanks for any further information.

Berkshire Hathaway Credit Risk, Index Puts Are Overblown Worries

I find it hard to reconcile your projections of a possible payout being due on the puts; that is, the market is flat to down over the remaining life of the contracts, with your assumption that BRK will earn 7-10% return over this period. I realize we all think WB is the greatest investor ever, but if we are looking at a scenario where these puts are well in the money, I think anyone would have trouble making decent returns over that time period. Your analysis is inconsistent in that regard. By the same token, I would say it is reckless for WB to invest the proceeds of the put sale in the market, as this is effectively doubling up on his bet. People are ridiculing AIG now for taking the proceeds of CDS contracts written and investing them in the mortgage backed market itself. Is this not the same behavior?

Quitting the Hedge Fund Game - Mark Sellers

I understand that Mr. Sellers saw MCF as an undervalued investment. My point concerned the strategy of having roughly 83% of the fund's assets in one stock. A concentrated portfolio is a tactic employed by many succesful value investors, but this is extreme and, in my opinion, reckless.

Quitting the Hedge Fund Game - Mark Sellers

Seller's fund owned 2.8 million shares of Contango Oil and Gas as of 9/18/08. In the summer, when this stock traded in the 90's this is $250 million of his reported $300 million hedge fund (as of 6/30 as he describes it in the WSJ comment section), roughly 83% of the fund. It appears that he was buying stock all the way up to its peak. What kind of investment philosophy does this represent? To use this fund as representative of standard hf practice is (I hope) not appropriate.
biz.yahoo.com/t/26/757...

Discover the Opportunities: Morgan Stanley Spinoff Now Trading When Issued

curious as to the 3 way arb you see here-any hints?