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portefeuille (99.56)

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March 30, 2010 – Comments (74)

On 03/08/10 I started a portfolio to see how I would be doing (and what I would be doing) as a fund manager.

At the time it was part of the tigerpack fund thing (see this post).

Now liberated from the limitations of the wallstreetsurvivor.com tracking platform I will add quite a few stocks that you could not track there. And to get some "realistic" numbers I will multiply the share numbers by 100. So let's just say I started on 03/08/10 as a virtual fund manager with 3.4 million USD. I have so far made 161 trades. Assuming 20 USD per trade and another 20 USD for margin and borrowing fees I am currently in the green ("post commission and fees") by 146693.00 USD (ca. +4.31%), have a cash balance of 144907.00 USD and the following portfolio with a value of around 3401786.00 USD using the closing values on 03/30/10.


 

 

74 Comments – Post Your Own

#1) On March 30, 2010 at 11:17 PM, portefeuille (99.56) wrote:

I will add 19000 shares of Epigenomics (ECX:GR) at the open of Xetra trading on 03/31/10 (see comments #25,26 here).

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#2) On March 30, 2010 at 11:51 PM, Vet67to82 (< 20) wrote:

Excellant work ... ( +1 Rec)

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#3) On March 30, 2010 at 11:53 PM, portefeuille (99.56) wrote:

I will also buy 450 shares of BASF (BAS:GR) and 340 Volkswagen preferred shares (VOW3:GR) on Xetra at the open.

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#4) On March 31, 2010 at 12:01 AM, portefeuille (99.56) wrote:

Epigenomics in Xetra trading.



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BASF in Frankfurt trading.



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Volkswagen preferred in Frankfurt trading. 



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#5) On March 31, 2010 at 12:08 AM, portefeuille (99.56) wrote:

It is rather obvious that I currently like companies from the genomics/diagnostics/instruments area (also see this post including the comment section).

Epigenomics (ECX:GR), Exact Sciences EXAS, Gen-Probe (GPRO), Helicos (HLCS), Progenics (PGNX), Qiagen (QGEN), ... 

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#6) On March 31, 2010 at 12:15 AM, portefeuille (99.56) wrote:

I think I will try to turn this into something like fundmymutualfund.com.

The main differences will probably be.

no particular focus on the U.S..

no discussion of politics or Goldman Sachs.

less focus on technical analysis.

no need to tell me how much you want to invest in my fund, I will probably never start one.

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#7) On March 31, 2010 at 12:20 AM, portefeuille (99.56) wrote:

If you are a fund manager and you suck (hehe) feel free to copy my trades. I am not sure it will help, but you could at least try it ...

I will not bother with disclosure stuff. My holdings in any intrument I will ever mention are likely to be insignificant.

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#8) On March 31, 2010 at 12:24 AM, cashkid79 (94.23) wrote:

waiting on s/w to get back to my 'method' from last year 033009 (on HD waiting to snap on to this one) -- then we shall truly see

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#9) On March 31, 2010 at 12:30 AM, portefeuille (99.56) wrote:

fundmymutualfund.com

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#10) On March 31, 2010 at 12:50 AM, portefeuille (99.56) wrote:

evolution of my fund portfolio.

03/13/10.


 

03/19/10.


 

03/22/10.


 

03/24/10.


 

03/25/10.


 

03/25/10.


 

03/26/10.


 

03/26/10.


 

03/30/10.


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#11) On March 31, 2010 at 1:08 AM, portefeuille (99.56) wrote:

DAX.


 


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#12) On March 31, 2010 at 1:17 AM, portefeuille (99.56) wrote:

Hang Seng China Enterprises Index (H-shares).



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#13) On March 31, 2010 at 2:28 AM, portefeuille (99.56) wrote:

#1,3 I will also buy 420 shares of Actelion (ATLN:VX) on the SIX at the open and 1200 shares of Morphosys (MOR:GR) on Xetra at the open.

Actelion in SIX trading.



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Morphosys in Xetra trading.



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So the orders are

19000 shares of Epigenomics (ECX:GR)

450 shares of BASF (BAS:GR)

340 Volkswagen preferred shares (VOW3:GR)

420 shares of Actelion (ATLN:VX)

1200 shares of Morphosys (MOR:GR).

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#14) On March 31, 2010 at 3:41 AM, portefeuille (99.56) wrote:

ECX:GR 2.529 EUR,

BAS:GR 45.545 EUR,

VOW3:GR 67.80 EUR,

ATLN:VX 72.82 CHF,

MOR:GR 16.68 EUR.

not sure yet which exchange rate (what date and time) I will use.

EURUSD.



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USDCHF.



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#15) On March 31, 2010 at 4:03 AM, portefeuille (99.56) wrote:

ATLN:VX 72.82 CHF

ATLN:VX 47.82 CHF

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#16) On March 31, 2010 at 4:13 AM, portefeuille (99.56) wrote:

#15 maybe I should use some kind of official "fixing". right now I will use

1 EUR = 1.3425 USD and

1 USD = 1.0663 CHF yielding approximately

ECX:GR 3.40 USD,

BAS:GR 61.14 USD,

VOW3:GR 91.02 USD,

ATLN:VX 44.85 USD,

MOR:GR 22.39 USD.

I think not having a secretary will keep me from trading too much, hehe ...

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#17) On March 31, 2010 at 4:21 AM, portefeuille (99.56) wrote:

So far only around 20000 shares of Epigenomics have traded on Xetra, so maybe buying 19000 shares "at the open" was not realistic. Oh well ...

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#18) On March 31, 2010 at 5:29 AM, cashkid79 (94.23) wrote:

port, the first thing I read in the link you posted had Goldman Sachs mentioned like two paragraphs down! ahhh but regardless...ideas are bouncing around (good thing I WRITE down the important ones to reference later) and it's not likely to stop EVER so, when's the next GOTO or live chat...you're all over; TPF, FMMF, CAPS(what 10 portfolios?)...to be honest, I don't know which direction you are heading -> ALL ??

This message will self-delete in 1hr --- hint TMF staff, hint hint :>

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#19) On March 31, 2010 at 6:10 AM, cashkid79 (94.23) wrote:

so that's you, 35yo...seriously?? thats all there is to it??  ---if so that blew my mind and I'm getting some sleep (for an hour) and getting to work

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#20) On March 31, 2010 at 10:00 AM, TigerPack1 (99.02) wrote:

Excellent A+ work as usual... I look forward to reading your ideas and watching your performance in the new portfolio setup/experiment.

-TigerPack

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#21) On March 31, 2010 at 10:47 AM, TMFJake (76.05) wrote:

Good work and good luck!  Looking forward to see how this portfolio performs!

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#22) On March 31, 2010 at 11:58 AM, anchak (99.86) wrote:

Ah! This is the thread I was looking for my friend - goodie - on my permanent follow list!

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#23) On March 31, 2010 at 1:15 PM, portefeuille (99.56) wrote:

sell 1200 ISIS 11.17 USD.

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#24) On March 31, 2010 at 1:34 PM, portefeuille (99.56) wrote:

 

GSK and Isis Pharmaceuticals Collaborate on RNA Therapeutics for Rare and Infectious Diseases

Glaxo, Isis in drug development deal of up to $1.5 bln

RNA: The New Building Blocks Of Biotech Investing

also see this post.

 

update.


 

performance (post commission&fees): +4.48%.

cash: -10486.73.

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#25) On March 31, 2010 at 1:38 PM, portefeuille (99.56) wrote:



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#26) On March 31, 2010 at 2:25 PM, portefeuille (99.56) wrote:

buy 13000 Tekmira Pharmaceuticals (TKM:CN), limit: 0.89 CAD.

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#27) On March 31, 2010 at 2:47 PM, portefeuille (99.56) wrote:



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03/16/10 Tekmira and Pfizer Initiate New Research Collaboration

03/16/10 Tekmira shares surge on Pfizer collaboration

03/17/10 Tekmira Pharmaceuticals Provides Corporate Update and Reports 2009 Audited Results

03/21/10 Cancer genes silenced in humans

03/21/10 Evidence of RNAi in humans from systemically administered siRNA via targeted nanoparticles

03/21/10 Nanotech robots deliver gene therapy through blood

03/23/10 Tekmira Announces Advances in Identifying and Preventing siRNA-Mediated Immune Stimulation

Tekmira Corporate Presentation at BIO CEO Conference

a blog on RNAi therapeutics.

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#28) On March 31, 2010 at 3:02 PM, portefeuille (99.56) wrote:

buy 13000 Tekmira Pharmaceuticals (TKM:CN), limit: 0.89 CAD.

change the limit to 0.90 CAD for the yet "unfilled" part of the order.

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#29) On March 31, 2010 at 3:05 PM, portefeuille (99.56) wrote:

so this is not a new order, just a modification of the one from comment #27 above (just in case anyone cares, hehe ...). my fund is too large for these small volume stocks. help!

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#30) On March 31, 2010 at 3:20 PM, portefeuille (99.56) wrote:

buy 2500 KV/A:US limit 1.80 USD.

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#31) On March 31, 2010 at 3:23 PM, portefeuille (99.56) wrote:

#31 change limit to 1.81 USD.

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#32) On March 31, 2010 at 3:25 PM, portefeuille (99.56) wrote:

okay, let's say I bought 2500 at 1.81 USD.

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#33) On March 31, 2010 at 3:30 PM, SUPERMANSTOCKS (55.72) wrote:

Will you buy an KV Pharm at all?? I see it in your caps.

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#34) On March 31, 2010 at 3:33 PM, SUPERMANSTOCKS (55.72) wrote:

Ok so you did buy some KV Pharm. I missed the post. My cost avg on KV is 2.20 on 100.00 shares. Bought more today

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#35) On March 31, 2010 at 3:40 PM, portefeuille (99.56) wrote:

 



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#36) On March 31, 2010 at 4:50 PM, portefeuille (99.56) wrote:

update.

performance: +3.82%,

cash: -26578.82.

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#37) On March 31, 2010 at 5:38 PM, portefeuille (99.56) wrote:

-------------------

Xyratex Ltd Announces Final Results for the First Quarter Fiscal Year 2010

Press Release Source: Xyratex Ltd On Wednesday March 31, 2010, 4:10 pm EDT

HAVANT, United Kingdom, March 31 /PRNewswire-FirstCall/ -- Xyratex Ltd (Nasdaq:XRTX - News), a leading provider of enterprise class data storage subsystems and storage process technology, today announced final results for the first fiscal quarter ended February 28, 2010. Revenues for the first quarter were $319.0 million, an increase of 73.5% compared to revenues of $183.9 million for the same period last year.

For the first quarter, GAAP net income was $26.3 million, or $0.85 per diluted share, compared to GAAP net loss of $16.1 million, or $0.55 per share, in the same period last year. Non-GAAP net income was $29.4 million, or $0.96 per diluted share, compared to non-GAAP net loss of $10.5 million, or $0.36 per share, in the same quarter a year ago (1).

Gross profit margin in the first quarter increased to 18.1%, compared to 11.4% in the same period last year, primarily due to significantly increased volumes and also changes in product and segment mix.

Revenues from our Networked Storage Solutions products were $271.0 million as compared to $165.7 million in the same quarter a year ago, an increase of 63.5%. Gross profit margin in the Networked Storage Solutions business was 15.2% as compared to 11.1% a year ago. Revenues from our Storage Infrastructure products were $48.0 million as compared to $18.2 million in the same quarter a year ago, an increase of 164%. Gross profit margin in the Storage Infrastructure business was 34.7% as compared to 15.2% a year ago.

"I am very pleased with the strong results for the quarter. We increased revenues by more than 30% over the prior quarter, and the results represent a very dramatic turnaround from the position faced 12 months ago. Given the strong demand and actions needed to secure additional supply of components, I felt we did a good job of executing to our customers' requirements," said Steve Barber, CEO of Xyratex. "I feel our continued strategic investments during 2009, a period of economic uncertainty, combined with our focus on strong execution, innovation and improved efficiencies, enabled our record revenues and profits. The fundamentals of the markets we serve continue to be very good and I believe we continue to improve on our competitive position and technology. We will continue to work with our customers to make them more competitive in their respective markets and remain flexible in meeting their technology and product demands."

Business Outlook

The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

Revenue in the second quarter of 2010 is projected to be in the range $400 to $460 million.

Fully diluted earnings per share is anticipated to be between $1.00 and $1.53 on a GAAP basis in the second quarter. On a non-GAAP basis fully diluted earnings per share is anticipated to be between $1.10 and $1.63. Non-GAAP earnings per share excludes amortization of intangible assets, equity compensation expense, specified non-recurring items and related taxation expense.

...

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#38) On March 31, 2010 at 5:53 PM, portefeuille (99.56) wrote:

XRTX is currently at around $18.50 and may well be one of the "cheapest" tech stocks. The all-time low is at around $1.55 (made on 02/02/09).

 

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#39) On March 31, 2010 at 5:55 PM, portefeuille (99.56) wrote:

-------------------

#398) On March 28, 2009 at 6:34 AM, portefeuille (99.96) wrote: XRTX - 2.10 - outperform

#545) On July 11, 2009 at 9:32 AM, portefeuille (99.96) wrote: XRTX - end outperform - 5.54 - no new rating

#1020) On February 15, 2010 at 10:57 PM, portefeuille (99.96) wrote: XRTX - 13.57 - outperform

-------------------

(from here)

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#40) On March 31, 2010 at 10:07 PM, portefeuille (99.56) wrote:

buy 25000 Silence Therapeutics (SLN:LN) limit 11.50 p.



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01/05/10 Silence Therapeutics announces completion of merger with Intradigm Corporation and issue of new shares (pdf)

02/08/10 BIO CEO & Investor Conference presentation

03/30/10 Silence Therapeutics and Dainippon Sumitomo Expand siRNA Delivery Collaboration (pdf)

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#41) On March 31, 2010 at 10:09 PM, portefeuille (99.56) wrote:

I will multiply the share numbers by 100

I should have multiplied everything by 1000. That would give me a chance to make a takeover offer for Silence Therapeutics soon ...

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#42) On March 31, 2010 at 10:20 PM, portefeuille (99.56) wrote:

#31 change limit to 1.81 USD.

#30 change limit to 1.81 USD.

 

#26-29 consider the order filled with an average price of 0.90 CAD. Using an exchange ratio of 1 USD = 1.015 CAD I thus purchased 13000 shares of TKM:CN for around 13000 * 0.90 CAD / (1.015 CAD/USD) = 11527.09 USD.

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#43) On March 31, 2010 at 11:30 PM, portefeuille (99.56) wrote:

KOSPI.



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Japan Manufacturers Least Pessimistic Since 2008 on Export Rise

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#44) On April 01, 2010 at 4:11 AM, portefeuille (99.56) wrote:

#40 so far 1000 shares have traded at 10.7575 p, so if you are crazy enough to "follow" my trades do you reasonable limit orders (or buy the whole company (see comment #41 above) ...

Silence Therapeutics in London trading (SLN:LN).



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DAX, FTSE, Nikkei, ... continue their rally.

DAX.



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#45) On April 01, 2010 at 4:20 AM, portefeuille (99.56) wrote:

EURCHF.



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I did not check what they used for the pre-Euro period.

-> 1 CHF ≈ 1 / 1.4201 EUR * (1 EUR / 1.95583 DM) ≈ 1.3772 DM. 

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#46) On April 01, 2010 at 4:54 AM, portefeuille (99.56) wrote:

European shares rise on upbeat manufacturing data

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Export surge boosts German manufacturers in March

BERLIN, April 1 (Reuters) - A jump in output and new orders helped German manufacturing activity to expand in March at its fastest pace since April 2000, a survey showed on Thursday. Final data from the Markit purchasing managers' index (PMI) for the manufacturing sector showed a sixth straight month of growth, with the headline indicator rising to 60.2 from 57.2 a month earlier.

...

"Germany continued to lead the recovery in euro area manufacturing, with production boosted by the fastest expansion of new exports in the 14-year survey history," said Tim Moore, economist at Markit, which compiles the data. "German exporters rode a wave of growing global demand in March, with the investment goods sector recording a particularly strong performance," he added. A sub-index on output rose to 64.2 from 61.1 in February, notching up the ninth consecutive month of expansion.

...

Rapid growth in export orders partly reflected the impact of a weaker euro versus the dollar, with respondents citing particularly strong rises in demand for German goods from clients in Asia and the United States.

-------------------

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#47) On April 01, 2010 at 5:06 AM, portefeuille (99.56) wrote:

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Ifo Business Climate Germany

Ifo Business Survey March 2010

Ifo Business Climate Much Brighter

Results of the March 2010 Ifo Business Survey

The Ifo Business Climate for industry and trade in Germany has strongly improved in March. The firms have assessed especially their current business situation as significantly more favourable. In addition, their business expectations regarding the coming six months are somewhat more confident than in February. The brightening of the business climate is evident in all surveyed economic sectors. Spring has now too arrived in the German economy.

...

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press release for Ifo Business Climate Germany and German Services Sector (pdf)

 

 

 

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#48) On April 01, 2010 at 5:09 AM, portefeuille (99.56) wrote:

So the next time you are looking for a "leading indicator" for the stock market you might want to have a look at "business expectations" in the "manufacturing industry" ...

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#49) On April 01, 2010 at 5:31 AM, portefeuille (99.56) wrote:

Aixtron (AIXG) in Xetra trading (AIXA:GR).



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Just in case you still think Aixtron shares are too expensive.

consensus estimate for net cash in 2011 (end of the year, I guess) is around 367 million EUR.

market capitalisation is currently around 2.74 billion EUR.

consensus estimate for 2011 eps is currently around 1.41 EUR ("and rising", see this post).

Yes, semiconductor equipment business can be "highly cyclical" but I wouldn't be so sure that the "LED equipment" cycle will have its next "top" in the near future ...

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#50) On April 01, 2010 at 5:56 AM, portefeuille (99.56) wrote:

AMAG Pharmaceuticals and Takeda Pharmaceutical Company Announce Strategic Collaboration for Feraheme® in All Therapeutic Indications in Select Ex-US Territories, Including Europe

 

just in case you want to put the shares of the current portfolio into some "watchlist". these are the ticker symbols on yahoo finance.

AIXG ALKS ALNY ALXA AMAG AMLN ANDS ARIA ARNA ARRY ARYX ATLN.VX ATLS ATPG BAS.DE BDSI BIOD BPSG BRCD BRF CBST CLRT CML CRAY CRME CRXX CVLT DRWI ECX.DE EMC EWO EWW EXAS EXEL FACT FFIV FUQI GPRO HGSI HLCS HUSA IBB IBN IDX IGN IMGN INCY INP ISIS ITMN JNPR KV-A LXRX MAIL MDVN MNKD MNTA MOR.DE MTL MYGN MYRX NTAP NVAX OCLR ONXX OPTR ORCL OREX PALM PARD PBTH PGNX PTI PXQ QGEN RDWR REP RHT RSX RXII SA SQNM STD TKM.TO TMRK TRBN TRGT VECO VNDA VOW3.DE VPHM VVUS XNPT XOMA XRTX YMI 

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#51) On April 01, 2010 at 6:16 AM, portefeuille (99.56) wrote:

"top holdings" (ratio of total long position in % in the last column)

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#52) On April 01, 2010 at 6:30 AM, portefeuille (99.56) wrote:

forgot to change the price of ECX:GR shares to USD.

the "top 25" (representing around 56.47% of the total long position).

 

 

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#53) On April 01, 2010 at 8:11 AM, portefeuille (99.56) wrote:

How Gene Patents Harm Innovation

also see this related article.

Myriad Loses Ruling Over Breast Cancer-Gene Patents

 

a comment on limit orders.

When I write

buy 25000 Silence Therapeutics (SLN:LN) limit 11.50 p.

I mean that I want to buy 25000 shares of Silence Therapeutics in London in an "intelligent way", not paying more than 11.5 p for any of the shares.

Silence Therapeutics in London trading.



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An intelligent trader would have been able to get that order filled at around 11 p, so I bought those 25000 shares for 11 p per share.

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#54) On April 01, 2010 at 8:19 AM, portefeuille (99.56) wrote:

USDGBP.



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I use an exchange ratio of 1 GBP = 1.522 USD giving

25000 * 0.11 GBP * 1.522 USD/GBP = 4185.50 USD. So a tiny position ...

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#55) On April 01, 2010 at 8:26 AM, portefeuille (99.56) wrote:

buy 3100 MRNA limit $1.15 in regular trading.

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#56) On April 01, 2010 at 8:31 AM, portefeuille (99.56) wrote:

sell 800 XRTX limit $19.60 in pre-market or regular trading.

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#57) On April 01, 2010 at 8:47 AM, portefeuille (99.56) wrote:

sell 350 AMAG limit $37.70 in pre-market or regular trading (see comment #50 above).

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#58) On April 01, 2010 at 8:52 AM, portefeuille (99.56) wrote:

I will not bore you with screenshots and "long explanations" from now on. A summary of the finished trades every now and then should do.

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#59) On April 01, 2010 at 9:06 AM, portefeuille (99.56) wrote:

buy 650 RDEA limit $20.85 in pre-market or regular trading.

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#60) On April 01, 2010 at 9:43 AM, portefeuille (99.56) wrote:

#59 change order to buy 400 RDEA market ($22.66).

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#61) On April 01, 2010 at 9:46 AM, portefeuille (99.56) wrote:

#55 change order to buy 2800 MRNA market ($1.30).

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#62) On April 01, 2010 at 9:50 AM, portefeuille (99.56) wrote:

incredible, I guess some fund manager is already front running me, hehe ...

so, I

bought 350 AMAG at $37.70,

bought 2800 MRNA at $1.30,

bought 400 RDEA at $22.66.

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#63) On April 01, 2010 at 10:04 AM, portefeuille (99.56) wrote:

update.

performance: +5.37%,

cash: -30339.32.

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#64) On April 01, 2010 at 10:25 AM, portefeuille (99.56) wrote:

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MDRNA, Inc. Acquires Cequent Pharmaceuticals

Expands Both Its Oncology Pipeline and RNAi Drug Discovery Platform Capabilities; Initiation of Phase 1 Trial in Familial Adenomatous Polyposis Expected in Second Quarter 2010; Transaction Funds Combined Operations Into December 2010

Press Release Source: MDRNA, Inc. On Thursday April 1, 2010, 7:00 am EDT

BOTHELL, WA and CAMBRIDGE, MA--(Marketwire - 04/01/10) - MDRNA, Inc. (NASDAQ:MRNA - News), a leading RNAi-based drug discovery and development company, and Cequent Pharmaceuticals, a pioneer in the development of novel products to deliver RNAi-based therapeutics, announced today the signing of a definitive agreement pursuant to which MDRNA will acquire Cequent in an all stock transaction valued at approximately $46 million. The combined company will have multiple proprietary RNAi drug discovery platforms with the capability to deliver RNAi-based therapeutics via systemic, local and oral administration. In addition, the acquisition expands MDRNA's oncology pipeline with a product for Familial Adenomatous Polyposis (FAP) -- a genetic disorder that is a precursor to colon cancer -- that will soon begin Phase 1 clinical testing under an Investigational New Drug application (IND) filed with the U.S. Food and Drug Administration (FDA). The transaction will include certain loan provisions that will fund MDRNA operations through the anticipated closing of the merger in early July 2010.

"We anticipate that this transaction will accelerate the development of the most promising products of both companies," commented Mr. Bruce Thaw, Esq., Chairman of the Board of MDRNA. "We believe that the combined company will be in a strong position to advance multiple RNAi drug discovery platforms, establish premier R&D partnerships with large pharmaceutical and biotechnology companies and accelerate RNAi-based therapeutics to patients in need."

...

Details of the Proposed Transaction

Under the terms of the agreement, each outstanding share of Cequent common stock will be exchanged for MDRNA common stock at an exchange ratio that implies a purchase price for Cequent shareholders of approximately $44 million, plus an additional value of $2 million to warrant and option holders, based on the 10 day Volume-Weighted Average Price (VWAP) of MDRNA shares on March 31, 2010. This represents an approximate 56% equity ownership for MDRNA shareholders and a 44% equity ownership for Cequent shareholders.

...

-------------------

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#65) On April 01, 2010 at 12:54 PM, portefeuille (99.56) wrote:

sell 2700 ANDS at $2.59 (bid size 4400 shares).

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#66) On April 01, 2010 at 1:04 PM, SUPERMANSTOCKS (55.72) wrote:

So did you buy KV.A @ 1.81 or no?

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#67) On April 01, 2010 at 1:54 PM, portefeuille (99.56) wrote:

sell 350 SA limit $25.26.

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#68) On April 01, 2010 at 2:49 PM, portefeuille (99.56) wrote:

update.





 

currently one open order (see comment #56 above).

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#69) On April 01, 2010 at 3:00 PM, anchak (99.86) wrote:

Hans - you are trading too much - calm down!

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#70) On April 01, 2010 at 4:48 PM, portefeuille (99.56) wrote:

#69 okay, hehe ...

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#71) On April 01, 2010 at 6:19 PM, SUPERMANSTOCKS (55.72) wrote:

Let him go! He is doing great!

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#72) On April 02, 2010 at 1:12 AM, portefeuille (99.56) wrote:

#45 and this is how the EURCHF exchange ratio went on ...



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Swiss Franc Slides From Record on SNB Intervention Speculation

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#73) On April 02, 2010 at 2:09 AM, portefeuille (99.56) wrote:

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Thursday, April 1, 2010

Cazenove's Listed Hedge Funds Dispatch

...

An interesting takeaway from their research is that in 2009, out of all the publicly listed hedge funds in the UK, Dan Loeb's Third Point was the best performing fund. For 2009, Third Point's listed product was up 41% compared to a gain of 20% for the HFRI Fund Weighted Composite.

We've of course covered Third Point's portfolio in-depth and just recently posted up one of their recent portfolio maneuvers. (Additionally, we've also posted up Third Point's commentary for those interested as well). Other solid performers in 2009 included Cayenne as well as Boussard & Gavaudan. Cazenove's research is an intriguing look at the listed hedge fund space with some comprehensive data.

...

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Cazenove-Hedge-Fund-Report.pdf

 

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A Better-Than-the-Real-Thing Back Door into a Top Hedge Fund

Wednesday, January 13, 2010

Usually, only the super-rich can get into hedge funds... 

But I found a "backdoor" way we can invest with one of the best-performing hedge-fund managers out there. 

It offers better terms than the real-deal fund and it trades at a big discount. If you're ready to do a little homework, I think it's an enormous deal. Let me show you why...

...

He did it with his Third Point Offshore Fund. What most people don't know is,getting into this fund is as easy as buying a stock... 

In 2007, Dan listed what's essentially his Third Point Fund on the London Stock Exchange (symbol on Yahoo Finance: TPOU.L). 

One of the unique features of hedge funds listed on a stock exchange is they can sell at a premium or a discount to the hedge fund's actual value, based on supply and demand. 

When investors panicked in late 2008 and sold everything, shares in Dan's London-listed hedge fund fell to an extraordinary 50% discount to its actual value. Then an interesting thing happened... Daniel Loeb, his employees, and his hedge fund started buying shares on the London Stock Exchange. Dan knows a bargain when he sees it. He could buy his own fund for a 50% discount. So he bought!

...   

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#942) On January 13, 2010 at 12:06 PM, portefeuille (99.96) wrote: TPOU.L - 7.23 - outperform

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(from here)

Third Point Offshore Investors (USD) in London trading.



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Third Point Offshore Investors Ltd. USD Shares (TPOU) quote

Speech by Dan Loeb of Third Point (Video)

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#74) On April 02, 2010 at 2:13 AM, portefeuille (99.56) wrote:

continued here.

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