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portefeuille (99.60)

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July 15, 2010 – Comments (150)

I think I am almost finished with my portfolio adjustments (see this post).

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June 01, 2010

These are currently my largest portfolio positions (ordered by current value of the position, more positions are listed here).

EMC call options and shares (around 30% of the portfolio),
ATPG - ATP Oil & Gas (around 8%),
DBK:GR (DB) - Deutsche Bank,
DAI:GR (DAI) - Daimler,
Indian equities fund,
Mining fund,
EURO STOXX 50 ETF,
BAS:GR - BASF,
Emerging Markets fund,
HEN3:GR - Henkel,
SIE:GR (SI) - Siemens,
ALV:GR - Allianz,
QIA:GR (QGEN) - Qiagen,
AIXA:GR (AIXG) - Aixtron,
ITMN - InterMune.

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(from here)

 

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June 17, 2010

These are currently my largest portfolio positions (ordered by current value of the position).

1 EMC shares and call options (around 26% of the portfolio),
2 ATPG - ATP Oil & Gas shares and call options (around 15%),
3 DBK:GR (DB) - Deutsche Bank,
4 Indian equities fund,
5 Mining fund,
6 EURO STOXX 50 ETF,
7 BAS:GR - BASF,
8 DAI:GR - Daimler,
9 Emerging Markets fund,
10 QIA:GR (QGEN) - Qiagen,
11 SIE:GR (SI) - Siemens,
12 ALV:GR - Allianz,
13 AIXA:GR (AIXG) - Aixtron,
14 ITMN - InterMune,
15 KSB3:GR - KSB preferred,
16 HEN3:GR - Henkel preferred,
17 TKA:GR - ThyssenKrupp,
18 TEF:SM (TEF) - Telefónica,
19 SAP:GR (SAP) - SAP,
20 IBB - iShares Nasdaq Biotechnology Index Fund,
21 RWE:GR - RWE,
22 CBK:GR - Commerzbank,
23 BAYN:GR - Bayer,
24 EWO - iShares MSCI Austria Investable Market Index Fund
25 BP/:LN (BP) - BP,
26 FXI - iShares FTSE/Xinhua China 25 Index Fund
27 SQNM - Sequenom,
28 VOW:GR and VOW:GR - Volkswagen ordinary and preferred shares
29 EWH - iShares MSCI Hong Kong Index Fund
30 SAN:SM (STD) - Banco Santander

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(from here)

 

current top40.

1 EMC - EMC shares (14% of the portfolio),

2 ATPG - ATP Oil & Gas shares (10%),

3 XNPT - XenoPort
 (3%),
4 EMC call options (2.5%),
5 IBB - iShares Nasdaq Biotechnology Index Fund (2%),
6 ALNY - Alnylam (2%),
7 EXEL - Exelixis (2%),
8 VOW:GR and VOW3:GR - Volkswagen ordinary and preferred shares (2%),
9 OPTR - Optimer (2%),
10 QIA:GR (QGEN) - Qiagen (1.5%),
11 ARIA - Ariad (1.5%),
12 AMLN - Amylin (1%),
13 ALKS - Alkermes (1%),
14 BP/:LN (BP) - BP (1%),
15 FOLD - Amicus (1%),
16 DAX call options (1%),
17 ALTH - Allos (1%),
18 
EPI - WisdomTree India Earnings Fund (1%),
19 AIXA:GR (AIXG) - Aixtron (1%),
20 TRBN - Trubion (1%),
21 PBTH - PROLOR (1%),
22 ITMN - InterMune,

23 ATPG call options,


24 VGK - Vanguard European ETF,

25 BAS:GR - BASF,

26 EEM - iShares MSCI Emerging Markets Index Fund,
27 BLT:LN (BHP) - BHP Billiton,

28 TEF:SM (TEF) - Telefónica,

29 EWO - iShares MSCI Austria Investable Market Index Fund,

30 FXI - iShares FTSE/Xinhua China 25 Index Fund,
31 SAN:SM (STD) - Banco Santander,
32 ALTH - Allos,
33 RXII - RXi,
34 VVUS - Vivus,
35 IDT - IDT,
36 ARNA - Arena,
37 IMGN - ImmunoGen,
38 CRME - Cardiome,
39 EWH - iShares MSCI Hong Kong Index Fund,
40 LXRX - Lexicon.

150 Comments – Post Your Own

#1) On July 15, 2010 at 6:37 AM, portefeuille (99.60) wrote:

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May 02, 2010

These are currently my largest holdings.

EMC call options and shares.

AB1:GR - Air Berlin

ALV:GR - Allianz

ATPG - ATP Oil & Gas

BAS:GR - BASF

BAYN:GR - Bayer

CBK:GR - Commerzbank

DAI:GR (DAI) - Daimler

DBK:GR (DB) - Deutsche Bank

DTE:GR (DT) - Deutsche Telekom

EOAN:GR - E.ON

FNTN:GR - freenet

HEI:GR - HeidelbergCement

HEN3:GR - Henkel (see this post)

IDT - IDT (see this post)

IFX:GR - Infineon

JEN:GR - Jenoptik

KSB:GR - KSB

LHA:GR - Lufthansa

LXS:GR - Lanxess

QIA:GR (QGEN)

RWE:GR - RWE

SAP:GR (SAP) - SAP

SIE:GR (SI) - Siemens

SQNM - Sequenom

TEF:SM (TEF) - Telefónica

TKA:GR - ThyssenKrupp

EuroStoxx50 ETF

DAX ETF

TecDax ETF

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(from here)

 

So in the last 2 months or so I have thrown out quite a few German shares and added among other things some biotech shares.

 

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#2) On July 15, 2010 at 6:43 AM, portefeuille (99.60) wrote:

and I have obviously "greatly reduced" my EMC exposure. I still think EMC shares will do great, but they have become somewhat boring ...

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#3) On July 15, 2010 at 8:29 AM, portefeuille (99.60) wrote:

some of my smaller biopharmaceutical share positions.

ACHN, ANDS, BAYN:GR, CELG, CRXX, CYPB, ECX:GR, GERN, GILD, HGSI, INCY, ISIS, MYGN, MYRX, ONXX, OREX, PPHM, RIGL, SIGA, SLN:LN, SQNM, SUPG, TKM:CN, VICL.

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#4) On July 15, 2010 at 9:39 AM, portefeuille (99.60) wrote:

bought some EXAS, now a 2% position.

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#5) On July 15, 2010 at 10:11 AM, portefeuille (99.60) wrote:

bought some ATPG shares. now a 16% position (so currently my largest position (for the first time)) with an average buying price of around 12 USD.

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#6) On July 15, 2010 at 10:21 AM, portefeuille (99.60) wrote:

new top10.

1 ATPG - ATP Oil & Gas shares (16%),

2 EMC - EMC shares (14% of the portfolio),

3 XNPT - XenoPort
 (3%),
4 EMC call options (2.5%),
5 IBB - iShares Nasdaq Biotechnology Index Fund (2%),
6 ALNY - Alnylam (2%),
7 EXEL - Exelixis (2%),
8 VOW:GR and VOW3:GR - Volkswagen ordinary and preferred shares (2%),
9 EXAS - Exact (2%),
10 OPTR - Optimer (2%).

Okay, I hope I can leave the portfolio more or less like that for the next few months. I had bought or sold very little between early 2009 and the start of the "great reshuffle" about 2 months ago ...

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#7) On July 15, 2010 at 12:34 PM, MegaEurope (< 20) wrote:

What do you think of the downwards earnings revisions for ATPG?  Excessive?

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#8) On July 15, 2010 at 12:57 PM, portefeuille (99.60) wrote:

#7 I think the current estimates are "plausible".

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#9) On July 15, 2010 at 1:19 PM, BlackshearFund (< 20) wrote:

Does the downward earning revision being 'plausible' impact your mid-term/short-term view of ATPG?

Would you pick up more in the event it goes lower?

 

(these are real-world positions?, or from your fund?)

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#10) On July 15, 2010 at 1:27 PM, portefeuille (99.60) wrote:

#9 No, not my "fund" (see here). My "fund" might own 1% of ATPG shares in the not so distant future if the share price "keeps falling", hehe ...

I don't think I will buy considerably more ATPG shares in the next few months and it is highly unlikely I will sell any for less than $20 per share.

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#11) On July 15, 2010 at 7:15 PM, WallstreetKnight (43.27) wrote:

I got in at $8.9 today for 950 shares.

ATPG then rose to 10.5 (currently in extended trading) 

 

Thanks for directing my attention to this....(via your portfolio composition) 

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#12) On July 16, 2010 at 7:15 AM, portefeuille (99.60) wrote:

sold some EMC shares, added some MOR:GR shares, now a 1.5% position.

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#13) On July 17, 2010 at 1:09 AM, portefeuille (99.60) wrote:

next "buy candidates" are BRCD, GAM:SM, GLCH, VWS:DC.

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#14) On July 17, 2010 at 1:20 AM, portefeuille (99.60) wrote:

I think I will add some EXEL shares next week (making it a 4% or so position). I guess a few more EMC shares will have to leave. grrrrrrrrrrrrrrrrrrrrrrrrrrrrr ...

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#15) On July 19, 2010 at 6:31 AM, portefeuille (99.60) wrote:

sold some LHA:GR shares.

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#16) On July 19, 2010 at 11:20 AM, portefeuille (99.60) wrote:

sold some EMC shares (now a 13% position), bought some VVUS shares (now a 2% position).

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#17) On July 20, 2010 at 12:25 PM, portefeuille (99.60) wrote:

sold some DTE:GR shares, bought some THLD shares.

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#18) On July 21, 2010 at 4:04 PM, portefeuille (99.60) wrote:

bought some PGNX shares.

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#19) On July 22, 2010 at 5:32 AM, portefeuille (99.60) wrote:

current top 40

1 ATPG - ATP Oil & Gas shares (15%),

2 EMC - EMC shares (12% of the portfolio),

3 XNPT - XenoPort (3%),
4 EXEL - Exelixis (2.5%),

5 EMC call options (2%),

6 IBB - iShares Nasdaq Biotechnology Index Fund (2%),

7 ALNY - Alnylam (2%),

8 VOW:GR and VOW3:GR - Volkswagen ordinary and preferred shares (2%),

9 EXAS - Exact (2%),

10 OPTR - Optimer (2%),
11 VVUS - Vivus (2%),

12 EPI - WisdomTree India Earnings Fund (2%),
13 ANTH - Anthera (1.5%),
14 BP/:LN (BP) - BP (1.5%),
15 MOR:GR - MorphoSys,
16 FOLD - Amicus (1%),
17 DAX call options (1%),
18 AMLN - Amylin (1%),
19 ALKS - Alkermes (1%),
20 ALTH - Allos (1%),
21 AIXA:GR (AIXG) - Aixtron (1%),
22 TRBN - Trubion (1%),
23 PBTH - PROLOR (1%),
24 ITMN - InterMune (1%),

25 VGK - Vanguard European ETF,

26 EEM - iShares MSCI Emerging Markets Index Fund,
27 BLT:LN (BHP) - BHP Billiton,

28 TEF:SM (TEF) - Telefónica,

29 EWO - iShares MSCI Austria Investable Market Index Fund,
30 ATPG call options,

31 ARIA - Ariad.
32 FXI - iShares FTSE/Xinhua China 25 Index Fund,
33 SAN:SM (STD) - Banco Santander,
34 ANDS - Anadys,
35 RXII - RXi,
36 ARNA - Arena,
37 IMGN - ImmunoGen,
38 CRME - Cardiome,
39 EWH - iShares MSCI Hong Kong Index Fund,
40 GLCH - Gleacher.

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#20) On July 22, 2010 at 5:35 AM, portefeuille (99.60) wrote:

some of my smaller biopharmaceutical share positions.

ACHN, BAYN:GR, CELG, CRXX, CYPB, ECX:GR, GERN, GILD, HGSI, INCY, ISIS, LXRX, MYGN, MYRX, ONXX, OREX, PPHM, RIGL, SIGA, SLN:LN, SQNM, SUPG, TKM:CN, VICL.

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#21) On July 22, 2010 at 5:59 AM, portefeuille (99.60) wrote:

#21 and PGNX, THLD.

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#22) On July 22, 2010 at 6:00 AM, portefeuille (99.60) wrote:

#21

#20

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#23) On July 22, 2010 at 6:59 AM, portefeuille (99.60) wrote:

bought some BION:SW shares.

http://www.bbbiotech.ch/en/bb-biotech/

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#24) On July 22, 2010 at 9:53 AM, portefeuille (99.60) wrote:

sold some TEF:SM (TEF) shares, bought some IDRA shares.

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#25) On July 22, 2010 at 3:27 PM, portefeuille (99.60) wrote:

sold some EMC shares, bought some BDSI shares.

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#26) On July 23, 2010 at 5:58 AM, portefeuille (99.60) wrote:

sold the remaining shares of DTE:GR, HEN3:GR, LXS:GR, bought some DAX calls options.

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#27) On July 23, 2010 at 9:49 AM, portefeuille (99.60) wrote:

bought some GLCH shares, now a 1% position.

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#28) On July 23, 2010 at 4:46 PM, portefeuille (99.60) wrote:

sold some EMC shares (now a 10% position), bought some MNTA shares, now a 1% position.

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#29) On July 26, 2010 at 5:09 AM, portefeuille (99.60) wrote:

bought some KOSPI call options, now a 1% position.

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#30) On July 26, 2010 at 8:56 AM, portefeuille (99.60) wrote:

current top 40.

1 ATPG - ATP Oil & Gas shares (15%),

2 EMC - EMC shares (10% of the portfolio),

3 XNPT - XenoPort (3%),
4 EXEL - Exelixis (2.5%),

5 EMC call options (2.5%),

6 IBB - iShares Nasdaq Biotechnology Index Fund (2%),

7 ALNY - Alnylam (2%),

8 VOW:GR and VOW3:GR - Volkswagen ordinary and preferred shares (2%),

9 EXAS - Exact (2%),

10 OPTR - Optimer (2%),
11 VVUS - Vivus (2%),

12 EPI - WisdomTree India Earnings Fund (2%),
13 ANTH - Anthera (1.5%),
14 BP/:LN (BP) - BP (1.5%),
15 MOR:GR - MorphoSys (1.5%),
16 FOLD - Amicus (1%),
17 DAX call options (1%),
18 AMLN - Amylin (1%),
19 KOSPI call options (1%),
20 ALKS - Alkermes (1%),
21 ALTH - Allos (1%),
22 AIXA:GR (AIXG) - Aixtron (1%),
23 MNTA - Momenta (1%),
24 TRBN - Trubion (1%),
25 GLCH - Gleacher (1%),
26 PBTH - PROLOR (1%),
27 ITMN - InterMune (1%),
28 ARNA - Arena (1%),
30 VGK - Vanguard European ETF,

31 EEM - iShares MSCI Emerging Markets Index Fund,
32 BLT:LN (BHP) - BHP Billiton,

33 EWO - iShares MSCI Austria Investable Market Index Fund,
34 ATPG call options,

35 ARIA - Ariad.
36 FXI - iShares FTSE/Xinhua China 25 Index Fund,
37 SAN:SM (STD) - Banco Santander,
38 ANDS - Anadys,
39 RXII - RXi,
40 IMGN - ImmunoGen.

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#31) On July 26, 2010 at 8:59 AM, portefeuille (99.60) wrote:

#30

1 ATPG - ATP Oil & Gas shares (15%),

2 EMC - EMC shares (10% of the portfolio),

3 XNPT - XenoPort (3%),
4 EXEL - Exelixis (2.5%),

5 EMC call options (2.5%),

6 IBB - iShares Nasdaq Biotechnology Index Fund (2%),

7 ALNY - Alnylam (2%),

8 VOW:GR and VOW3:GR - Volkswagen ordinary and preferred shares (2%),

9 EXAS - Exact (2%),

10 OPTR - Optimer (2%),
11 VVUS - Vivus (2%),

12 EPI - WisdomTree India Earnings Fund (2%),
13 ANTH - Anthera (1.5%),
14 BP/:LN (BP) - BP (1.5%),
15 MOR:GR - MorphoSys (1.5%),
16 FOLD - Amicus (1%),
17 DAX call options (1%),
18 AMLN - Amylin (1%),
19 KOSPI call options (1%),
20 ALKS - Alkermes (1%),
21 ALTH - Allos (1%),
22 AIXA:GR (AIXG) - Aixtron (1%),
23 MNTA - Momenta (1%),
24 TRBN - Trubion (1%),
25 GLCH - Gleacher (1%),
26 PBTH - PROLOR (1%),
27 ITMN - InterMune (1%),
28 ARNA - Arena (1%),
29 VGK - Vanguard European ETF,

30 EEM - iShares MSCI Emerging Markets Index Fund,
31 BLT:LN (BHP) - BHP Billiton,

32 EWO - iShares MSCI Austria Investable Market Index Fund,
33 ATPG call options,

34 ARIA - Ariad.
35 FXI - iShares FTSE/Xinhua China 25 Index Fund,
36 SAN:SM (STD) - Banco Santander,
37 ANDS - Anadys,
38 RXII - RXi,
39 IMGN - ImmunoGen,
40 CRME - Cardiome.

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#32) On July 26, 2010 at 12:13 PM, portefeuille (99.60) wrote:

bought some QIA:GR (QGEN) shares, now a 3% position.

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#33) On July 27, 2010 at 6:18 PM, portefeuille (99.60) wrote:

bought some MIPI shares.

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#34) On July 28, 2010 at 11:09 AM, portefeuille (99.60) wrote:

sold some DB and EMC shares (now a 9% position), bought some QIA:GR (QGEN) shares (now a 5% position).

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#35) On July 28, 2010 at 11:51 AM, WallstreetKnight (43.27) wrote:

Do you see a near-term dramatic rise in QGEN share prices?  These seem to be unusually close tranches in terms of pps.

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#36) On July 28, 2010 at 12:04 PM, portefeuille (99.60) wrote:

Do you see a near-term dramatic rise in QGEN share prices?

No.

These seem to be unusually close tranches in terms of pps.

Yes, Qiagen is really a rather boring stock, I just did not have the money to buy all the shares I wanted to buy. So I had to sell some EMC shares first. I hate not having unlimited resources, hehe! So there was no need to buy QGEN in tranches.

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#37) On July 28, 2010 at 12:07 PM, portefeuille (99.60) wrote:

no need to buy

no need for buying

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#38) On July 28, 2010 at 12:25 PM, portefeuille (99.60) wrote:

bought some ARQL shares.

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#39) On July 28, 2010 at 3:48 PM, WallstreetKnight (43.27) wrote:

#1, 30 & 34

In the first post DB was one of your larger positions and you mentioned you sold some to fuel the QGEN position, are you completely exited out of DB?

I had a good impression of DB going forward, do you think financials will lag? 

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#40) On July 28, 2010 at 4:26 PM, portefeuille (99.60) wrote:

Yes, I have sold most of my DB shares. I still like DB, I just wanted to add some less boring stocks. Banco Santander shares are my only remaining larger "financials" position.

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#41) On July 30, 2010 at 7:15 AM, portefeuille (99.60) wrote:

sold my Volkswagen preferred shares (VOW3:GR) and bought some Volkswagen ordinary shares (VOW:GR). Volkswagen ordinary shares are now a 3% position. Bought some EXEL shares. Sold my EEM and VGK positions.

 

current top 10.

1 ATPG - ATP Oil & Gas shares (15%),

2 EMC - EMC shares (9% of the portfolio),

3 QIA:GR (QGEN) - Qiagen (5%),
4 VOW:GR - Volkswagen ordinary shares (3%),

5 XNPT - XenoPort (3%),
6 EXEL - Exelixis (3%),

7 EMC call options (2.5%),

8 IBB - iShares Nasdaq Biotechnology Index Fund (2%),

9 ALNY - Alnylam (2%),

10 EXAS - Exact (2%).

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#42) On July 30, 2010 at 8:27 AM, portefeuille (99.60) wrote:

bought some Gamesa (GAM:SM) and Vestas (VWS:DC) shares.

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#43) On July 30, 2010 at 11:39 AM, portefeuille (99.60) wrote:

sold some EMC shares (now an 8% position), bought some CHTP shares (now a 1% position).

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#44) On July 30, 2010 at 5:48 PM, WallstreetKnight (43.27) wrote:

I think I should start a mock portfolio on yahoo finance or even Wallstreet survivor and track your real life portfolio.

lol 

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#45) On July 31, 2010 at 8:55 AM, portefeuille (99.60) wrote:



enlarge

 



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VOW:GR.



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enlarge

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#46) On August 02, 2010 at 4:37 PM, Nickalisk (51.04) wrote:

" sold my Volkswagen preferred shares (VOW3:GR) and bought some Volkswagen ordinary shares (VOW:GR). Volkswagen ordinary shares are now a 3% position. Bought some EXEL shares. Sold my EEM and VGK positions."

What is the play on Volkswagen?  And can you explain why they are down so much YTD?  Do you think cars are about to enter a boom cycle?

No new positions today? 

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#47) On August 02, 2010 at 4:53 PM, portefeuille (99.60) wrote:

#46 Yes, no new positions today. I did not want to change my portfolio as "thoroughly" as I did, but some stocks have simply become "far too cheap" to not buy them. I added some "fresh money" but the buys were mostly financed by sells of some of the boring shares that dominated my portfolio a few weeks ago.

The price of Volkswagen common shares has fallen pretty steadily from the late 2008 "short squeeze" high of around 1000 EUR and is now slightly below the price of the preferred shares (the preferred shares are a DAX30 component currently). There was no "short squeeze" effect on the price of the preferred shares.

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#48) On August 02, 2010 at 6:37 PM, portefeuille (99.60) wrote:

My "weight loss pill" positions currently make up over 3% of my portfolio (VVUS around 2%, ARNA around 1%, OREX around 0.5%). I might sell some ARNA shares this week.

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#49) On August 04, 2010 at 7:55 AM, portefeuille (99.60) wrote:

bought some KSB ordinary shares (KSB:GR). KSB preferred shares (KSB3:GR) and KSB ordinary shares (KSB:GR) are now a 1% position.

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#50) On August 04, 2010 at 8:15 AM, portefeuille (99.60) wrote:

KSB ordinary shares (KSB:GR) in Frankfurt trading.



enlarge

 

KSB preferred shares (KSB3:GR) in Frankfurt trading.



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#448) On April 21, 2009 at 3:03 AM, portefeuille (99.96) wrote:
KSB3.DE - 301.31 (233.50 EUR) - outperform

#682) On August 08, 2009 at 4:36 AM, portefeuille (99.96) wrote:
KSB3.DE - end outperform - 517.64 (365.00 EUR) - new rating: market perform

#1030) On February 20, 2010 at 9:27 PM, portefeuille (99.96) wrote:
KSB3.DE - end market perform - 649.20 (KSB3:GR, 477.60 EUR) - new rating: outperform

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

(from here)

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#51) On August 04, 2010 at 8:38 AM, portefeuille (99.60) wrote:

bought some KSB ordinary shares (KSB:GR)

Okay, actually it was just 1 share. And I also have 1 preferred share. That should make finding out what value my portfolio currently has pretty easy, hehe ...

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#52) On August 04, 2010 at 8:41 AM, portefeuille (99.60) wrote:

it is a little under 10^5 EUR currently ...

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#53) On August 04, 2010 at 11:06 AM, portefeuille (99.60) wrote:

good old DAX made new intra-day 52w highs today.



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#54) On August 04, 2010 at 2:57 PM, WallstreetKnight (43.27) wrote:

#51

Do you mean preferred + common together equals a 1% position?

If so your portfolio is about 110K USD?   

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#55) On August 04, 2010 at 3:22 PM, portefeuille (99.60) wrote:

Yes, it is approaching 100000 EUR.

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#56) On August 05, 2010 at 1:52 AM, WallstreetKnight (43.27) wrote:

By the by...

I really enjoy reading your posts - I feel like I learn a lot just by tuning in regularly throughout the day.  Also you have a very subtle brand of humor that I can't quite place... like the facetious comment you made somewhere about: "No one cares about Coca Cola except some old guy in nebraska and his 'followers.'

lol 

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#57) On August 05, 2010 at 2:24 AM, WallstreetKnight (43.27) wrote:

I'm curious where/how you came upon investing?  I think you said you were a physicist?

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#58) On August 05, 2010 at 8:29 AM, portefeuille (99.60) wrote:

Yes, I am a theoretical physicist. Quite a few of those end up in the finance arena, usually as investment bankers or quants. Investing, especially investing in equities, was always discussed in our family, one of my grandfathers used to let me find the quotes of the stocks he had in his portfolio in the newspaper and took me to his discussions with his broker when I was there on vacation as a child, so I guess I got involved in investing at the age of 6 or so ...

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#59) On August 05, 2010 at 12:39 PM, portefeuille (99.60) wrote:

added some AIXG shares, now a 2% position.

ATPG shares are now a 20% position and ATPG call options are now a 1% position.

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#60) On August 05, 2010 at 2:56 PM, WallstreetKnight (43.27) wrote:

You increase your ATPG position today at what price?  Also what were the call option strikes?

Interesting. 

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#61) On August 05, 2010 at 3:11 PM, portefeuille (99.60) wrote:

No, I have not bought or sold any ATPG shares this week. The ATPG options are different out of the money call options, but that is a just a tiny position.

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#62) On August 05, 2010 at 3:16 PM, WallstreetKnight (43.27) wrote:

I suppose you liquidated other positions so the relative size (of atpg) increase 4-5%?

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#63) On August 05, 2010 at 6:24 PM, portefeuille (99.60) wrote:

#62 That rise is mostly due to the higher price of ATPG shares.

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#64) On August 05, 2010 at 7:57 PM, portefeuille (99.60) wrote:

I think I will add a few more MNTA shares tomorrow.

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#65) On August 06, 2010 at 4:00 PM, WallstreetKnight (43.27) wrote:

Do you think the missed earnings for ATPG were anticipated, or has the underlying picture changed?   Would this be a good time to start an ATPG position - you think?

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#66) On August 06, 2010 at 10:31 PM, portefeuille (99.60) wrote:

No real news from ATPG today. ATPG is still one of my favourite stocks.

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#67) On August 09, 2010 at 4:03 AM, portefeuille (99.60) wrote:

sold some BP/:LN (BP) shares (now a 1% position).

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#68) On August 10, 2010 at 3:40 PM, portefeuille (99.60) wrote:

added some QGEN shares (now a 6% position).

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#69) On August 12, 2010 at 12:24 AM, MyunderratedLife (90.48) wrote:

While scouring for any information on STD I came upon one of your older posts.

Do you think STD is a buy at it's current level?  it seems Eurozone fears flare up whenever the market isn't roaring...  Do you currently still hold this position?

Also, although this may be out of your comfort zone, do you have any opinions on NBG - I ask because I noticed it was today's 11 o'clock stock. 

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#70) On August 12, 2010 at 7:30 PM, portefeuille (99.60) wrote:

#69 Yes, I still have my STD shares. I think I will neither buy nor sell any STD shares in the next few months.

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#71) On August 12, 2010 at 7:34 PM, portefeuille (99.60) wrote:

Trubion Pharmaceuticals Announces Agreement to be Acquired by Emergent BioSolutions

 

TRBN shares were about a 1% position at the close of trading today.

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#72) On August 13, 2010 at 4:35 AM, portefeuille (99.60) wrote:

Bought some DSCO shares (now a 1% position), sold some IBB (now a 1.5% position).

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#73) On August 13, 2010 at 5:42 PM, CCharing (89.77) wrote:

Is DSCO just a speculative play?

Also, are you not worried about the debt on ATPG?  It seems like a very gutsy play to put such a weighty position in - unless this is just a paper trade account?

Could you outline your bullish case for ATPG? 

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#74) On August 13, 2010 at 7:08 PM, portefeuille (99.60) wrote:

A post on ATPG is here. I am not all that "worried about the debt".

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#75) On August 13, 2010 at 11:50 PM, WallstreetKnight (43.27) wrote:

How early did you begin to acquire shares in EMC?  Was it before or due to the VMW run-up?

Seems the shares have fallen a bit off from the 52 high.   

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#76) On August 14, 2010 at 12:16 AM, portefeuille (99.60) wrote:

#75 I bought most of my EMC shares in November 2007 at around 19.35 USD per share. I added some in 2008 and 2009. The VMW IPO was on August 15, 2007 (first price was around 52.11 USD).

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#77) On August 14, 2010 at 12:28 AM, portefeuille (99.60) wrote:

I think that everyone that likes VMW shares and does not hate the non-VMware part of EMC should hold EMC shares and no VMW shares. Someone should do the calculation of the "metrics" of the "EMC stub" (EMC minus VMW stake and net cash) and post the results here. I think the "forward P/E ratio" (using the 2011 consensus earnings estimate) is currently at around 6.

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#78) On August 14, 2010 at 12:46 AM, portefeuille (99.60) wrote:

KSB Half-year financial report as per 30 June 2010 (pdf)

KSB Group: Consolidated Balance Sheet (pdf)

KSB Group: Consolidated Income Statement (pdf)

 

KSB preferred shares (KSB3:GR) in German trading.

Frankfurt.



enlarge

 

Xetra.



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enlarge

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#79) On August 14, 2010 at 10:58 PM, portefeuille (99.60) wrote:

My next buy will probably be some additional ISIS shares.

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#80) On August 17, 2010 at 12:59 AM, portefeuille (99.60) wrote:

added some MNTA shares (now a 2.5% position).

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#81) On August 17, 2010 at 1:28 AM, MyunderratedLife (90.48) wrote:

Hmm I wonder why MNTA came back from the stratosphere after approval?

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#82) On August 18, 2010 at 2:12 AM, portefeuille (99.60) wrote:

I might buy some STEC shares this week.

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#83) On August 18, 2010 at 12:55 PM, portefeuille (99.60) wrote:

added some Gamesa (GAM:SM, now a 1% position) and Vestas shares (VWS:DC, now a 1.5% position), sold some EMC shares (now a 6% position).

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#84) On August 18, 2010 at 1:06 PM, portefeuille (99.60) wrote:

added some STEC shares (now a 1% position).

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#85) On August 18, 2010 at 5:46 PM, portefeuille (99.60) wrote:

bought some NTAP shares.

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#86) On August 19, 2010 at 12:27 PM, portefeuille (99.60) wrote:

Bought some PARD shares (now a 1% position).

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#87) On August 19, 2010 at 1:46 PM, portefeuille (99.60) wrote:

Sold some EMC shares (now a 3% position), bought some EMC call options (now a 3% position), bought some SNTA shares (now a 1% position).

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#88) On August 19, 2010 at 2:07 PM, BSCWatchlist (< 20) wrote:

How large was the NTAP position?

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#89) On August 19, 2010 at 8:37 PM, portefeuille (99.60) wrote:

#88 a little under 1%.

the current top20.

1 ATPG (17%)
2 QGEN (6%)
3 VOW3:GR (3%)
4 EXEL (3%)
5 EMC (3%)
6 EMC call options (3%)
7 MNTA (2.5%)
8 XNPT (2.5%)
9 VVUS (2%)
10 AIXG (2%)
11 IBB (1.5%)
12 EXAS
13 ALNY
14 EPI
15 VWS:DC
16 CHTP
17 FOLD
18 OPTR
19 MOR:GR
20 TRBN

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#90) On August 20, 2010 at 12:23 PM, portefeuille (99.60) wrote:

Bought some JAZZ shares (now a 0.5% position).

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#91) On August 20, 2010 at 12:25 PM, portefeuille (99.60) wrote:

#90 earlier this week.

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#92) On August 20, 2010 at 5:08 PM, portefeuille (99.60) wrote:

Bought some XOMAD shares (now a 0.3% position).

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#93) On August 20, 2010 at 8:17 PM, portefeuille (99.60) wrote:

6 EMC call options (3%)

150 EMC $22 September 2010 call options (EMC100918C00022000) recent bid: $0.04,
20 EMC $20 January 2011 call options (EMC110122C00020000) $0.95,
40 EMC $22.5 January 2011 call options (EMC110122C00022500) $0.31.

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#94) On August 21, 2010 at 1:38 AM, portefeuille (99.60) wrote:

bid

ask

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#95) On August 22, 2010 at 3:05 AM, portefeuille (99.60) wrote:

my next buy will probably be BION:SW shares.

http://www.bbbiotech.ch/en/bb-biotech/investor-relations/share-price/

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#96) On August 22, 2010 at 3:37 AM, portefeuille (99.60) wrote:

BB Biotech Corporate presentation August 2010 (pdf)

NAV: CHF 77.15 (Close 8/19/2010)

BION:SW share price: CHF 56.65 (Close 8/19/2010)

-> ≈ 26.6% discount (Close 8/19/2010)



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enlarge

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#97) On August 22, 2010 at 3:40 AM, portefeuille (99.60) wrote:

http://www.bbbiotech.ch/en/bb-biotech/portfolio/portfolio-overview/

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#98) On August 22, 2010 at 3:19 PM, portefeuille (99.60) wrote:

On Monday I will throw out the rest of my boring positions (Bayer, BASF, Henkel, Daimler, Deutsche Telekom, Lufthansa and stuff like that) and make EMC calls a 10% position. I might buy something like

150 EMC $22.5 January 2011 call options (EMC110122C00022500), limit 0.33 USD and

500 EMC $25 January 2011 call options (EMC110122C00025000), limit 0.08 USD.

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#99) On August 22, 2010 at 3:49 PM, WallstreetKnight (43.27) wrote:

Wow, that's a lot of faith in an EMC move in the coming months.  

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#100) On August 23, 2010 at 2:49 AM, portefeuille (99.60) wrote:

#99 Yes, fairly convinced. And a takeover at $35 per share before expiration in January 2011 would almost make me a USD millionaire, hehe ...

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#101) On August 23, 2010 at 10:43 AM, BlackSwanCapital (77.22) wrote:

The only company I see that could take on EMC would be CSCO?

I remember a rumor from late July that it would happen.  Hmm  

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#102) On August 23, 2010 at 10:54 AM, BlackSwanCapital (77.22) wrote:

Let us know if you end up picking up the options!

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#103) On August 23, 2010 at 12:04 PM, portefeuille (99.60) wrote:

#101 Yes, or HPQ. If they so desperately want to buy PAR, they might as well buy EMC and maybe sell the VMW shares ...

I have added some EMC call options. I think considering the extremely low volume and low of some of those options I should not post which ones I have not bought yet, hehe ...

EMC call options are now a 5% position.

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#104) On August 23, 2010 at 12:05 PM, portefeuille (99.60) wrote:

low volume and low of

low volume of

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#105) On August 23, 2010 at 3:25 PM, portefeuille (99.60) wrote:

Okay, I sold most of the boring stuff and bought some more EMC call options. I now have quite a few different EMC call options (different strikes and maturities and some traded in Europe only). If the EMC share price is at $35 before the January 2011 option expiration date I will be "in the money" with those options by around 0.9 million USD. It is more likely that most of those options will expire worthless, of course. Valued at recent "ask prices" the EMC call options make up around 9% of the portfolio.

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#106) On August 23, 2010 at 3:52 PM, BlackSwanCapital (77.22) wrote:

Who wants to be a millionaire!

I'm very interested to see how this plays out.  Good luck (as if you needed it!) haha 

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#107) On August 23, 2010 at 5:50 PM, portefeuille (99.60) wrote:

#106 thank you!

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#108) On August 24, 2010 at 12:08 PM, portefeuille (99.60) wrote:

added some XOMAD shares (now a 0.5% position).

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#109) On August 24, 2010 at 12:11 PM, portefeuille (99.60) wrote:

added some MIPI shares (now a 0.5% position).

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#110) On August 24, 2010 at 12:43 PM, portefeuille (99.60) wrote:

added some IDT shares (now a 0.7% position).

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#111) On August 24, 2010 at 1:24 PM, portefeuille (99.60) wrote:

bought some BION:SW shares (now a 0.5% position).

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#112) On August 24, 2010 at 3:01 PM, portefeuille (99.60) wrote:

sold my IBB position, bought some INHX shares (now a 0.5% position).

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#113) On August 24, 2010 at 11:48 PM, MyunderratedLife (90.48) wrote:

"The tax advantages of carve-outs can't be underestimated. By spinning off less than 20 percent of the company as a taxable entity, parent-company is able to follow it up with a tax-free split-off. That's because under tax law, a company must have 80 percent of the voting stock and 50 percent of the economic value of its stock in order to have a tax-free divestiture."

"My understanding is that they need to maintain 80% ownership in order for a spinoff to be tax free. Unfortunately, I think the earliest they can do this will be 12/11 because of the terms of their convertible debt. The first tranche matures 12/01/11, and I think that before then, the spinoff would end up being too dilutive."

I was doing some related reading (on yahoo boards lol) and I thought of your thesis that EMC would be acquired/disburse its shares.  Do either of the above quotes enter into your reasoning (regarding the near-term catalyst)?

I figured I'd take a guess at it... and it seems EMC meticulously maintained the 80% stake...  

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#114) On August 25, 2010 at 12:26 AM, portefeuille (99.60) wrote:

"The tax advantages of carve-outs can't be underestimated. By spinning off less than 20 percent of the company as a taxable entity, parent-company is able to follow it up with a tax-free split-off. That's because under tax law, a company must have 80 percent of the voting stock and 50 percent of the economic value of its stock in order to have a tax-free divestiture."

That may have been taken from this article.

TAKE PART OF ME

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#115) On August 25, 2010 at 12:43 AM, MyunderratedLife (90.48) wrote:

Yup, that's definitely where the quote originated from.  I couldn't verify if that was true though.

Is that part of the reasoning? 

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#116) On August 25, 2010 at 1:15 AM, portefeuille (99.60) wrote:

I have not checked whether they own more or less exactly 80% of the VMW shares, but if they do and they try to keep their ratio at 80% then it may indeed be for some tax/legal reason. I think it is pretty obvious that at some point in time EMC will do something to lift their share price, probably simply to prevent some "opportunistic takeover attempt". I am just not sure about the "timing" of the share price increase. A nice quick drop would be okay with me, I would like to buy some more call options, preferably with longer maturities or longer strike prices than the ones I currently own. I don't have a problem with owning the majority of the open interest of some of those. I should ask checklist34 what to do when you get a letter from the SEC though, hehe ...

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#117) On August 25, 2010 at 1:28 AM, portefeuille (99.60) wrote:

longer strike prices

higher strike prices

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#118) On August 25, 2010 at 3:48 AM, portefeuille (99.60) wrote:

bought some XFVT:GR shares (now a 0.4% position) and some VOF:LN shares (now a 0.4% position).

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#119) On August 25, 2010 at 10:45 AM, WallstreetKnight (43.27) wrote:

It seems EMC is pretty desperate to hold onto VMWare...

What could they do to prevent an opportunistic takeover?  Wouldn't spinning off VMW, or disbursing shares only raise EMC common share prices in the interim before ultimately lowering them (EMC stub valuation minus VMW)?

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#120) On August 25, 2010 at 1:01 PM, portefeuille (99.60) wrote:

added some IDT shares (now a 1% position).

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#121) On August 25, 2010 at 1:07 PM, portefeuille (99.60) wrote:

#119 By EMC stub I meant "EMC minus net debt minus their VMW stake". That EMC stub currently has a price of around 6 USD per share (I think) and should have a price of around 15 USD per share for an acquiring company or after a spin-off or sale of the VMW stake. So the "upside" I see are those 9 USD or so plus upside from a higher VMW share price.

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#122) On August 25, 2010 at 3:12 PM, Archimonde (< 20) wrote:

Is VMWare fairly-valued/undervalued though?

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#123) On August 25, 2010 at 3:15 PM, portefeuille (99.60) wrote:

net debt

net cash

 

#122 not sure.

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#124) On August 25, 2010 at 10:38 PM, Kaiba2 (< 20) wrote:

#117

Do you mean lower strike prices?  For example, the 'sudden drop' in EMC share prices would make lower strike-price options cheaper?  Or are you going "feast or famine" on the high-strike/long dated options?

This is all very interesting. 

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#125) On August 26, 2010 at 1:00 AM, portefeuille (99.60) wrote:

#124 Yes, lower strike prices of course. Now it should be right.

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#126) On August 26, 2010 at 2:44 AM, MyunderratedLife (90.48) wrote:

Porte,

What sort of performance are you looking at on your positions ytd? 

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#127) On August 26, 2010 at 8:04 PM, portefeuille (99.60) wrote:

#126 I have reshuffled the portfolio quite a bit in the last few weeks, so there is no "ytd performance" for many positions. And I have added some fresh money so it is hard to say how my portfolio has done this year. The boring stocks I have recently sold were mostly up by quite a bit since their late2008/early2009 lows. It would be nice to reach 100000 EUR before the end of the year without adding too much fresh money ...

 

added some ISIS shares (now a 1% position).

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#128) On August 26, 2010 at 8:47 PM, portefeuille (99.60) wrote:

HP + 3Par = Cisco + EMC

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#129) On August 26, 2010 at 8:59 PM, portefeuille (99.60) wrote:

buy 100 NZ, limit 20 USD.

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#130) On August 26, 2010 at 9:00 PM, portefeuille (99.60) wrote:

#129 forget that one.

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#131) On August 27, 2010 at 5:56 AM, portefeuille (99.60) wrote:

added some EMC call options (now an 11% position).

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#132) On August 27, 2010 at 8:14 AM, portefeuille (99.60) wrote:

added some IMGN shares (now an 1% position).

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#133) On August 27, 2010 at 9:30 AM, portefeuille (99.60) wrote:

added more IMGN shares (now an 1.5% position).

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#134) On August 27, 2010 at 1:12 PM, portefeuille (99.60) wrote:

bought some HPQ shares (now a 0.4% position).

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#135) On August 30, 2010 at 10:44 AM, portefeuille (99.60) wrote:

EMC: Takeover Target?

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#136) On August 30, 2010 at 10:53 AM, portefeuille (99.60) wrote:

#135 That analysis comes pretty close to what I think. I also consider HPQ a potential acquirer of EMC (see comment 103 above).

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#137) On August 30, 2010 at 12:56 PM, portefeuille (99.60) wrote:

added some ANTH shares (now an 2.5% position).

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#138) On August 30, 2010 at 5:03 PM, portefeuille (99.60) wrote:



enlarge

 



enlarge

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#139) On August 30, 2010 at 5:47 PM, MyunderratedLife (90.48) wrote:

What is the catalyst of ANTH?

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#140) On August 30, 2010 at 6:39 PM, portefeuille (99.60) wrote:

No catalyst, I just like the company.

a recent presentation (pdf)

 

Spotlight on Glaxo Heart Drug as Others Fail

GSK and Anthera: Novel Treatments for Cardiovascular Disease

some related papers (see here).

The synergistic inhibition of atherogenesis in ApoE-/- mice between pravastatin and the sPLA2 inhibitor varespladib (A-002) (pdf)

Phospholipase A2 levels in acute chest syndrome of sickle cell disease (pdf)

Varespladib (A-002), a Secretory Phospholipase A2 Inhibitor, Reduces Atherosclerosis and Aneurysm Formation in ApoE-/- Mice

Structure-based design of a new class of anti-inflammatory drugs: secretory phospholipase A(2) inhibitors, SPI

Structure-based design of the first potent and selective inhibitor of human non-pancreatic secretory phospholipase A2

CRP, interleukin-6, secretory phospholipase A2 group IIA, and intercellular adhesion molecule-1 during the early phase of acute coronary syndromes and long-term follow-up

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#141) On August 31, 2010 at 11:57 AM, portefeuille (99.60) wrote:

VMware Outlines Vision for Next Decade of Information Technology

VMware Introduces End-User Computing Strategy and Products to Drive IT as a Service

VMware Introduces Cloud Application Platform to Drive IT as a Service

Verizon and VMware to Launch Enterprise-Class Hybrid Cloud Solution

VMware and HP Extend Agreement to Help Customers Accelerate the Move to Private Clouds

VMware Expands Cloud Infrastructure Strategy, Introduces New Products to Drive IT as a Service

VMware and Cloud Computing (pdf)

9:00am–10:30am PT VMware and Cloud Computing - The Evolutionary Path to a Revolutionary Approach to IT

 

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#142) On August 31, 2010 at 1:58 PM, portefeuille (99.60) wrote:

added some ANTH shares (now an 2% position).

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#143) On August 31, 2010 at 1:59 PM, portefeuille (99.60) wrote:

added some ANTH shares (now an 2% position).

added some ALTH shares (now an 2% position).

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#144) On September 01, 2010 at 1:59 PM, portefeuille (99.60) wrote:

added some EMC call options and some VOW:GR shares, sold some ATPG and EMC shares.

the current top20.

1 EMC call options (18%)
2 ATPG (13%)
3 QGEN (5%)

4 VOW3:GR (3%)

5 EXEL (2.5%)

6 EMC (2.5%)

7 ANTH (2%)

8 MNTA (2%)

9 XNPT (2%)

10 VVUS (1.5%)
11 ALTH (1.5%)

12 AIXG (1.5%)

13 IDT
14 EXAS
15 CHTP

16 ALNY

17 EPI
18 IMGN
19 ISIS

20 FOLD

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#145) On September 01, 2010 at 2:08 PM, portefeuille (99.60) wrote:

continued here.

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#146) On September 01, 2010 at 2:12 PM, portefeuille (99.60) wrote:

4 VOW3:GR (3%)

4 VOW:GR (3%)

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#147) On September 01, 2010 at 3:30 PM, Momentum21 (82.23) wrote:

It's only one day...but it is a pretty good one, eh? 

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#148) On September 01, 2010 at 3:33 PM, portefeuille (99.60) wrote:

Yes, and my portfolio is finally re-risked thanks to the EMC call options.

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#149) On September 01, 2010 at 3:33 PM, portefeuille (99.60) wrote:

I was really getting too bored, hehe ...

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#150) On October 20, 2010 at 10:49 PM, portefeuille (99.60) wrote:

continued here.

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