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Downside Protection Report: Complete Scorecard as of July 13, 2009

Downside Protection Report: Complete Scorecard as of July 13, 2009

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Published by The Manual of Ideas
Downside Protection Report is setting a new standard in investment newsletters.

Our mission is to uncover stocks with a large margin of safety. The stocks we recommend are judged to have low risk of permanent capital loss and above-average upside potential.

Downside Protection Report is published monthly. Rather than publish on a specific date, we promise to bring you the report as soon as our top picks are ready.

Subscription rate: $149/year (12 issues plus bonus content).

Past performance is no indication of future results. For terms of use, see http://www.manualofideas.com/terms.html

To subscribe, visit http://www.manualofideas.com
Downside Protection Report is setting a new standard in investment newsletters.

Our mission is to uncover stocks with a large margin of safety. The stocks we recommend are judged to have low risk of permanent capital loss and above-average upside potential.

Downside Protection Report is published monthly. Rather than publish on a specific date, we promise to bring you the report as soon as our top picks are ready.

Subscription rate: $149/year (12 issues plus bonus content).

Past performance is no indication of future results. For terms of use, see http://www.manualofideas.com/terms.html

To subscribe, visit http://www.manualofideas.com

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Published by: The Manual of Ideas on Jul 14, 2009
Copyright:Attribution Non-commercial

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S
CORECARD
 
DOWNSIDE PROTECTION REPORT  
July 13, 2009 Edited by the Research Team of
The Manual of Ideas 
Performance of Past Monthly Picks versus S&P 500
*
 
On this page, we provide a quick update on past recommendations and let you know if it’s time to sell.
Recommended Latest Price Price S&P 500Price Date as of 7/13/09 Change ChangeGreenlight Capital Re / GLRE
 
HOLD 
Valuation gap has narrowed, but we continue to like David Einhorn's investment strategy and portfolio.
 
$10.85 12/5/08 $17.30
+59.4%
+2.5%
EchoStar / SATS
 
HOLD 
Tivo ruling increases downside risk, but company remains cheap.
$14.84 1/16/09 $15.64
+5.4%
+5.9%
Microsoft / MSFT
 
BUY 
Trades at discount to sum-of-parts valuation of business units.
 
$19.71 1/16/09 $23.23
+17.9%
+5.9%
Capital Southwest / CSWC
BUY 
Trades at wide discount to fair value of investment portfolio.
 
$87.69 2/9/09 $73.63
-16.0%
+3.6%
K-Swiss / KSWS
 
BUY 
Trades close to tangible book value, despite good normalized economics and excellent management.
 
$7.80 3/20/09 $9.66
+23.8%
+17.5%
Sierra Wireless / SWIR
HOLD 
Gap to fair value has narrowed. While the upside remains large, the downside risk has increased.
 
$2.89 3/20/09 $5.55
+92.0%
+17.5%
Harvest Natural Resources / HNR
 
BUY 
Shares trade at steep discount to estimated fair value.
 
$3.51 4/14/09 $4.36
+24.2%
+6.8%
Gravity Co. / GRVY
BUY 
Shares trade below net cash despite major profitability inflection point.
 
$0.95 4/14/09 $1.45
+52.6%
+6.8%
MI Developments / MIM
 
BUY 
Shares trade at steep discount to fair value of real estate holdings.
 $8.64 5/21/09 $8.62
-0.2%
+1.0%
WellCare Health Plans / WCG
BUY 
Shares trade below net cash despite profitable operations.
 
$19.04 5/21/09 $17.29
-9.2%
+1.0%
Kenneth Cole Productions / KCP
 
BUY 
Shares trade at discount to estimated fair value.
 $7.00 6/26/09 $6.60
-5.7%
-1.9%
KHD Humboldt Wedag / KHD
BUY 
Shares trade in line with adjusted net cash; business value is “free.” 
 
$8.28 6/26/09 $8.30
+0.2%
-1.9%
Closed Out Positions:Recommended Closed Out Price Change S&P 500 ChangePrice Date Price Date Absolute Annualized Abs. Ann.Crawford (CRD-A, CRD-B)
(pair trade)
 
$2.89** 2/9/09 $1.02** 6/28/09 65% 271% 6% 15%
* We measure the performance of the S&P 500 Index by the price changes of the S&P Depositary Receipts (SPY), which is an investable vehicle for the S&P 500.** Represents spread rather than market price. Percentage return represents percentage narrowing of arbitrage spread.

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