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011 1 MARKET HAVEN MONTHLY


JANUARY

Market Haven Monthly


H edge Fund Research just released year end
performance numbers for the hedge fund
So, how did we stack up this year? Our Static
Model returned +8.9% while the Timing Model
strategies they track. While we most frequently returned -1.1%. Comparatively, the HFRX
compare our strategies to the S&P 500, we are Equity Hedge Index returned 8.9% and the
always interested in seeing how they stack up HFRX Relative Value Arbitrage Index returned
with hedge fund managers’ results. It is not 7.6%. We are please, although not overjoyed,
always easy to find an exact comparison because with the results. The poor performance of the
of differences in strategy. Regardless, what we Timing Model is not concerning to us because of
can observe is our Static Model has a very high the nature of the strategy. The strategy is more
correlation with the HFRX Equity Hedge Index responsive to a black swan type event, or a
and the HFRX Relative Value Arbitrage Index. clearing of the system, back to normal
To be exact, 83% and 74% respectively over the valuations. Nevertheless, we continue to
last four years. So, we feel fairly comfortable monitor it.
comparing the Static Model to both of these
On a running four year total return basis our
indices.
strategies are still doing very well in our view:
The Timing Model is another story. We could
Strategy 2007-2010
find no good correlation with the indices. In Total Returns
concept, it is really a variant of the Static Model Static L/S Model +33.6%
and should be compared to the Equity Hedge Timing L/S Model +80.2%
Index and the Relative Value Index. However, HFRX Equity Hedge Index -5.2%
the correlations have been -55% on both counts.
HFRX Relative Value Arb Idx -1.6%
Nevertheless, we’re going to stick with concept
S&P 500 -12.7%
and simplicity and rely on these two indices as a
ruler for the Timing Model as well.
PAGE 2 MARKET HAVEN MONTHLY

Where’s the Value? Sectors

Stocks Relative to the market as a whole, our screens


are showing that the best places to find value are
Stocks had a great month, up +6.5% in in consumer discretionary, healthcare, and
December as investors continued to feel good financials.
about the progress of the economic recovery.
Long Short SPX
The S&P 500 finished the year at 1257. This puts Materials 8.3% -7.6% 3.7%
Consumer Discretionary 22.2% -24.2% 10.9%
p/e’s at 16.6x normalized earnings. That is a 70th Consumer Staples 8.3% 0.0% 11.4%
Energy 2.8% -15.2% 11.7%
percentile p/e. In the last 85 years, stocks have Financials 16.7% -13.6% 14.9%
Health Care 19.4% -4.5% 10.8%
only been more expensive than today 30% of the Industrials 8.3% -16.7% 10.8%
Information Technology 13.9% -15.2% 19.5%
time. Now consider that the roaring 20’s and the Telecommunication Services 0.0% 0.0% 3.1%
Utilities 0.0% -3.0% 3.2%
internet bubble comprise 20% of those Total 100.0% -100.0% 100.0%

occurrences and you can see that from a


valuation perspective, stocks are getting quite Healthcare has struggled throughout 2010 and

expensive. From these p/e’s the average more value continues to develop there.

historical one year return has been -0.3%. Financials are emerging again as a good place to
find value for the first time in a long time. But
Our Static Model, of course, cares nothing of be careful, because financials are also showing
these valuation excesses and relies on regular up as a good source for short ideas.
rebalancing and a fairly conservative asset
allocation to stem volatility risk. Net long Market Cap
exposure is +50%. Our Timing Model, on the
other hand, factors in market valuations. Net Low quality, small cap outperformance

long exposure is -30%. continued through the month of December. The


most short opportunities continue to exist at the
Strategy Static Timing
lower capitalization ranges.
Model Model
Long Exposure +80% 0%

Short Exposure -30% -30%

Net Exposure +50% -30%


PAGE 3 MARKET HAVEN MONTHLY

Recent Price Strength investment style. We would suggest 75% of your


normal portfolio weighting to volatility. This
For the last 90 days, the Energy, Materials, unworried reading in conjunction with high
Industrials, and Technology sectors have stock valuations could be a recipe for a near-
continued their price strength. The higher term shock.
yielding stocks in the Utilities,
Telecommunications, and Consumer Staples Commodities
sectors continue to lag.
Gold took a hit in December as investors grew

Bonds more confident in the strength of the recovery.


That reason doesn’t really fit with our purpose
The looming crisis in the muni debt continues to for holding gold. The government is still
scare. Spreads widened out a bit and many have running the printing presses like a mad man.
started buying munis. We think it is still too They are determined to spark inflation or drive
early and that the bulk of the pain is yet to come. the dollar down or both. And we don’t believe
The state and local governments haven’t even they are likely to change course anytime soon,
been hit yet with the full weight of their especially given that QE2 is still so fresh in our
spending. That won’t come until after June minds. We would maintain our gold positions
when the federal funding comes to an end. Until and add to them on significant weakness.
then, local governments won’t be forced to
Other commodities rallied a bit in December,
reconcile their huge budgets and deficits with
presumably on inflation fears. If that’s the
their dwindling revenue sources. There will be a
correct reason, then we believe that’s an
good time to buy munis, but that time is not
appropriate response. We would maintain all of
now.
our commodity positions.

Volatility

The VIX resumed its complacent decent from 21 Visit Market Haven online at:
down to 17. It is now below historical averages
and could be signaling a real potential for a http://hedgedequity.wordpress.com
spike up. We would definitely recommend
increasing exposure to volatility if that fits your
PAGE 4 MARKET HAVEN MONTHLY

Some Investment Ideas Additionally, recent expansions into developing


markets like Russia and China serve as fertile
Here are a few names that have shown up ground for future growth. The stock isn’t the
recently as potential investment ideas on our cheapest price, but it’s very profitable and has
screens. Some of these may appear in the good growth prospects.
portfolios. Some may not simply because the
names currently in the portfolio haven’t worked
Amedisys (AMED) - long
their way yet.
AMED provides in-home nursing services. This

It’s important to remember that these ideas are small cap stock has lots of risks associated with

meant to serve as a small part of a portfolio. We it. There are ongoing legal investigations

understand and expect that not every concerning the company’s billing practices.

investment idea will work out the way we’d Also, a bulk of the company’s revenue is

hoped it would. Therefore, a core characteristic connected to Medicare, who has just stated that

of the portfolios we construct is diversification. funding for home health services will decrease

That said, we let the ideas that are working by 5% or more. We think this is only the

continue to run. Conversely, the ideas that are beginning considering the headwinds the

not working become a smaller proportion of the medical industry is going to be facing.

portfolio simply by the diminishing market cap Nevertheless, we think the aging baby boomers

they exhibit. This also lends to the comfort we will provide a growing demand for in-home care

have taking chances on stocks that may have and that AMED will benefit. The negative

headline or operational risk from time to time. environment has also left the stock unloved so
it’s cheap. It trades at a free cash flow-to-
Global Payments (GPN) - long EBITDA ratio of 11%.

GPN provides electronic transaction processing Warnaco (WRC) - long


services. We believe debit and credit card usage
will only become more prevalent over time and You may know WRC through the brands it

that GPN will benefit from that movement. manufactures and markets—namely, Calvin

Think, for instance, about how rebate checks are Klein, Speedo, and Chaps. It’s a difficult

almost never checks anymore. Instead they business and after shedding some unprofitable

often come in the form of a debit card. businesses like OceanPacific, they are left with a
PAGE 5 MARKET HAVEN MONTHLY

very focused group of businesses. So much yield. The company has produced impressive
reliance on so few brands could be great or return on invested capital in excess of 25% over
terrible. We’re willing to take the bet on this the last decade with a modestly geared balance
global growth machine. They trade at 13x sheet. It’s returns have been consistent and
earnings and are expected to grow 16% for the high. Currently, it’s priced attractively with an
next few years. 8% earnings yield and a p/e of 11.

Alliance Resource Partners (ARLP) -


long
Portfolio Changes Last Month
ARLP produces and markets coal. We still like
energy companies and believe that coal will During the month of December we made quite a
continue to be an important part of our few trades in the short portfolio. We made no
country’s energy future. ARLP, though it has run changes to the long portfolio.
quite a bit already, is still
priced attractively at 9x
earnings and has a dividend
yield of 5%. In this low
income environment, a fat
yield is nice to have.

BHP Billiton (BHP) - long

BHP is engaged in a variety of


commodity production, from
crude oil to natural gas to
nickel to copper to diamonds
to steel. They are an
Australian company. We like
the commodities story in light of a developing
world and we think BHP is right in the middle of
that global growth. They sport a decent 2%
PAGE 6 MARKET HAVEN MONTHLY

Previously Mentioned Ideas General Dynamics (GD) - buy

Kraft Foods (KFT) - buy


Below we have listed the investment ideas that
we have highlighted in past issues. Additionally,
we have updated the current model
recommendation for each stock.

December 2010
Harbin Electric (HRBN) – buy

Trina Solar (TSL) – buy

Best Buy (BBY) – buy

MasterCard (MA) – buy

Cliffs Natural Resources (CLF) – buy

November 2010
Global Payments (GPN) - buy

Research In Motion (RIMM) - buy

Cash America International (CSH) - buy

Telecom Argentina (TEO) - buy

Cephalon (CEPH) - buy

October 2010
Alpha Natural Resources (ANR) - hold

True Religion Apparel (TRLG) - buy

St. Jude Medical (STJ) - buy


PAGE 7 MARKET HAVEN MONTHLY

Newsletter Portfolio Performance


MARKET HAVEN MONTHLY

Long Portfolio
Inception Current
Symbol Price Shares Value Gains Return First Trade Last Trade Rating
ACN $48.33 320 $15,465.60 $5,371.05 53.21% 25-Jun-09 25-Jun-09 Hold
ALGT $49.71 280 $13,918.80 $4,180.96 42.94% 25-Jun-09 25-Jun-09 Hold
AMED $33.46 420 $14,053.20 ($7,804.60) -35.71% 11-Jan-10 11-Jan-10 Buy
ANR $63.09 370 $23,341.82 $13,508.82 137.38% 25-Jun-09 25-Jun-09 Hold
AOB $2.53 3,830 $9,689.90 ($5,415.37) -35.85% 19-Nov-09 19-Nov-09 Hold
ARLP $69.05 320 $22,096.00 $11,881.01 116.31% 25-Jun-09 25-Jun-09 Buy
ATW $35.23 410 $14,444.30 $4,384.50 43.58% 25-Jun-09 25-Jun-09 Hold
BBY $35.55 290 $10,309.50 ($13,571.06) -34.22% 24-Jan-07 25-Jun-09 Buy
BYI $42.83 540 $23,128.20 $13,094.95 130.52% 27-Mar-09 27-Mar-09 Hold
CEPH $59.01 270 $15,932.70 $1,125.81 7.60% 22-Oct-09 22-Oct-09 Buy
COH $53.13 690 $36,659.70 $16,630.90 83.03% 1-Jul-08 1-Jul-08 Hold
CTSH $74.87 980 $73,372.60 $72,984.91 226.44% 13-Oct-08 6-Nov-09 Hold
DECK $78.13 540 $42,190.20 $32,427.00 332.13% 21-Jan-09 6-Jul-10 Hold
ENDP $33.70 460 $15,502.00 $5,471.00 54.54% 21-Jan-09 21-Jan-09 Buy
ESLT $52.79 200 $10,557.98 ($571.98) -5.14% 18-May-09 18-May-09 Hold
ESV $50.94 560 $28,526.40 ($1,041.60) -3.52% 20-Mar-07 20-Mar-07 Hold
FCX $117.17 310 $36,322.70 $11,419.97 45.86% 23-Mar-10 23-Mar-10 Hold
FRX $31.26 580 $18,130.80 ($11,967.20) -39.76% 20-Mar-07 20-Mar-07 Hold
GD $71.09 300 $21,327.30 $4,282.40 25.12% 27-May-09 27-May-09 Buy
GPN $47.21 460 $21,716.60 $2,751.20 14.51% 12-Nov-10 12-Nov-10 Buy
GRMN $30.22 520 $15,714.40 ($7,085.00) -31.08% 6-May-08 6-May-08 Hold
HLF $68.89 390 $26,867.10 $11,905.20 79.57% 22-Oct-09 22-Oct-09 Buy
HRS $46.85 470 $22,019.50 $7,118.76 47.77% 6-Mar-09 6-Mar-09 Hold
HUM $55.78 360 $20,080.80 $5,083.62 33.90% 11-Nov-09 11-Nov-09 Hold
INT $36.16 880 $31,820.80 $18,700.62 142.53% 17-Feb-09 8-Dec-09 Hold
JCOM $28.28 650 $18,382.00 $3,453.25 23.13% 24-Sep-09 24-Sep-09 Hold
JOYG $86.83 450 $39,072.06 $28,956.24 286.25% 21-Jan-09 21-Jan-09 Hold
KCI $44.66 380 $16,970.80 ($154.20) -0.90% 3-Jun-08 3-Jun-08 Hold
LHCG $29.51 460 $13,574.60 ($1,404.20) -9.37% 10-Mar-10 10-Mar-10 Buy
MA $230.03 100 $23,003.00 $3,292.50 16.70% 20-Jul-10 20-Jul-10 Buy
MDT $36.29 290 $10,522.74 $413.14 4.09% 25-Jun-09 25-Jun-09 Hold
MIDD $87.18 300 $26,154.00 $10,937.20 71.88% 22-Oct-09 22-Oct-09 Hold
MUR $71.75 360 $25,830.00 ($2,606.00) -9.16% 26-Mar-08 26-Mar-08 Hold
NE $35.93 380 $13,653.40 ($6,619.80) -32.65% 31-Jul-08 31-Jul-08 Hold
NOV $64.00 800 $51,200.00 $21,415.00 71.90% 20-Mar-07 1-Oct-07 Hold
NTRI $19.57 1,820 $35,617.40 $10,606.90 42.41% 4-Mar-08 4-Mar-08 Hold
PCP $141.00 170 $23,970.00 $4,004.80 20.06% 3-Jun-08 3-Jun-08 Hold
TPC $21.68 830 $17,994.40 ($4,102.57) -18.57% 2-Sep-08 2-Sep-08 Buy
UEPS $11.19 780 $8,728.20 ($6,348.69) -42.11% 10-Mar-10 10-Mar-10 Hold
WDC $32.96 1,400 $46,144.00 $14,594.40 46.26% 18-Sep-07 18-Sep-07 Hold
WMT $53.62 280 $15,013.57 $1,161.80 2.66% 24-Jan-07 24-Sep-09 Hold
MARKET HAVEN MONTHLY

Short Portfolio
Inception Current
Symbol Price Shares Value Gains Return First Trade Last Trade Rating
AA $16.49 -1,060 ($17,474.10) ($2,527.10) -16.91% 19-Oct-09 19-Oct-09 Hold
ACXM $16.86 -1,710 ($28,830.60) ($8,936.81) -44.92% 10-Jul-08 10-Jul-08 Hold
AH $17.01 -1,560 ($26,535.60) ($1,538.01) -6.15% 3-Jan-11 3-Jan-11 Short
ALE $37.14 -580 ($21,541.20) ($1,579.74) -7.91% 20-Jul-10 20-Jul-10 Hold
ALX $401.21 -60 ($24,072.60) $1,058.77 4.21% 3-Jan-11 3-Jan-11 Short
ARMH $21.93 -2,410 ($52,851.30) ($38,032.19) -256.64% 11-Aug-09 11-Aug-09 Short
BAGL $14.28 -1,990 ($28,417.20) ($3,319.97) -13.23% 14-Apr-10 14-Apr-10 Short
BCO $26.31 -950 ($24,994.50) ($5,030.30) -25.20% 7-Jun-10 7-Jun-10 Short
BG $66.59 -380 ($25,304.20) ($407.96) -1.64% 3-Jan-11 3-Jan-11 Short
BKS $15.47 -600 ($9,282.00) $5,479.73 37.12% 11-Aug-09 11-Aug-09 Hold
BMRN $27.00 -920 ($24,840.00) ($18,678.53) -39.83% 17-Apr-09 3-Jan-11 Short
BMS $32.30 -720 ($23,255.86) ($3,157.88) -15.71% 11-Sep-08 11-Sep-08 Hold
BTX $8.50 -2,940 ($24,990.00) $300.53 1.19% 3-Jan-11 3-Jan-11 Short
BXS $15.61 -640 ($9,990.40) $4,961.21 33.18% 18-May-09 18-May-09 Hold
CADX $7.25 -2,510 ($18,197.50) $6,627.66 26.70% 5-May-10 5-May-10 Short
CBSH $39.18 -497 ($19,469.98) $427.90 2.15% 31-Jul-08 20-Dec-10 Hold
CFR $59.67 -360 ($21,481.20) ($1,506.82) -7.54% 11-Sep-08 11-Sep-08 Hold
CGA $7.41 -1,510 ($11,189.10) $13,682.07 55.01% 14-Dec-09 14-Dec-09 Short
CMA $40.27 -470 ($18,926.90) $1,028.66 5.15% 5-May-10 5-May-10 Short
CMO $12.70 -2,190 ($27,813.00) ($2,850.91) -11.42% 13-Apr-10 13-Apr-10 Hold
CNW $33.50 -330 ($11,055.00) $3,960.61 26.38% 11-Aug-09 11-Aug-09 Hold
COG $36.99 -590 ($21,824.10) ($7,025.60) -47.48% 27-Mar-09 27-Mar-09 Hold
CRR $98.24 -290 ($28,489.63) ($8,600.27) -43.24% 7-Jun-10 7-Jun-10 Short
CRTX $5.88 -4,030 ($23,696.40) $1,408.35 5.61% 14-Apr-10 14-Apr-10 Short
CVC $33.88 -480 ($16,262.40) $7,704.17 25.72% 24-Jan-07 12-Mar-09 Hold
CWT $36.99 -350 ($12,945.84) $2,084.99 13.87% 17-Feb-09 17-Feb-09 Hold
CYN $60.44 -320 ($19,340.80) $514.48 2.59% 5-May-10 5-May-10 Short
DUF $17.02 -1,640 ($27,912.80) ($2,925.90) -11.71% 5-May-10 5-May-10 Hold
EBS $23.97 -1,920 ($46,022.40) ($23,812.22) -107.21% 17-Apr-09 29-Oct-10 Hold
EQT $45.34 -480 ($21,763.20) $1,870.71 3.24% 16-Jul-07 18-Dec-07 Short
EXP $27.07 -830 ($22,468.10) ($2,310.25) -11.46% 20-Jul-10 20-Jul-10 Short
FDX $94.25 -260 ($24,503.70) ($4,836.91) -24.59% 10-Jul-08 10-Jul-08 Hold
FICO $22.37 -910 ($20,356.70) ($279.55) -1.39% 20-Jul-10 20-Jul-10 Hold
FL $18.99 -1,530 ($29,047.05) ($11,072.60) -61.60% 21-Jan-10 21-Jan-10 Hold
FO $61.68 -410 ($25,288.80) ($10,227.09) -67.90% 18-May-09 18-May-09 Short
FTR $9.50 -1,040 ($9,874.80) $13,697.38 45.79% 24-Jan-07 12-Mar-09 Hold
FXEN $6.66 -4,010 ($26,707.00) ($1,500.17) -5.95% 3-Jan-11 3-Jan-11 Short
GEO $23.75 -1,010 ($23,987.50) $4,954.64 12.49% 26-Feb-08 7-Jun-10 Hold
GKSR $30.46 -710 ($21,626.60) ($6,526.91) -43.23% 19-Oct-09 19-Oct-09 Short
HNR $11.78 -2,510 ($29,567.80) ($10,225.63) -52.87% 7-Jun-10 7-Jun-10 Short
HOT $60.42 -520 ($31,418.40) ($14,546.22) -86.21% 19-Nov-09 19-Nov-09 Short
HQS $4.83 -2,290 ($11,060.70) $10,800.32 49.40% 17-Apr-09 17-Apr-09 Hold
HTLD $16.38 -1,200 ($19,656.00) $47.19 0.24% 11-Sep-08 11-Sep-08 Hold
HUSA $18.50 -2,490 ($46,065.00) ($24,797.27) -116.60% 20-Jul-10 20-Jul-10 Short
IDRA $2.90 -4,000 ($11,600.00) $13,780.73 54.30% 13-Apr-10 13-Apr-10 Short
IGTE $18.86 -1,660 ($31,307.60) ($11,678.96) -59.50% 7-Jun-10 7-Jun-10 Hold
JNY $14.35 -770 ($11,049.50) $3,989.68 26.53% 19-Oct-09 19-Oct-09 Hold
KW $10.07 -2,180 ($21,952.60) ($780.12) -3.68% 21-Jul-10 21-Jul-10 Hold
LGF $6.75 -3,860 ($26,055.00) ($1,028.56) -4.11% 3-Jan-11 3-Jan-11 Short
LM $34.92 -460 ($16,063.20) ($1,262.31) -8.53% 19-Oct-09 19-Oct-09 Hold
LTD $28.82 -770 ($22,191.40) ($7,244.62) -48.47% 19-Oct-09 19-Oct-09 Hold
LUX $29.65 -780 ($23,127.00) ($3,100.54) -15.48% 5-May-10 5-May-10 Hold
MAKO $14.58 -1,890 ($27,556.20) ($2,763.96) -11.15% 13-Apr-10 13-Apr-10 Short
MAN $65.25 -380 ($24,795.00) ($4,845.64) -24.29% 5-May-10 5-May-10 Short
MCCC $8.60 -2,950 ($25,370.00) ($531.43) -2.14% 3-Jan-11 3-Jan-11 Short
MCHP $35.12 -790 ($27,744.80) ($12,804.86) -85.71% 17-Feb-09 17-Feb-09 Hold
MF $9.10 -2,960 ($26,936.00) ($2,094.84) -8.43% 3-Jan-11 3-Jan-11 Short
MLM $81.96 -140 ($11,474.40) ($1,838.50) -19.08% 6-Mar-09 6-Mar-09 Short
MNTA $16.51 -1,850 ($30,543.50) ($9,503.02) -45.17% 20-Jul-10 20-Jul-10 Hold
MSCC $22.71 -1,080 ($24,526.80) $402.99 1.62% 3-Jan-11 3-Jan-11 Short
MYGN $20.36 -920 ($18,731.20) $6,094.26 24.55% 8-Oct-09 8-Oct-09 Hold
MARKET HAVEN MONTHLY

N $27.64 -1,760 ($48,646.40) ($26,786.07) -122.53% 17-Apr-09 17-Apr-09 Hold


NATI $38.50 -540 ($20,790.00) ($5,858.19) -39.23% 19-Oct-09 19-Oct-09 Hold
NOG $26.75 -900 ($24,075.00) $968.37 3.87% 3-Jan-11 3-Jan-11 Short
NOVL $5.94 -4,220 ($25,066.80) ($232.73) -0.94% 3-Jan-11 3-Jan-11 Short
NSM $13.87 -1,030 ($14,286.10) $7,620.77 15.83% 16-Jul-07 11-Aug-09 Hold
NVEC $58.86 -350 ($20,601.00) ($7,634.22) -58.88% 19-May-09 19-May-09 Hold
OMER $8.05 -2,580 ($20,769.00) $48.12 0.23% 20-Jul-10 20-Jul-10 Hold
OMX $17.20 -1,150 ($19,780.00) ($4,780.69) -31.87% 19-Oct-09 19-Oct-09 Hold
ONB $11.16 -1,130 ($12,608.54) $2,392.20 15.95% 18-May-09 18-May-09 Short
OREX $9.40 -3,620 ($34,028.00) ($9,180.02) -36.94% 5-May-10 5-May-10 Hold
PBCT $13.90 -660 ($9,174.00) $20,438.40 69.02% 24-Jan-07 24-Jan-07 Hold
PC $14.26 -1,590 ($22,673.40) ($2,724.44) -13.66% 20-Jul-10 20-Jul-10 Hold
PEGA $35.36 -1,030 ($36,420.80) ($21,346.07) -141.60% 18-Feb-09 18-Feb-09 Hold
PFS $14.14 -1,510 ($21,351.40) ($6,288.89) -41.75% 18-May-09 18-May-09 Hold
PTIE $6.56 -4,020 ($26,371.20) ($3,257.69) -5.66% 13-Jul-07 14-Apr-10 Hold
PXD $85.94 -350 ($30,079.00) ($14,927.69) -98.52% 19-Oct-09 19-Oct-09 Short
RIGL $7.62 -2,800 ($21,338.80) ($1,627.54) -8.26% 7-Jun-10 7-Jun-10 Hold
SFE $16.94 -1,900 ($32,186.00) ($7,683.93) -31.36% 6-May-10 6-May-10 Short
STEI $6.45 -3,080 ($19,878.32) ($8.86) -0.04% 5-May-10 5-May-10 Short
STMP $11.72 -1,870 ($21,916.40) $3,766.27 14.66% 3-Jan-11 3-Jan-11 Short
SWK $65.06 -383 ($24,917.98) ($24,917.98) 0.00% 15-Mar-10 15-Mar-10 Hold
TIF $59.72 -410 ($24,485.20) ($7,632.04) -45.29% 19-Nov-09 19-Nov-09 Hold
TLB $7.43 -1,680 ($12,482.40) $5,677.93 31.27% 21-Jan-10 21-Jan-10 Hold
TLM $22.25 -1,210 ($26,922.50) ($6,996.94) -35.12% 5-May-10 5-May-10 Short
TSN $16.92 -1,790 ($30,286.80) ($15,433.03) -103.90% 17-Feb-09 17-Feb-09 Hold
TXI $40.22 -480 ($19,305.60) ($2,181.80) -12.74% 19-Nov-09 19-Nov-09 Hold
VRX $34.88 -1,033 ($36,032.07) ($36,032.07) 0.00% 27-Sep-10 27-Sep-10 Short
VVUS $10.50 -2,820 ($29,610.00) ($4,859.49) -19.63% 13-Apr-10 13-Apr-10 Hold
WTR $22.50 -930 ($20,925.00) ($856.84) -4.27% 18-Dec-07 18-Dec-07 Hold
WY $20.40 -3,541 ($72,236.40) ($52,219.39) -260.88% 20-Jul-10 1-Sep-10 Short
XNPT $9.03 -2,110 ($19,053.30) $781.53 3.94% 7-Jun-10 7-Jun-10 Hold
XXIA $16.56 -1,090 ($18,050.40) $933.17 4.92% 23-Dec-10 23-Dec-10 Short