selling HPS.a +200%

As we feared in yeterday's update, Lehman announced their numbers a week early. This did not help the stock though. Rather, it painted an ugly picture. Those covering their short actually profited something more akin to 31% in merely one month rather than the 26% we announced yesterday. Excellent.

Along with our belief in a coming market sell-off, we finally sell our remaining holding in Hammond Power (HPS.a), which trades on the Toronto Stock Exchange in Canada.

That makes for a 200% gain since we purchased it in October of 2006, which we gladly book alongside an 18% profit we scored on another Hammond long in March of this year after holding that position just 2 weeks, while earlier this year we sold an additional Hammond postion we'd held for 10 months for a 34% profit, and we had also added a position in February '07 which we sold two weeks later for a 23% profit all as per this blog. Our deepends thanks to Hammond for this good fortune!

We still view Hammond as a good long-term holding, and so too Lehman shorts for that matter, but for the purposes of this blog those positions are closed for the time being. We certainly may revisit both in the future.


With this sale thus far in 2008 we've closed 15 positions, all winners both long and short, for an average 37% gain on an average holding period of approximately 7.5 months which implies an annualized gain of 59%



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