2PAGE

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
Recent Price Strength
For the last 90 days, the Energy, Materials,
Industrials, and Technology sectors have
continued their price strength. The higher
yielding stocks in the Utilities,
Telecommunications, and Consumer Staples
sectors continue to lag.
Bonds
The looming crisis in the muni debt continues to
scare. Spreads widened out a bit and many have
started buying munis. We think it is still too
early and that the bulk of the pain is yet to come.
The state and local governments haven’t even
been hit yet with the full weight of their
spending. That won’t come until after June
when the federal funding comes to an end. Until
then, local governments won’t be forced to
reconcile their huge budgets and deficits with
their dwindling revenue sources. There will be a
good time to buy munis, but that time is not
now.
Volatility
The VIX resumed its complacent decent from 21
down to 17. It is now below historical averages
and could be signaling a real potential for a
spike up. We would definitely recommend
increasing exposure to volatility if that fits your
MARKET HAVEN MONTHLY
investment style. We would suggest 75% of your
normal portfolio weighting to volatility. This
unworried reading in conjunction with high
stock valuations could be a recipe for a near-
term shock.
Commodities
Gold took a hit in December as investors grew
more confident in the strength of the recovery.
That reason doesn’t really fit with our purpose
for holding gold. The government is still
running the printing presses like a mad man.
They are determined to spark inflation or drive
the dollar down or both. And we don’t believe
they are likely to change course anytime soon,
especially given that QE2 is still so fresh in our
minds. We would maintain our gold positions
and add to them on significant weakness.
Other commodities rallied a bit in December,
presumably on inflation fears. If that’s the
correct reason, then we believe that’s an
appropriate response. We would maintain all of
our commodity positions.
Visit Market Haven online at:
http://hedgedequity.wordpress.com
 PAGE 4
Some Investment Ideas
Here are a few names that have shown up
recently as potential investment ideas on our
screens. Some of these may appear in the
portfolios. Some may not simply because the
names currently in the portfolio haven’t worked
their way yet.
It’s important to remember that these ideas are
meant to serve as a small part of a portfolio. We
understand and expect that not every
investment idea will work out the way we’d
hoped it would. Therefore, a core characteristic
of the portfolios we construct is diversification.
That said, we let the ideas that are working
continue to run. Conversely, the ideas that are
not working become a smaller proportion of the
portfolio simply by the diminishing market cap
they exhibit. This also lends to the comfort we
have taking chances on stocks that may have
headline or operational risk from time to time.
Global Payments (GPN) - long
GPN provides electronic transaction processing
services. We believe debit and credit card usage
will only become more prevalent over time and
that GPN will benefit from that movement.
Think, for instance, about how rebate checks are
almost never checks anymore. Instead they
often come in the form of a debit card.
MARKET HAVEN MONTHLY
Additionally, recent expansions into developing
markets like Russia and China serve as fertile
ground for future growth. The stock isn’t the
cheapest price, but it’s very profitable and has
good growth prospects.
Amedisys (AMED) - long
AMED provides in-home nursing services. This
small cap stock has lots of risks associated with
it. There are ongoing legal investigations
concerning the company’s billing practices.
Also, a bulk of the company’s revenue is
connected to Medicare, who has just stated that
funding for home health services will decrease
by 5% or more. We think this is only the
beginning considering the headwinds the
medical industry is going to be facing.
Nevertheless, we think the aging baby boomers
will provide a growing demand for in-home care
and that AMED will benefit. The negative
environment has also left the stock unloved so
it’s cheap. It trades at a free cash flow-to-
EBITDA ratio of 11%.
Warnaco (WRC) - long
You may know WRC through the brands it
manufactures and markets—namely, Calvin
Klein, Speedo, and Chaps. It’s a difficult
business and after shedding some unprofitable
businesses like OceanPacific, they are left with a
 PAGE 5 MARKET HAVEN MONTHLY

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