Showing posts with label soros. Show all posts
Showing posts with label soros. Show all posts

Thursday 18 July 2013

Great Investors Not Named Buffett

George SorosPerhaps it would have seemed impossible to imagine as he was living through World War II, but George Soros became one of the most successful investors in history. With a current net worth north of $14 billion, Soros is largely retired as an active investor. However, he established a remarkable record while running the Quantum Group of hedge funds

Soros is mostly known for his successes in making large bets in the currency and commodity markets. The most famous success story of his career is most likely Britain's Black Wednesdaycurrency crisis, where Soros correctly surmised that the country would have to devalue the pound and reportedly made around $1 billion on his positions. 

Whereas Buffett is famous for carefully evaluating individual companies and holding those positions for years, Soros was much more inclined to base his investment decisions on what would be considered macroeconomic factors. What's more, investments in the currency and commodity markets do not lend themselves to multi-decade (or even multi-month) commitments, so Soros was a much more active investor. (George Soros spent decades as one of the world's elite investors, and even he didn't always come out on top. But when he did, it was spectacular. Check out George Soros: The Philosophy Of An Elite Investor.) 

Ronald PerelmanSome will question whether Perelman is properly called an "investor." Though no one will dispute that a net worth of approximately $12 billion entitles him to be seen as a significant success in business, Pererlman's activities have centered on acquiring businesses outright, refocusing them on core competencies (often through spin-offs) and then either selling the companies later at a profit or holding onto them for the cashflow they produce. In that latter regard, though, Perelman is not so unlike Buffett - much of Buffett's success can be tied to the prudent acquisition of value-creating businesses within Berkshire Hathaway. 

While Perelman has frequently faced criticism for his acquisition tactics and management decisions, he has nevertheless had many successful transactions, including his involvement in Marvel, New World Communications and several thrifts, savings and loans and banks. 

John PaulsonWith about $16 billion in net worth, John Paulson is arguably the most successful hedge fund investor today. What makes that even more impressive is that he founded Paulson & Co in 1994 with purportedly with only $2 million. Paulson really made his name during the credit crisis that marked the end of the housing bubble; reportedly shorting CDOs, mortgage backed securities and other tainted housing-related assets, as well as shorting the shares of several major British banks. Perhaps ironically, Paulson has benefited from both sides of that trade, having also taken long positions in companies like Regions Financial, Goldman Sachs, Bank of America and Citigroup. 

Carl IcahnIn some respects, Carl Icahn follows an approach that is somewhat similar to Warren Buffett, as Icahn has built his fortune through a combination of equity investments and outright acquisitions. That is where the similarities end, though, as Icahn has generally pursued a much more aggressive strategy and shown no particular reticence to launch hostile offers. What's more, Icahn is not often interested in investing in business and seeing them continue to run as before; Icahn has built a reputation as a so-called activist investor who frequently pushes corporate managements to restructure, sell assets and return cash to shareholders. 

Differences aside, Icahn's strategy has worked. Icahn has built a fortune reportedly worth in excess of $11 billion through his involvement in a range of companies including RJR Nabisco, Viacom and Time Warner. (Buying up failing investments and turning them around helped to create the "Icahn lift" phenomenon. To learn more, check out Carl Icahn's Investing Strategy.)

James SimonsIf there is an "anti-Buffett" on this list, James Simons may be a good candidate. Holding a PhD in mathematics from Berkeley, Simons founded Renaissance Technologies and uses exceptionally complicated mathematical models to analyze and evaluate trading opportunities. While Buffett is famous for having a minimal staff, Renaissance Technologies reportedly employs dozens of PhDs in fields like physics, mathematics and statistics to find previously under-used correlations and connections that can be used for better trading results. 

Or at least that is as much as is known about Renaissance Technologies - while Buffett is rather open about his investment philosophies and methodologies, Simons maintains a much lower profile. Nevertheless, this heavily quantitative approach seems to work. Mr. Simons is estimated to be worth nearly $11 billion and his funds have been so successful that they can charge outsized management fees and profit participation percentages to investors. 

Others Worthy Of NoteInvestors would also do well to consider the careers of other well-known investors like Jim Rogers, Mark Mobius, and Peter Lynch. While Mobius is the only one of the three still highly involved in day-to-day investment operators, all three men have become very closely associated with their particular investment philosophies. Rogers is a go-to commentator on commodities and macroeconomic investments, while Mobius may be the best known emerging-markets investor of all time. 

Peter Lynch, though many years removed his tenure at Fidelity and his management of the Magellan fund, is still widely seen as a leading voice in "disciplined growth" investing. All three men have written about their investment philosophies and outlooks, and their approaches are accessible and informative. (For related reading, check Pick Stocks Like Peter Lynch.)

The Bottom LineInvestors should cast their eyes beyond Warren Buffett if they wish to really learn about all that investing can offer. There is no doubting or ignoring Buffett's exemplary record, but there is always more to learn by broadening the pool of examples. While investors like Simons and Soros may seem to focus on strategies and techniques that are beyond the means of regular investors, there are still valuable lessons to be learned about macroeconomics and the benefits of looking at the markets in new and proprietary ways. 

http://www.investopedia.com/financial-edge/0511/great-investors-not-named-buffett.aspx?utm_source=coattail-buffett&utm_medium=Email&utm_campaign=WBW-7/18/2013

Buffett Vs. Soros: Investment Strategies

In the short run, investment success can be accomplished in a myriad of ways. Speculators and day traders often deliver extraordinary high rates of return, sometimes within a few hours. Generating a superior rate of return consistently over a further time horizon, however, requires a masterful understanding of the market mechanisms and a definitive investment strategy. Two such market players fit the bill: Warren Buffett and George Soros.

Warren Buffett
Known as "the Oracle of Omaha," Warren Buffett made his first investment at the tender age of 11. In his early 20s, the young prodigy would study at Columbia University, under the father of value investing and his personal mentor, Benjamin Graham. Graham argued that every security had anintrinsic value that was independent of its market price, instilling in Buffett the knowledge with which he would build his conglomerate empire. Shortly after graduating he formed "Buffett Partnership" and never looked back. Over time, the firm evolved into "Berkshire Hathaway," with a market capitalization over $200 billion. Each stock share is valued at near $130,000, as Buffett refuses to perform a stock split on his company's ownership shares.

Warren Buffett is a value investor. He is constantly on the lookout for investment opportunities where he can exploit price imbalances over an extended time horizon.

Buffett is an arbitrageur who is known to instruct his followers to "be fearful when others are greedy, and be greedy when others are fearful." Much of his success can be attributed to Graham's three cardinal rules: invest with a margin of safety, profit from volatility and know yourself. As such, Warren Buffett has the ability to suppress his emotion and execute these rules in the face of economic fluctuations.

George Soros
Another 21st century financial titan, George Soros was born in Budapest in 1930, fleeing the country after WWII to escape communism. Fittingly, Soros subscribes to the concept of "reflexivity" social theory, adopting a "a set of ideas that seeks to explain how a feedback mechanism can skew how participants in a market value assets on that market." 


Graduating from the London School of Economics some years later, Soros would go on to create the Quantum Fund. Managing this fund from 1973 to 2011, Soros returned roughly 20% to investors annually. The Quantum Fund decided to shut down based on "new financial regulations requiring hedge funds to register with the Securities and Exchange Commission." Soros continues to take an active role in the administration of Soros Fund Management, another hedge fund he founded.

Where Buffett seeks out a firm's intrinsic value and waits for the market to adjust accordingly over time, Soros relies on short-term volatility and highly leveraged transactions. In short, Soros is a speculator. The fundamentals of a prospective investment, while important at times, play a minor role in his decision-making.

In fact, in the early 1990s, Soros made a multi-billion dollar bet that the British pound would significantly depreciate in value over the course of a single day of trading. In essence, he was directly battling the British central banking system in its attempt to keep the pound artificially competitive in foreign exchange markets. Soros, of course, made a tidy $1 billion off the deal. As a result, we know him today as the man "who broke the bank of England."

The Bottom Line
Warren Buffett and George Soros are contemporary examples of the some of the most brilliant minds in the history of investing. While they employ markedly different investing strategies, both men have achieved great success. Investors can learn much from even a basic understanding of their investment strategies and techniques. 


http://www.investopedia.com/financial-edge/0912/buffet-vs.-soros-investment-strategies.aspx?utm_source=coattail-buffett&utm_medium=Email&utm_campaign=WBW-7/18/2013

Friday 31 August 2012

Top 5 Stocks George Soros and Warren Buffett Both Own


George Soros and Warren Buffett are two of the world’s most successful investors. While Buffett holds stocks for the long term, Soros is more likely to trade in and out of positions with greater frequency.

Both of their viewpoints overlap on eight stocks. The largest positions they hold in common are: Walmart (WMT), Kraft (KFT), DirecTV (DTV), DaVita (DVA) and Johnson & Johnson (JNJ).

Read more here:
http://www.forbes.com/sites/gurufocus/2012/08/29/top-5-stocks-george-soros-and-warren-buffett-both-own/

Thursday 16 August 2012

Actuarial Investing. Benjamin Graham's investing was actuarially based.

When Warren Buffett started investing, his approach was very different from the one he follows today.  He adopted the method of his mentor, Benjamin Graham, whose system was actuarially based.

Graham's aim was to purchase undervalued common stocks of secondary companies "when they can be bought at two-thirds or less of their indicated value."

He determined value solely by analysing publicly available information, his primary source of information being company financial statements.

A company's book value was his basic measure of intrinsic value.  His ideal investment was a company that could be bought at a price significantly below its liquidation or break-up value.

But a stock may be cheap for a good reason.

  • The industry may be in decline,
  • the management may be incompetent, or 
  • a competitor may be selling a superior product that's taking away all the company's customers - to cite just a few possibilities.  
You're unlikely to find this kind of information in a company's annual report.

By just analysing the numbers Graham could not know why the stock was cheap. 

  • So some of his purchases went bankrupt: 
  • some hardly moved from his purchase price; and 
  • some recovered to their intrinsic value and beyond. 
Graham rarely knew in advance which stock would fall into which category.  

So how could he make money?  He made sure he bought dozens of such stocks, so the profits on the stocks that went up far outweighed the losses on the others.

This is the actuarial approach to risk management.  In the same way that an insurance company is willing to write fire insurance for all member of a particular class of risks, so Graham was willing to buy all members of a particular class of stock.

An insurance company doesn't know, specifically, whose house is going to burn down, but it can be pretty certain how often it's going to have to pay for fire damage.  In the same way, Graham didn't know WHICH of his stocks would go up.  But he knew that, on average, a predictable percentage of the stocks he bought would go up.

An insurance company can only make money by selling insurance at the right price.  Similarly, Graham had to buy at the right price; if he paid too much he would lose, not make money.

The actuarial approach certainly lacks the romantic flavour of the stereotypical Master Investor who somehow magically, only buys stocks that are going to go up.  Yet it is probably used by more successful investors than any other method.  For success, it depends on identifying a narrow class of investments that, taken together, have a positive average profit expectancy.

Buffet started out this way, and still follows this approach when he engages in arbitrage transactions.  it also contributes to Soro's success: and is the basis of most commodity trading systems.

AVERAGE PROFIT EXPECTANCY is the investor's equivalent of the insurer's actuarial tables.  Hundreds of successful investment and trading systems are built on the identification of a class of events which, when repeatedly purchased over time, have a POSITIVE AVERAGE EXPECTANCY OF PROFIT.


Ref:  The Winning Investment Habits of Warren Buffett and George Soros by Mark Tier



Risk is Manageable: Actively Managing Risk

Risk avoidance strategy:  Actively Managing Risk

This is primarily a trader's approach - and a key to Soros's success.

Managing risk is very different from reducing risk.  If you have reduced risk sufficiently, you can go home and go to sleep.  Or take a long vacation.

Actively managing risk requires full-focused attention to constantly monitor the market (sometimes minute-by-minute); and the ability to act instantly with total dispassion when it's time to change course (when a mistake is recognised, or when a current strategy is running its course).

Soro's ability to handle risk was "imprinted" on him during the Nazi occupation of Budapest, when the daily risk he faced was death.

His father, being a Master Survivor, taught him the three rules of risk which still guide him today:
1.  It's okay to take risks.
2.  When taking a risk, never bet the ranch.
3.  Always be prepared to beat a hasty retreat.


Risk is Manageable: Risk-Avoidance Strategies

Master Investors use one of the four-risk avoidance strategies:
1.  Don't invest.
2.  Reduce risk (the key to Warren Buffett's approach).
3.  Actively manage risk (the strategy George Soros uses so astonishingly well).
4.  Manage risk actuarially.

There is a fifth risk-avoidance that is highly recommended by the majority of investment advisors:  diversification.  But to Master Investors, diversification is for the birds.

No successful investor restricts himself to just one of these four risk-avoidance strategies.  Some - like Soros - use them all.

Wednesday 15 August 2012

The Complete Investment System

A complete investment system has detailed rules covering these 12 elements:


  1. What to buy
  2. When to buy it
  3. What price to pay
  4. How to buy it
  5. How much to buy as a percentage of your portfolio
  6. Monitoring the progress of your investments
  7. When to sell
  8. Portfolio structure and the use of leverage
  9. Search strategy
  10. Protection against systemic shocks such as market crashes
  11. Handling mistakes
  12. What to do when the system doesn't work


The first test of your system is obviously whether or not it makes you money.  If your system is profitable, you'll be getting a return on your capital.

Buffett and Soros measure their performance against three benchmarks:

  1. Have they preserved their capital?
  2. Did they make a profit for the year?
  3. Did they outperform the stock market as a whole?
The benchmarks you choose will depend on your financial goals.  When you have established your benchmark, you can then measure whether your system is working or not.

Friday 13 April 2012

George Soros Lecture Series: Financial Markets




Uploaded by  on Oct 11, 2010
The Lecture Series

Open Society Institute chairman and founder George Soros shares his latest thinking on economics and politics in a five-part lecture series recorded at Central European University, October 26-30, 2009. The lectures are the culmination of a lifetime of practical and philosophical reflection.

Soros discusses his general theory of reflexivity and its application to financial markets, providing insights into the recent financial crisis. The third and fourth lectures examine the concept of open society, which has guided Soros's global philanthropy, as well as the potential for conflict between capitalism and open society. The closing lecture focuses on the way ahead, examining the increasingly important economic and political role that China will play in the future.

Learn More and watch the Lecture Series:http://www.soros.org/resources/multimedia/sorosceu_20091112

Sunday 29 August 2010

Soros & Buffett Investment Rules

Sunday, April 23, 2006 | 07:33 AM
 
On the face of it, Buffett and Soros investment styles seem to have little in common. A new book suggest that both practice the same mental habits and strategies. They share similar beliefs about the nature of the markets.
In "The Winning Investment Habits of Warren Buffett and George Soros," its author outlines their 23 "winning" investment habits - tactics and strategies that he believes other investors can learn from. Many of these "habits" seem to fly in the face of conventional Wall Street wisdom: for example, Buffett and Soros do not diversify. And when they buy, they always buy as much as they can. Both will say that making predictions about the market or economy has virtually nothing to do with investment success.
Here's the list of 23 habits:
A master investor:
1. Believes the first priority is preservation of capital.
2. As a result, is risk-averse.
3. Has developed his own investment philosophy, which is an expression of his personality. As a result, no two highly successful investors have the same approach.
4. Has developed his own personal system for selecting, buying and selling investments.
5. Believes diversification is for the birds.
6. Hates to pay taxes, and arranges his affairs to legally minimise his tax bill.
7. Only invests in what he understands.
8. Refuses to make investments that do not meet his criteria. Can effortlessly say 'no'.
9. Is continually searching for new investment opportunities that meet his criteria and actively engages in his own research.
10. Has the patience to wait until he finds the right investment.
11. Acts instantly when he has made a decision.
12. Holds a winning investment until a pre-determined reason to exit arrives.
13. Follows his own system religiously.
14. Is aware of his own fallibility. Corrects mistakes the moment they arise.
15. Always treats mistakes as learning experiences.
16. As his experience increases, so do his returns.
17. Almost never talks to anyone about what he's doing. Not interested in what others think of his investment decisions.
18. Has successfully delegated most, if not all, of his responsibilities to others.
19. Lives far below his means.
20. Does what he does for stimulation and self-fulfilment - not for money.
21. Is emotionally involved with the process of investing; but can walk away from any individual investment.
22. Lives and breathes investing, 24 hours a day.
23. Puts his money where his mouth is. For example, Warren Buffet has 99 per cent of his net worth in shares of Berkshire Hathaway; George Soros, similarly, keeps most of his money in his Quantum Fund. For both, the destiny of their personal wealth is identical to that of the people who have entrusted money to their management.

Interesting stuff . . .
>
Source:
Inside the strategy of Soros and Buffett
JENNIFER HILL
The Scotsman, Sat 8 Apr 2006
http://business.scotsman.com/index.cfm?id=538662006
Becoming Rich : The Wealth-Building Secrets of the World's Master Investors Buffett, Icahn, Soros
Mark Tier
St. Martin's Press (April 1, 2005)
http://www.amazon.com/exec/obidos/ASIN/0312339860/thebigpictu09-20/

Saturday 7 August 2010

Soros is a phenomenal investor: The "Warren Buffett" of hedge funds.

We often refer to Warren Buffett as the "World's Greatest Investor". If Mr. Buffett is indeed the greatest, then George Soros is likely a close second. In fact, people have referred to Soros as the "Warren Buffett" of hedge funds. Regardless of how you choose to label him, Soros is a phenomenal investor. He has assured his place in numerous history books based on his funds' astonishing historical returns. His flagship Quantum Fund returned an average yield of over 30% during its more than 30 year existence. This phenomenal streak was only halted by the merger of Soros' Quantum Fund and his Emerging Growth Fund to create the Quantum Endowment Fund in mid-2000.

Born in Budapest, Hungary, in 1930, Soros survived that country's Nazi occupation before moving to London to study at the prestigious London School of Economics (LSE). There he was exposed to the works of famous 20th century philosopher Karl Popper; these had a great impact on Soros' outlook at the time and would later influence his approach to investing. Although the days of betting huge against a currency to record a $1 billion dollar gain in one day may have come to an end when Soros merged his two funds, this savvy market guru remains influential.

Soros and his management firm differ in many ways from most of the other investors. For starters, his fund is not a mutual fund, but rather a hedge fund. The biggest difference between these investment vehicles is the way in which they are run. Hedge funds not only take long and short positions in equities; they also use options and other derivatives and speculate on currencies. These are just some of the means they use to create wealth for their clients.

The hedge fund industry is quite different from the mutual fund industry. However, there is one major similarity: both industries seek to create wealth and attain high returns for clients and investors. Based on that, tracking the movements of Soros Fund Management LLC is a great strategy. For the individual investor, simply being aware of what skilled investors like George Soros and his team of managers are doing is advantageous. You may remember headlines way back in 1992 when Soros capitalized on a decline in the British pound to the tune of $1 billion. Not bad for a day's work. Although the Soros team invests differently than some of our other managers keeping an eye on any major moves they make will be interesting.


Soros Fund Management
Average Annual Return
3-Year
5-Year
Quantum Fund (1970-2000)
30%
n/a*
n/a*
S&P 500(Benchmark)
10.4%
17.17%
0.64%
* as the Quantum fund merged with the emerging growth fund in 2000, the fund does not have a 3 and 5 year return per se

Company Name:Soros Fund Management
Portfolio Manager:George Soros
Focus:Hedge Fund
Updates:Shares Held, Change in Shares, and Position Change as of 9/30/08 - all other information 15 minutes delayed






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BTRXBARRIER THERAPEUTICS$0($13,365)$00(3,324,734)0.00%SOLD
BJBJS WHOLESALE CLUB INC$0($3,038)$00(78,500)0.00%SOLD
BKEBUCKLE INC$0($903)$00(19,750)0.00%SOLD
BUCYBUCYRUS INTL INC NEW$0($14,844)$00(203,288)0.00%SOLD
CALPCALIPER LIFE SCIENCES$0($371)$00(143,390)0.00%SOLD
CCJCAMECO CORP$0($454)$00(10,600)0.00%SOLD
CENXCENTURY ALUM CO$0($14,162)$00(213,000)0.00%SOLD
CSCOCISCO SYS INC$0($4,857)$00(208,800)0.00%SOLD
CYNCITY NATL CORP$0($1,851)$00(44,000)0.00%SOLD
CMACOMERICA INC$0($1,538)$00(60,000)0.00%SOLD
CALCONTINENTAL AIRLS INC$0($467)$00(46,200)0.00%SOLD
GLWCORNING INC$0($1,383)$00(60,000)0.00%SOLD
COSTCOSTCO WHSL CORP NEW$0($7,344)$00(104,700)0.00%SOLD
DALDELTA AIR LINES INC DEL$0($567)$00(99,500)0.00%SOLD
DMDOLAN MEDIA CO$0($1,274)$00(70,000)0.00%SOLD
UFSDOMTAR CORP$0($1,583)$00(290,400)0.00%SOLD
EBAYEBAY INC$0($2,263)$00(82,800)0.00%SOLD
ESENERGYSOLUTIONS INC$0($19,233)$00(860,550)0.00%SOLD
FCXFREEPORTMCMORAN COPPER & GOLD$0($16,155)$00(137,850)0.00%SOLD
GOOGGOOGLE INC$0($263)$00(500)0.00%SOLD
HALHALLIBURTON CO$0($16,982)$00(320,000)0.00%SOLD
IAGIAMGOLD CORP$0($467)$00(77,853)0.00%SOLD
INCYINCYTE CORP$0($567)$00(74,558)0.00%SOLD
IPINTL PAPER CO$0($5,283)$00(226,726)0.00%SOLD
IPIINTREPID POTASH INC$0($6,578)$00(100,000)0.00%SOLD
EWZISHARES INC$0($1,161)$00(13,000)0.00%SOLD
EEMISHARES TR$0($350,538)$00(2,582,800)0.00%SOLD
JNJJOHNSON & JOHNSON$0($4,053)$00(63,000)0.00%SOLD
JOYGJOY GLOBAL INC$0($14,559)$00(192,000)0.00%SOLD
KBRKBR INC$0($997)$00(28,553)0.00%SOLD
KRKROGER CO$0($11,772)$00(407,750)0.00%SOLD
MACMACERICH CO$0($1,249)$00(20,100)0.00%SOLD
MDRMCDERMOTT INTL INC$0($9,531)$00(154,000)0.00%SOLD
MONMONSANTO CO NEW$0($18,334)$00(145,000)0.00%SOLD
MOSMOSAIC CO$0($20,786)$00(143,650)0.00%SOLD
NETCNET SERVICOS DE COMUNICACAO SA$0($5,414)$00(430,000)0.00%SOLD
NEMNEWMONT MINING CORP$0($3,437)$00(65,900)0.00%SOLD
NWSNEWS CORP$0($2,353)$00(153,272)0.00%SOLD
NOKNOKIA CORP$0($980)$00(40,000)0.00%SOLD
NVLSNOVELLUS SYS INC$0($742)$00(35,000)0.00%SOLD
VIPOPEN JT STK COVIMPEL$0($1,187)$00(40,000)0.00%SOLD
PTENPATTERSON UTI ENERGY$0($9,679)$00(267,900)0.00%SOLD
PMCSPMCSIERRA INC$0($688)$00(90,000)0.00%SOLD
SNDKSANDISK CORP$0($374)$00(20,000)0.00%SOLD
SDSANDRIDGE ENERGY INC$0($15,499)$00(240,000)0.00%SOLD
SIGMSIGMA DESIGNS INC$0($556)$00(40,000)0.00%SOLD
SSCCSMURFITSTONE CONTAINER$0($1,427)$00(350,600)0.00%SOLD
SNASNAP ON INC$0($1,560)$00(30,000)0.00%SOLD
LUVSOUTHWEST AIRLS CO$0($454)$00(34,800)0.00%SOLD
SPYSPDR TR$0($41,977)$00(328,000)0.00%SOLD
SPYSPDR TR$0($41,977)$00(328,000)0.00%SOLD
SPRTSUPPORTSOFT INC$0($2,687)$00(826,666)0.00%SOLD
SYMMSYMMETRICOM INC$0($294)$00(76,666)0.00%SOLD
SNVSYNOVUS FINL CORP$0($4,234)$00(485,000)0.00%SOLD
TLMTALISMAN ENERGY INC$0($22,097)$00(998,500)0.00%SOLD
TINTEMPLE INLAND INC$0($393)$00(34,900)0.00%SOLD
TIBXTIBCO SOFTWARE INC$0($10,761)$00(1,406,666)0.00%SOLD
UNPUNION PAC CORP$0($9,589)$00(127,000)0.00%SOLD
USMUNITED STATES CELLULAR CORP$0($848)$00(15,000)0.00%SOLD
VECOVEECO INSTRS INC DEL$0($982)$00(61,064)0.00%SOLD
WFTWEATHERFORD INTERNATIONAL LTD$0($13,191)$00(266,000)0.00%SOLD
YHOOYAHOO! INC$0($1,033)$00(50,000)0.00%SOLD
ZIONZIONS BANCORPORATION$0($1,512)$00(48,000)0.00%SOLD




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