sec var for may i know that you do not need numbers until late next month , but i thought you
might want an early look at may .
one number is particularly interesting : var for the total return swaps . you
will notice that it decreased substantially from about $ 20 million in march
to about $ 8 million in may . we had several deals that expired ( churchill ,
piti guam , and blackbird ) , reducing risk , and only one new one ( motown ) .
most importantly , we cut back on our exposure to rhythms from 5 . 4 million
shares in april to 4 . 7 million in may , and the stock price continued to fall
from $ 36 to $ 21 to $ 16 per share ( the less the investment is worth , the less
we can lose in it ) .
we will send you june numbers as we collect them .
regards ,
eugenio
sec var for may
i know that you do not need numbers until late next month , but i thought you
might want an early look at may .
one number is particularly interesting : var for the total return swaps . you
will notice that it decreased substantially from about $ 20 million in march
to about $ 8 million in may . we had several deals that expired ( churchill ,
piti guam , and blackbird ) , reducing risk , and only one new one ( motown ) .
most importantly , we cut back on our exposure to rhythms from 5 . 4 million
shares in april to 4 . 7 million in may , and the stock price continued to fall
from $ 36 to $ 21 to $ 16 per share ( the less the investment is worth , the less
we can lose in it ) .
we will send you june numbers as we collect them .
regards ,
eugenio