Evercore Partners (EVR)

While I did not put EVR into the fund, I was seriously debating it this morning. The company is a Mergers and Aquisiton speciality house, and has dropped from 30 to 20, in 2 weeks. It showed some initial strength this morning, after a reverse yesterday (sub $19 price) in the rally. By the time I thought about it the stock had already reached $23. This is probably one I should of bought in my personal account if not this fund, for at least a trade.

While the M&A market should slow to some degree, the market overreacted as usual, and began pricing EVR and its peers as if there will be no merger activity in the next 12 months. While the stock will probably struggle until we really get a handle on the credit situation it is so far below its 50 day moving average, and the spike down was so severe it would of been at least a good trade.

Interestingly since Feb 07, the stock has been trending down, and below its 50 day moving average the entire time. Who said the market 'doesn't know' and is not a good predicator of the future.

No position