Also Taking Some Profits on Gmarket (GMKT)

I mentioned South Korean "Ebay" Gmarket (GMKT) yesterday as an ancillary play to Baidu.com (BIDU) - no they are in no way related, and Baidu.com has margins that make Gmarket weep, but in the general Asian mania Gmarket is up from $20.00 to $26.50 this morning, or a 32% gain in just 2 weeks. That's good enough for me, I will lock in some profits here; I've sold about 1/3 of my position here between yesterday and this morning. The stock could run to $30 (who knows in this Asian mania), but I want to protect some profits as well on these huge runs.

This brings Gmarket down to 1.2% of the fund. I still like the long term opportunity but I would like to see some more color on Gmarket's initiatives in penetrating the Japanese and potentially China markets. If successful especially in the latter I guess it would be worth $265 instead of $26.50 since after all, 1.3 billion people and all.

Long Gmarket in fund; no personal position