Thursday, June 26, 2008

Bookkeeping: Adding to Perfect World (PWRD)

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Good heads up by a reader yesterday on this name in the Chinese online gaming space, Perfect World (PWRD). I see no specific news, other than a license agreement with the Philippines, but I like stocks holding up in terrible tapes. So we'll push this stock back up to a 1.1% stake. It is a very easy technical trade - if the stock holds above 50 and 200 day moving averages - we keep & add. It breaks down below, we take some small loss and cut back. (I'd use $25.50 as a pivot point to sell down) So we'll add here in the $26.60s or so and if we are wrong will ratchet the position back down. If market goes into free fall I don't see anything holding up, but will be happy to be wrong.

[May 15: New Position Started in Perfect World]

Long Perfect World in fund; no personal position


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