Hybrid Vigor: Volume 1 Issue 22 "Has the Bleeding Stopped?"

Dear Friends,

This week we track the Ugly 20 as it continues its descent from abject ugliness to moderate unattractiveness. At the rate the market’s been coming in, it should be a screaming buy by the beginning of 2015.

We elaborate a bit this week in our Market Review session on the oft-maligned (deservedly, in our view) CWB exchange-traded fund and a comparison of its performance with a mix of major equity ETF’s.  We also look at a major hedge-fund index in the aftermath of the GTAT disaster. We try to put all this together to assess the recent damage and try to guess where we may be going from here.

Elsewhere in this issue, Jeff Alton updates the homebuilder scene, we provide a quick look at the new Monster Worldwide deal, and we introduce readers to a venerable arbitrage manager.

Finally, we must say goodbye to Kent Bailey, who’s going back to the buy side. Kent is a first-rate analyst and his ability to cut through polysyllabic gobbledygook to explain health-care convertibles has been one of Hybrid Vigor’s best features.  While we’re thrilled with the coming additions to our staff, we know you don’t replace someone of Kent’s abilities easily.  He’s been a terrific colleague and friend and we wish him all the best.

Bill

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