Hybrid Vigor: Vol 1 Issue 12 (Corrected)

Note: A reader noticed that we had a mislabeled column in the HARP list we sent out earlier today—thanks to a spreadsheet slip, we had inserted data for parity where point premium belonged. The error is fixed here.  Maybe listening to Stairway to Heaven too much has its drawbacks.

Dear Friends,

We hope you’re enjoying the last full week of unofficial summer. This is the second of three late-summer weeks in which we are only publishing once. We will return to our Monday/Thursday schedule the week after Labor Day.

In this week’s issue we continue the tradition of the Hillside Ugly 20, discussing both an old reliable leader and a couple of new names. We also continue our discussion of the mandatory market. In addition, we’ve reprinted a couple of pieces we posted earlier in the week on our website (hillsideadvisors.com), including an Intermune recap. Earlier this summer, our head of credit research, Kent Bailey, had written favorably about Intermune, speculating that a takeover would probably happen sooner rather than later.  We also have a homebuilder update from Jeff Alton, our head of equity research, and some updated thoughts from Jeff on the precarious Tower Group situation.

Our first New York cocktail event will be on Thursday, September 18 at The Skylark, high atop the Fashion District. It should be fun. We hope to see many of you there—and we look forward to having you as subscribers when we move into our next phase later this fall.

Bill

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