just sold mbi at 4.78 with a cost of 3.4, holding

the remaining shares. This lot was bought on 2/24 (see my blog on 2/24/09), like a century ago. but it is actually less than a month. I sold 1/4th at 2.5 because of margin call, sold the rest 3/4 today at 4.78. Profit margin is 23.8% for a month. I know my ago shares are still way under water.

I am selling mainly for reducing margin. Margin makes investment in a super bear market much, much harder. Very tired. But I am proud to say that I am not wiped out by this super bear. I am near break even now at today's price for my account. I think I am in a good position to benefit for the unavoidable recovery of stock markets years down the road. I am especially bullish on mbi after seeing millions and millions of share bought by insiders. I have the feeling that I sold mbi way too early, but I need to prepare for the possible bad outcome from DNDN and raise some cash. I have had enough margin calls. I have been debating about selling mbi or dndn for the last couple of days. I do not know why I picked mbi. Maybe it is because I still have a lot of mbi after selling.

I am not doing well since Lehman bankruptcy. But I am a firm buyer at 3 major bottoms during last 2 years. I bought dndn at the most recent bottom since dndn has the immediate catalyst coming before the end of April. I also wanted to diversify a little bit. I am too heavily concentrated on financial: bond insurers.