anyone can explain, page-2

Can only suggest there is some oversupply in the market with most recent moves down, especially with possible forced sellers due to margin calls. Also recall reading an article recently suggesting LR from Tricom held 400K EBB shares. So perhaps some of the insiders are reducing holding as well.

I think like many FI type stocks the 'market' has re-rated the risk profile and importantly growth outlook on these stocks which has the double whammy of impacting discount rates and growth factors in valuation models.

With EBB it has AUM of circa $3bn at 12/07 and it was $2.2bn at 12/06. With investor sentiment the way it is, do you envisage EBB raising investor money to that magnitude in the foreseeable future? Additionally, while the key is capital preservation at the fund level, this does not get EBB paid performance fees, again impacting earnings.

The interesting point about raising new investment inflows is HF investments are supposed to have low correlation to other asset classes, so now should ideally be the time when you see investors allocate away from being long equities, but in times of fear/panic, I think most investors take the ostrich approach and put head in the sand or fill their day posting on HC.....

I think holders need to be patient because when we come out the other side the SP will come back and the sun will be shining again!

My views only and good luck!