Tuesday, June 17, 2008

Decent gains for a small holding

My smallest holding is First Marblehead (0.4% of portfolio), and it is up nicely today. I have less confidence is this stock than in many others I hold in the sense that they are hostage to credit market conditions. Any thaw in the ABS market would be most welcome, as successful securitizations later this year would reveal the company to be undervalued. That can't be counted on, though, so for now, I'm just watching and waiting.

In other news, Alvarion (common 3.4% of portfolio, calls 4.4%) received certification from the WiMAX Forum for it's 802.16e (i.e. mobile WiMAX) equipment at 2.5GHz. This is yet another step in their efforts to become part of a wave of mobile deployments in the next 1-2 years. Although there has been a lot of chatter about LTE lately, there is good momentum for WiMAX in emerging markets, which Alvarion is capitalizing on.