Wednesday, November 5, 2008

More earnings amidst a post-election slump

The broader markets took a hard hit today, in what is getting to be a familiar cycle of volatile days, both up and down. Some of my portfolio companies reported earnings, including Transocean (common 5.6% of portfolio, calls 0.1%), which is performing well but struggling to meet very high expectations. Alnylam (17.9% of portfolio) also reported, and although their pipeline is early-stage, the half billion dollar cash hoard is impressive. As is their minimal loss, which means they're not even burning through much of the cash. Less impressive is First Marblehead (1.9% of portfolio), which will continue to post huge losses until securitizations resume. They announced further layoffs this morning to reduce expenses.