Happy Holidays and Post Fed comments

It is time for me to write the final piece for 2008 - I have under the circumstances had excellent year in the fund, but somehow I am totally exhausted watching the S&P go up-and-down 100 points every day.... and today I went to the funeral of my dear friend Jens.....and it made me realise that I need to take some time of - enjoy the good year - and let markets be markets as the "lottery" circus continues into the year-end.

Fed was decisively desperate - "all in" poker style as my friend Jesper calls it....and Bless them, I wish them luck..... hope is good, especially considering the year we are going to face in 2009 with rising unemployment.

I will keep a few positions - would not be able to sleep if not - so.... long puts in STOX50 still, bought some EUR p USD c @ 1.4050 ish today...., and our allocation model still maintains the exposure as stated before.

Finally, let me wish you all a Happy Holiday, may the presents be big and expensive for you all.

Safe Xmas,

Steen