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Earlier today I sold my 1/7th position in Ventana, leaving me with 139 shares remaining. After some thought, and seeing how flat the stock was trading, I decided that with the acquisition offer on the table by Roche at $75, the stock while unlikely to decline in the short time, was now more an investment in arbitrage rather than any investment strategy at all. It was time for me to sell my remaining shares and identify a replacement in the portfolio. While small sales when at my maximum will result in me sitting on my hands, since this sale will drop me back to 19 holdings, this 'entitles' me to replace that holding with a new name. The nickel is already burning a hole in my pocket!.
These last shares were sold at $76.502, and had been purchased 4/16/04 at $23.47. Thus, these shares were sold with a gain of $53.032 or 226% since purchase.
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