L: 58% S:0% G: 58% N: 58% ~ $D 0% $P 0%

The Raven has trimmed some of his positions and had a decent day being rather short EUR/USD, he's increased the WYE/PFE spread to a 42% position for the portfolio, but with a hard stop of 10% max loss on the position so a portfolio loss of 4.2%, which remains below the max 5% loss on a single position hard limit. The portfolio numbers above don't represent real beta as the portfolio is almost exclusively in M&A cash deals and special sits with little to zero beta, given the EUR/USD correlation to the SPX and the way the portfolio is 'quacking' right now the Raven believes he's slightly short but by his own stats approx net 10%. The market feels soft, there doesn't seem to be too much talk of a reversal and the financials seem to be leading the move lower so the Raven might look to put on some beta shorts if this move picks up momentum given his natural conviction that we'll have a retest of the lows. And to be fair, 'tis May, sell and go away and all that...

It was good to see that the Ford stock sale got done yesterday, although at a lower price $4.75 vs what the $6 target, the stocks trading up today (to be expected given the size and profile of the deal).

Cameron just made himself the Prime Minister of the next government in the UK yesterday, it represents a real change in perception by the public, from being a 'caring conservative' who's a bit too wet and wants to hug hoodies they can now picture him as a leader taking action rather than asking for another committee and year long enquiry, blaiming the system and trying to say the expense were a global crisis, oh sorry they've used that excuse for something else already.