Arbitrage #3 and #4 Etc.

Dear Diary,

I just picked up DRS for $76.4795, a 6% discount to the $81 per share sale price, due to close on 11-15-08. This is an annualized return of 48.67% of my #3 Cash on Sale Arbitrage.

I also just bought shares of PHLY for $58.50 a share, a 5% discount from the anticipated $61.50 sale price on 11-15-08. This represents an annualized return of 40.56% on my #4 deal.

My other two deals are dragging along, but it does appear they will both close to the prices anticipated. A court ruled today that the buyer of HUN must pay full price, not $5.99 per share, as they attempted to do after original financing failed. This should get me $28 per share once the deal closes.

The Dow Jones Industrials closed down 777 points yesterday, the biggest one day decline since 9-11-2001. This is due to the Marxist banking system we have in place that expands and contracts credit in the United States. In my view, we need no bail out for the banking and finance sector. Value Investors will buy up these companies and run them more efficiently than the speculators who ran them into the ground. A move away from Marxist Economics will keep this same problem from happening to America in a few years when its debt gets too top heavy.

It appears that Mr. Buffett was/ is an arbitrageur who does value investing on companies that show promise of long term growth after purchase.

Also, I'm informed that "Kiplinger's" quoted Mr. Buffet on liking CROX right now. Great minds think alike, I see.

Gene