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	<title>The Enlightened American &#187; acas</title>
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	<link>http://enlightened-american.com</link>
	<description>One person's quest to make sense of a senseless American economy and society.</description>
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		<title>No Escape From ACAS</title>
		<link>http://enlightened-american.com/2009/01/08/no-escape-from-acas</link>
		<comments>http://enlightened-american.com/2009/01/08/no-escape-from-acas#comments</comments>
		<pubDate>Fri, 09 Jan 2009 05:46:12 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Reader Questions]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[acas]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=284</guid>
		<description><![CDATA[Despite closing my ACAS position nearly two months ago (see my reasons here), I still get more traffic and questions on ACAS than on any other stock. A reader thoughtfully sent in a petiton regarding ACAS&#8217; plan to issue shares below NAV. I&#8217;ve stopped following the stock and don&#8217;t know much about the details of [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2009/01/08/no-escape-from-acas/feed</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Portfolio Performance: -18.1% YTD thru Nov 2008</title>
		<link>http://enlightened-american.com/2008/12/01/portfolio-performance-181-ytd-thru-nov-2008</link>
		<comments>http://enlightened-american.com/2008/12/01/portfolio-performance-181-ytd-thru-nov-2008#comments</comments>
		<pubDate>Mon, 01 Dec 2008 16:47:48 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Gurus]]></category>
		<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[acas]]></category>
		<category><![CDATA[BAM]]></category>
		<category><![CDATA[bonds]]></category>
		<category><![CDATA[CHK]]></category>
		<category><![CDATA[enlightened-american portfolio]]></category>
		<category><![CDATA[gold]]></category>
		<category><![CDATA[Jim Rogers]]></category>
		<category><![CDATA[Marc Faber]]></category>
		<category><![CDATA[NOV]]></category>
		<category><![CDATA[SKM]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=269</guid>
		<description><![CDATA[Click here to view the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc.
THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET

Enlightened-American Portfolio: -18.1% YTD (including dividends)
DJIA: -33.4%
Nasdaq: -42.1%
S&#38;P 500: -39.0%
DJ WIlshire 5000: -39.6%
Russell 2000 (smallcap): -38.2%

The portfolio sagged ever lower, finishing November down 18% for the year.  In his early years, [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/12/01/portfolio-performance-181-ytd-thru-nov-2008/feed</wfw:commentRss>
		<slash:comments>7</slash:comments>
		</item>
		<item>
		<title>ACAS&#8217; Survival Chances? Your Guess As Good As Mine</title>
		<link>http://enlightened-american.com/2008/11/21/acas-survival-chances-your-guess-as-good-as-mine</link>
		<comments>http://enlightened-american.com/2008/11/21/acas-survival-chances-your-guess-as-good-as-mine#comments</comments>
		<pubDate>Fri, 21 Nov 2008 16:58:09 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Reader Questions]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[acas]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=266</guid>
		<description><![CDATA[A reader emailed a question regarding ACAS:
&#8220;I really like you posts on ACAS.  I have lost so much money on this wooffer that is
beyond pain.  No, actually the pain is still there.
Without holding you liable in any way, shape or form, is this thing going under?  If
you take a two year view [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/11/21/acas-survival-chances-your-guess-as-good-as-mine/feed</wfw:commentRss>
		<slash:comments>6</slash:comments>
		</item>
		<item>
		<title>Seth Klarman, David Einhorn &amp; Meryl Witmer Q3 2008 Holdings</title>
		<link>http://enlightened-american.com/2008/11/19/seth-klarman-david-einhorn-meryl-witmer-q3-2008-holdings</link>
		<comments>http://enlightened-american.com/2008/11/19/seth-klarman-david-einhorn-meryl-witmer-q3-2008-holdings#comments</comments>
		<pubDate>Wed, 19 Nov 2008 17:44:44 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Gurus]]></category>
		<category><![CDATA[Pro's Picks]]></category>
		<category><![CDATA[acas]]></category>
		<category><![CDATA[ACGY]]></category>
		<category><![CDATA[ALD]]></category>
		<category><![CDATA[AWI]]></category>
		<category><![CDATA[AYE]]></category>
		<category><![CDATA[Baupost Group]]></category>
		<category><![CDATA[BBEP]]></category>
		<category><![CDATA[CSE]]></category>
		<category><![CDATA[David Einhorn]]></category>
		<category><![CDATA[DPS]]></category>
		<category><![CDATA[EMC]]></category>
		<category><![CDATA[EXH]]></category>
		<category><![CDATA[Greenlight Capital]]></category>
		<category><![CDATA[HLX]]></category>
		<category><![CDATA[IACI]]></category>
		<category><![CDATA[IFSIA]]></category>
		<category><![CDATA[KALU]]></category>
		<category><![CDATA[kgc]]></category>
		<category><![CDATA[LINE]]></category>
		<category><![CDATA[LMDIA]]></category>
		<category><![CDATA[Meryl Witmer]]></category>
		<category><![CDATA[MHK]]></category>
		<category><![CDATA[MSFT]]></category>
		<category><![CDATA[NWS]]></category>
		<category><![CDATA[RHIE]]></category>
		<category><![CDATA[Seth Klarman]]></category>
		<category><![CDATA[TXI]]></category>
		<category><![CDATA[UNH]]></category>
		<category><![CDATA[WHR]]></category>
		<category><![CDATA[WLP]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=263</guid>
		<description><![CDATA[Seth Klarman is one of the more secretive money managers out there so I don&#8217;t know what returns Baupost has generated in 2008.  Here are some recent stories with his thoughts on current market conditions. Looking at his SEC filing, I see a few interesting moves:

Klarman didn&#8217;t open any bold new positions other than $61M [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/11/19/seth-klarman-david-einhorn-meryl-witmer-q3-2008-holdings/feed</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Sold ACAS This Morning</title>
		<link>http://enlightened-american.com/2008/11/13/sold-acas-this-morning</link>
		<comments>http://enlightened-american.com/2008/11/13/sold-acas-this-morning#comments</comments>
		<pubDate>Thu, 13 Nov 2008 14:50:13 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[acas]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=255</guid>
		<description><![CDATA[Usually, I do not post portfolio adjustments but once a month as I update the holdings spreadsheet but with all my commentary on ACAS in recent months, I felt an obligation to readers to disclose I&#8217;ve sold out of ACAS @ $6.20 for a 70% loss.
I&#8217;ve been thinking about this damn stock for a few [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/11/13/sold-acas-this-morning/feed</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>UPDATED: American Capital (ACAS) Suspends Dividend</title>
		<link>http://enlightened-american.com/2008/11/10/american-capital-acas-suspends-dividend</link>
		<comments>http://enlightened-american.com/2008/11/10/american-capital-acas-suspends-dividend#comments</comments>
		<pubDate>Mon, 10 Nov 2008 16:08:38 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[acas]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=253</guid>
		<description><![CDATA[With the conference call is out of the way, first some key numbers, major developments and then my take going forward:
Results

$0.74 NOI per diluted share, $0.72 realized EPS, -$2.63 loss per share.  The realized number includes $54M of taxes on retained capital gains while the loss number includes $698M of unrealized depreciation centered around ECAS [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/11/10/american-capital-acas-suspends-dividend/feed</wfw:commentRss>
		<slash:comments>4</slash:comments>
		</item>
		<item>
		<title>Portfolio Performance: -0.4% YTD through September 2008</title>
		<link>http://enlightened-american.com/2008/10/01/portfolio-performance-04-ytd-through-september-2008</link>
		<comments>http://enlightened-american.com/2008/10/01/portfolio-performance-04-ytd-through-september-2008#comments</comments>
		<pubDate>Thu, 02 Oct 2008 03:35:13 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[acas]]></category>
		<category><![CDATA[AMAT]]></category>
		<category><![CDATA[BAM]]></category>
		<category><![CDATA[dvn]]></category>
		<category><![CDATA[FCX]]></category>
		<category><![CDATA[INTC]]></category>
		<category><![CDATA[NTE]]></category>
		<category><![CDATA[NZT]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=233</guid>
		<description><![CDATA[Click here to view the spreadsheet containing all disclosures for my complete equity portfolio, including initial entry points, YTD returns, total returns, etc.
THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET

Enlightened-American Portfolio: -0.4% YTD (including dividends)
DJIA: -18.2%
Nasdaq: -21.5%
S&#38;P 500: -20.7%
DJ WIlshire 5000: -20.0%
Reuters 2000 (smallcap): -11.3%


Unfortunately, the listed portfolio has wandered into negative territory (as a side note, my actual portfolio [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/10/01/portfolio-performance-04-ytd-through-september-2008/feed</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>American Capital Ate Wheaties For Breakfast + Minefinders non-update</title>
		<link>http://enlightened-american.com/2008/09/18/american-capital-ate-wheaties-for-breakfast-minefinders-non-update</link>
		<comments>http://enlightened-american.com/2008/09/18/american-capital-ate-wheaties-for-breakfast-minefinders-non-update#comments</comments>
		<pubDate>Thu, 18 Sep 2008 16:26:45 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[acas]]></category>
		<category><![CDATA[MFN]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=224</guid>
		<description><![CDATA[What else could explain the 11% pop in ACAS, bigger than most other financials today?
Well, besides Wheaties, perhaps the pending &#8220;new&#8221; rules on naked short-selling might also have something to do with it.  It&#8217;s interesting to see another position, Minefinders (MFN), up 16% today as that stock allegedly has a big naked short position according [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/09/18/american-capital-ate-wheaties-for-breakfast-minefinders-non-update/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>American Capital (ACAS): Q2 2008 Update</title>
		<link>http://enlightened-american.com/2008/08/26/american-capital-acas-q2-2008-update</link>
		<comments>http://enlightened-american.com/2008/08/26/american-capital-acas-q2-2008-update#comments</comments>
		<pubDate>Tue, 26 Aug 2008 16:31:28 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[Stock Research]]></category>
		<category><![CDATA[acas]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=212</guid>
		<description><![CDATA[A brief rundown of Q2&#8217;s earnings report (all figures US$ unless noted):

After last quarter&#8217;s negative cash figure (-$10M OCF), Q2 saw several encouraging developments on the cash flow statement.  ACAS is once again cash flow positive, generating $141M OCF during the 1st 6 months.  This is a 26% decline from last year but [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/08/26/american-capital-acas-q2-2008-update/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>American Capital Rebounds on Earnings Report</title>
		<link>http://enlightened-american.com/2008/08/06/american-capital-rebounds-on-earnings-report</link>
		<comments>http://enlightened-american.com/2008/08/06/american-capital-rebounds-on-earnings-report#comments</comments>
		<pubDate>Wed, 06 Aug 2008 19:14:29 +0000</pubDate>
		<dc:creator>Davy Bui</dc:creator>
				<category><![CDATA[Enlightened-American Portfolio]]></category>
		<category><![CDATA[acas]]></category>
		<category><![CDATA[Stock Research]]></category>

		<guid isPermaLink="false">http://enlightened-american.com/?p=199</guid>
		<description><![CDATA[Nice to to see the stock (ACAS) up over 10% today.  I looked over the press release but will reserve comment until I can dig into the 10-Q.  The one item I noted for future research was the $252M writedown in the private finance portfolio, ostensibly due to lower public-company multiple comps and [...]]]></description>
		<wfw:commentRss>http://enlightened-american.com/2008/08/06/american-capital-rebounds-on-earnings-report/feed</wfw:commentRss>
		<slash:comments>1</slash:comments>
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