While I don’t normally comment on daily news, the 12%+ jump in Macquarie’s share price intra-day caught my eye. MQG opened down 74 cents at 24.26 and then jumped suddenly at around 1.24pm, MQG last traded at $27.40.

It seems this takeover announcement for Macquarie Communications Infrastructure Group (MCG) sparked the rally. Cash is king and it seems investors are now seeing the king clothing. As the phrase goes, when the tide goes out we’ll see who is naked and it appears Mac has been wearing speedos after all.

To be a successful investor you must focus on money management, risk management and portfolio management. Buy to sell and look for singles not home runs.

Ten months ago I recommended SAFT. Its share price is down since then, but far from out. While I prefer absolute returns my sense of well being dictates I must look at 2008 through a relative lens. Relatively SAFT was a great performer, beating the pants off the S&P500 by 22%, SAFT is down 20% over the last ten months while the S&P500 has fallen 42%.

Facet Biotech has been on a tear, up almost 43% since I first posted. Q1 2009 results are now out and the company is in slightly better shape than I anticipated. Cash burn has been reduced, they are more focused and are progressing their oncology compounds.

Suntech Power Holdings Co. Ltd. (STP) closed up 44% on eight times normal volume after the Chinese mentioned the S word. Subsidies baby, subsidies!

Diving down from the S&P500 quarterly earnings into the sectors and a comparison of consumer discretionary and staples. While most short term investors are still focused on consumer discretionary’s negative 2008 Q4 and Q1 09 I recommend looking beyond those to the inevitable accelerating profitability and sensational year on year comparisions that await.

Does sector rotation work? Plus S&P rebuts Jeremy Siegel.

In today’s market I consider the valuation being afforded to QSII staggering. Investors are paying almost 32 times current operating cash flows a PEG of 1.38 and price to sales of 5.6.

“To me, investing is just about finding the biggest delta between market expectations and what you think is more likely, basically Steindhart’s variant perception”

Rambling thoughts on margin, market timing and investing secrets. All wrapped up in a transparent veneer of self indulgence.

I am a market timer. However, I am not stupid enough to think I can time it with any accuracy. I am not arrogant enough to think I can predict the bottom. So I buy. I buy most comfortably on the way down, I am getting slightly better at not buying too early, but only slightly as my WM and IMB buys attest to.