cut 1/3 position on abk, nothing on mbi, waiting

for ago tomorrow.

Just finished listening to abk\'s CC, the earning report is worse than what I thought, so I cut loss at 2.78 on 1/3 of my position. it is 1/3 because order is not completely filled. I am still positive on MBI and AGO.

I need to think more about this, just a reminder that abk and mbi\'s insurance only insures timely payment of principal and interest owed to bond insurers, so unrealized loss though big, it can drags for decades to realize all those losses. At the end of call, CEO (?) of ABK said, abk\'s book value is about $20 if you excluding unrealized loss or sth like that.

By the way, RDN\'s report is very good.