"During the first quarter of 2009, Third Point LLC (the “Investment Manager”) took significant defensive measures designed to protect the portfolio from the extraordinary dislocations occurring in the global economy and governments’ responses to these events. Through the first two months of the quarter, these positions proved profitable. They included stakes in European banks and in credit default swaps associated with the financial sector, as well as other bearish investments. The Investment Manager also maintained low levels of gross and net exposure to preserve capital during this tumultuous period. In March, as markets rallied, these investments lost value and the Investment Manager exited these positions in light of indicators that the threat of total global economic collapse had lessened."Available here in its entirety.
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