LEH

I am (1) above the waterline on Lehman and (2) starting to take it personally. This is usually a very bad sign for a position. There are doubtless hazards to navigate ahead but I think there may be more value there if Fuld can get something done soon. Despite Bloomberg's (reasonable) concerns about Lehman's mortgage assets and, according to FT alphaville, only three suitors remaining in the chase for the asset management unit I still there is the possibility of a surprise on the upside here.