Sorry Brian, I just realized that I was not so clear in my previous post.

As I stated before I sold CLL shares in the end of July (trailing stops). Later on I get in to the CLL convertibles (CLL.DB.A). Because of low liquidity I managed to sell only half of my position and I am stuck with about 30% loses as of today on this holding.

Going back to the CLL presentation I just could not resist having some fun with this hilarious title of their lecture at this conference:

A systematic approach to identification and exploitation using efficiencies of small scale operations.

Teaching efficiencies after spending over $1 billion dollars and giving total control of the company to the bankers and oil traders is pretty funny.