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Ira Sohn Conference

By Tim Melvin
2:30 p.m. EDT At this year's Ira Sohn conference in New York, fund manager David Einhorn laid out another short idea. It may well be worth listening to. In previous years he used the conference to outline the bear case for Allied Capital ( ALD) and, most notably, Lehman Brothers at last year's conference. Both calls were spectacular in the extreme.

This year he has Moody's ( MCO) in his sights. He says the company has ruined the value of its franchise by giving triple A ratings to companies like AIG ( AIG) and MBIA ( MBI).

The damage was compounded by assigning top ratings to mortgage-backed securities that turned out to be essentially worthless. Einhorn called on regulators to eliminate ratings agencies as they are destabilizing to financial markets.

He also disclosed that his fund, Greenlight Capital ( GLRE), has been short the stock for some time.

No positions.

Agriculture/Fertilizer ETF

By Sham Gad
12:47 a.m. EDT Several people have asked me about an ETF that would cover the fertilizer industry. Market Vectors Agribusiness ( MOO) is a good one to check out. It has Mosaic ( MOS), Potash ( POT), Deere ( DE) and Monsanto ( MON) among its major holdings.

No positions.

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