Valinor and Baupost Share Stats, page-3

Siv, I basically did a net average at the various points in time.

So by that if they sold then I booked that as profit (reducing capital at risk) if they bought that increased the capital at risk.

So in short the answer is yes capital at risk books the profit

The reality is they really have just over $3 x their respective number of shares theoretically at risk if they wanted to crystallise their positions now though I am trying to just find a rough break even for them.

hope that helps Siv. cheers