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At first, Dr. Gilman's reports on the trial's progress were positive, and SAC built a position in the two drug makers worth approximately $700 million, according to prosecutors.
The fund also has built a position in Masco, which sells home improvement items like cabinets and plumbing fixtures.
The JPMorgan investigation centers on whether the bank's traders in London built a position so big that they manipulated the market for financial contracts known as derivatives.
By last May, the mutual fund had built a position of about $150 million in coverage, which it doubled over the summer.
He built a position at an average cost of $5 a share.
"There are a lot of folks who are trying to meet the need of merchants in this space," Merritt acknowledged, but he also noted that ShopKeep has built a position distinct from them.
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Now larger companies are pursuing smaller companies to build a position in a particular market and to fill certain niches.
"He had to build a position against me to establish his own position, so he has been speaking against the specificity of Latin American art," she said.
It praised Groupon for its "prime mover status and scale," but warned investors to "wait for a better entry point to build a position".
Of course, Mr. Buffett and other big-time investors could avoid the secrecy by accumulating their holdings within the three-month period between S.E.C. filings, but Mr. Buffett said sometimes more time was needed to build a position.
When did you start to build a position there?
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