We don't currently own Perfect World (PWRD) because the market, in all its wisdom, has deemed that the youth of China will stop playing video games, because Americans can't pay their mortgages. Perfect logic. But Monday they announced the type of stock buyback program we like - both material in size, and with a firm timeline. At "up to" $100M over the next year, this will take just under 10% of the shares off the market at current market capitalization of under $1.2 Billion (if it is completely utilized). I would like to get back into this name at some point in the future when markets improve.

• Perfect World Co., Ltd. (Nasdaq: PWRD - News; "Perfect World" or the "Company"), a leading online game developer and operator in China, today announced that its board of directors has approved a share repurchase program.
• The board has authorized Perfect World to repurchase up to US$100 million of its own American Depositary Shares ("ADSs") during the period from October 2008 to October 2009. The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block trades or otherwise.