Our thesis behind buying Penson Worldwide (PNSN) was two fold:  Penson Worldwide  was drastically undervalued and it was an acquisition target.   Penson Worldwide  still is drastically undervalued from a long-term perspective.   From a very short-term perspective, the blood bath in the stock market has put  Penson Worldwide’s earnings for this quarter at risk.    Penson Worldwide derives significant revenues from providing clearing services to brokers.   If this stock market blood bath reduces the number of transactions, it will adversely affect earnings of Penson Worldwide . The hardest hit sector is financials.   A logical buyer of  Penson