market folly

Jay Petschek and Steven Major's hedge fund Corsair Capital has filed a 13G with the SEC and disclosed a brand new position in Perion Network (PERI).  Per the filing, they now own 6.6% of the company with 820,236 shares.

The filing was required due to activity on October 3rd.

Per Google Finance, Perion Network is "a digital media company. The Company's products include: IncrediMail, a communication client; Smilebox, a photo sharing and social expression product and service; and Sweet IM, an instant messaging application. The Company generates revenues primarily through search, the sale of products and services, and advertising. IncrediMail is its communication client, available over the Internet it its basic version free of charge, used for managing email messages and Facebook feeds, with many graphic and personalizing capabilities. Smilebox is an Internet photo sharing service available for the desktop and smart-phone. Its product is available in seven languages in addition to English."

For more on this hedge fund, head to Corsair Capital's thesis on American Realty Capital Properties.