Investments

Investments comprise strategic investments, including limited partnership investments, deferred compensation investments related to employee and director deferred compensation plans and investment in the Deephaven Funds. Investments consist of the following (in thousands):



	September 30, 2013		December 31, 2012
Strategic investments:
Investments accounted for under the equity method	$	82,476	$	—
Common stock or equivalent of companies representing less than 20% equity ownership held at adjusted cost	41,899		48,806
Total Strategic investments	124,375		48,806
Deferred compensation investments	84		—
Knight preferred shares	—		199,632
Investment in Deephaven Funds	1,430		—
Total Investments	$	125,889	$	248,438