13F-HR 1 wsc033108.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ]; Amendment Number: This amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: WS MANAGEMENT, LLP Address: 225 WATER STREET, S-1987 JACKSONVILLE, FL. 32202 13 File Number: 28-02927 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct, and complete, and and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form Person Signing this Report on Behalf of Reporting Manager: Name: GILCHRIST B. BERG Title: GENERAL PARTNER Phone: 904-355-9989 Signature, Place and Date of Signing: GILCHRIST B. BERG April 11, 2008 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 100 Form 13F Information Table Value Total: 1909451 FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP x($1000) PRN AMT PRN CALL DISCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- -------- --------- -------- -------- -------- D ACCENTURE LTD HAMIL TON COM S COMMON STOCK G1150G111 21102 600000 SH SOLE 600000 0 0 D ALCOA INC COM STK COMMON STOCK 013817101 18030 500000 SH SOLE 500000 0 0 D ALLIANCE DATA SYS CO RP COM ST OPTIONS - CALLS 018581108 2376 50000 SH CALL SOLE 50000 0 0 D ALLIANCE DATA SYS CO RP COM ST OPTIONS - PUTS 018581108 4195 88300 SH PUT SOLE 88300 0 0 D ALTRIA GROUP INC COMMON STOCK 02209S103 18204 820000 SH SOLE 820000 0 0 D AMBAC FINANCIAL GROU P INC COM COMMON STOCK 023139108 1462 254300 SH SOLE 254300 0 0 D AMER EXPRESS CO COM COMMON STOCK 025816109 20723 474000 SH SOLE 474000 0 0 D AMER EXPRESS CO COM OPTIONS - CALLS 025816109 4372 100000 SH CALL SOLE 100000 0 0 D AMERICAN COML LINES INC COM ST COMMON STOCK 025195207 41138 2603700 SH SOLE 2603700 0 0 D AMR CORP COM STK COMMON STOCK 001765106 2255 250000 SH SOLE 250000 0 0 D APPLE INC COM STK OPTIONS - CALLS 037833100 4305 30000 SH CALL SOLE 30000 0 0 D ARCHER-DANIELS MIDLA ND CO COM COMMON STOCK 039483102 26754 650000 SH SOLE 650000 0 0 D ASA LIMITED COM STK COMMON STOCK G3156P103 9902 120600 SH SOLE 120600 0 0 D BERKSHIRE HATHAWAY CL A INC DE COMMON STOCK 084670108 262131 1965 SH SOLE 1965 0 0 D BERKSHIRE HATHAWAY INC CLASS B COMMON STOCK 084670207 36230 8100 SH SOLE 8100 0 0 D BEST BUY INC COM STK OPTIONS - PUTS 086516101 8599 207400 SH PUT SOLE 207400 0 0 D BORDERS GROUP INC COM STK COMMON STOCK 099709107 4362 743100 SH SOLE 743100 0 0 D BURLINGTON NORTHERN SANTA FE C COMMON STOCK 12189T104 33891 367500 SH SOLE 367500 0 0 D BURLINGTON NORTHERN SANTA FE C OPTIONS - CALLS 12189T104 4611 50000 SH CALL SOLE 50000 0 0 D CAL MAINE FOODS INC COM STK COMMON STOCK 128030202 16126 483100 SH SOLE 483100 0 0 D CANADIAN NATURAL RES OURCES CA COMMON STOCK 136385101 28717 420700 SH SOLE 420700 0 0 D CAPITAL ONE FINL CORP COM OPTIONS - CALLS 14040H105 4582 93100 SH CALL SOLE 93100 0 0 D CARMAX INC COM STK COMMON STOCK 143130102 44303 2281300 SH SOLE 2281300 0 0 D CARMAX INC COM STK OPTIONS - CALLS 143130102 9467 487500 SH CALL SOLE 487500 0 0 D CATERPILLAR INC COM OPTIONS - PUTS 149123101 4048 51700 SH PUT SOLE 51700 0 0 D CHENIERE ENERGY INC COM STK COMMON STOCK 16411R208 22406 1131600 SH SOLE 1131600 0 0 D CISCO SYSTEMS INC COM STK COMMON STOCK 17275R102 47127 1956300 SH SOLE 1956300 0 0 D CISCO SYSTEMS INC COM STK OPTIONS - CALLS 17275R102 12045 500000 SH CALL SOLE 500000 0 0 D CLEARWIRE CORP CLASS A COMMON STOCK 185385309 3584 242000 SH SOLE 242000 0 0 D COGENT COMMUNICATION S GROUP I COMMON STOCK 19239V302 6119 334200 SH SOLE 334200 0 0 D COMCAST CORP CL A COM STK COMMON STOCK 20030N101 35589 1840200 SH SOLE 1840200 0 0 D CONOCOPHILLIPS COM STK COMMON STOCK 20825C104 35057 460000 SH SOLE 460000 0 0 D COSTCO WHSL CORP NEW COM STK COMMON STOCK 22160K105 16184 249100 SH SOLE 249100 0 0 D CROCS INC COM STK COMMON STOCK 227046109 12986 743340 SH SOLE 743340 0 0 D CROCS INC COM STK OPTIONS - PUTS 227046109 1812 103700 SH PUT SOLE 103700 0 0 D CSX CORP COM COMMON STOCK 126408103 61442 1095800 SH SOLE 1095800 0 0 D CSX CORP COM OPTIONS - CALLS 126408103 8411 150000 SH CALL SOLE 150000 0 0 D DRYSHIPS INC COM STK COMMON STOCK Y2109Q101 9586 160000 SH SOLE 160000 0 0 D EMBRAER-EMPRESA BRAS ILEIRA DE ADRS STOCKS 29081M102 14137 357800 SH SOLE 357800 0 0 D EMC CORP MASS COM STK COMMON STOCK 268648102 8776 612000 SH SOLE 612000 0 0 D EVEREST REINSURANCE GROUP LTD COMMON STOCK G3223R108 39554 441801 SH SOLE 441801 0 0 D FLAMEL TECHNOLOGIE S A ADR ADRS STOCKS 338488109 2927 314100 SH SOLE 314100 0 0 D FREMONT GEN CORP COM STK COMMON STOCK 357288109 457 952900 SH SOLE 952900 0 0 D GOLD FIELDS LTD NEW ADR ADRS STOCKS 38059T106 1980 143200 SH SOLE 143200 0 0 D HONEYWELL INTERNATIO NAL INC C COMMON STOCK 438516106 9716 172200 SH SOLE 172200 0 0 D HORIZON LINES INC COM STK COMMON STOCK 44044K101 14888 800000 SH SOLE 800000 0 0 D HORNBECK OFFSHORE SERVICES INC COMMON STOCK 440543106 44355 971200 SH SOLE 971200 0 0 D HORNBECK OFFSHORE SERVICES INC OPTIONS - PUTS 440543106 4567 100000 SH PUT SOLE 100000 0 0 D Harmony Gold Mining Co Ltd ADR ADRS STOCKS 413216300 2422 204600 SH SOLE 204600 0 0 D IAMGOLD INTL AFRICAN MINING G COMMON STOCK 450913108 1102 150400 SH SOLE 150400 0 0 D INDYMAC BANCORP INC COM STK COMMON STOCK 456607100 621 125300 SH SOLE 125300 0 0 D INTEL CORP COM STK COMMON STOCK 458140100 97371 4597298 SH SOLE 4597298 0 0 D INTEL CORP COM STK OPTIONS - CALLS 458140100 88332 4170500 SH CALL SOLE 4170500 0 0 D INTERNATIONAL FLAVOR S & FRAGR COMMON STOCK 459506101 26430 600000 SH SOLE 600000 0 0 D ISHARES INC MSCI JAPAN INDEX INTL ETF'S - US 464286848 12672 1024400 SH SOLE 1024400 0 0 D ISHARES MSCI EMERGIN G MKTS IN INTL ETF'S - US 464287234 6947 51700 SH SOLE 51700 0 0 D ISHRES FTSE CHNA OPTIONS - PUTS 464287184 6987 51700 SH PUT SOLE 51700 0 0 D JOS A BANK CLOTHIERS INC COM COMMON STOCK 480838101 2150 104900 SH SOLE 104900 0 0 D KINROSS GOLD CORP NEW COMMON STOCK 496902404 2715 122800 SH SOLE 122800 0 0 D LDK SOLAR CO LTD ADR ADRS STOCKS 50183L107 2646 98000 SH SOLE 98000 0 0 D LEVEL 3 COMMUNICATIO NS INC CO COMMON STOCK 52729N100 14409 6796800 SH SOLE 6796800 0 0 D LEVEL 3 COMMUNICATIO NS INC CO OPTIONS - CALLS 52729N100 2292 1081200 SH CALL SOLE 1081200 0 0 D MASSEY ENERGY CO COM STK COMMON STOCK 576206106 3650 100000 SH SOLE 100000 0 0 D MBIA INC COM STK COMMON STOCK 55262C100 8741 715300 SH SOLE 715300 0 0 D MBIA INC COM STK OPTIONS - CALLS 55262C100 2444 200000 SH CALL SOLE 200000 0 0 D MBIA INC COM STK OPTIONS - PUTS 55262C100 1222 100000 SH PUT SOLE 100000 0 0 D MOSAIC CO BROOKLYN COM STK COMMON STOCK 61945A107 38814 378300 SH SOLE 378300 0 0 D MOSAIC CO BROOKLYN COM STK OPTIONS - PUTS 61945A107 2052 20000 SH PUT SOLE 20000 0 0 D NAUTILUS INC COM STK COMMON STOCK 63910B102 341 103700 SH SOLE 103700 0 0 D NET 1 UEPS TECHNOLOG IES INC C COMMON STOCK 64107N206 1076 47700 SH SOLE 47700 0 0 D NEW YORK TIMES CO CL A COM STK COMMON STOCK 650111107 1888 100000 SH SOLE 100000 0 0 D NEWMONT MINING CORP COM STK COMMON STOCK 651639106 8847 195300 SH SOLE 195300 0 0 D NORFOLK SOUTHN CORP COM STK COMMON STOCK 655844108 53842 991200 SH SOLE 991200 0 0 D NUTRI SYS INC NEW COM STK COMMON STOCK 67069D108 27053 1795134 SH SOLE 1795134 0 0 D OWENS ILL INC COM STK COMMON STOCK 690768403 5643 100000 SH SOLE 100000 0 0 D PALM HBR HOMES INC COM STK COMMON STOCK 696639103 806 153300 SH SOLE 153300 0 0 D POLARIS INDS INC COM STK OPTIONS - CALLS 731068102 5348 130400 SH CALL SOLE 130400 0 0 D POWERSHARES QQQ NASD AQ 100 OPTIONS - CALLS 73935A104 22936 524600 SH CALL SOLE 524600 0 0 D RESEARCH IN MOTION LTD COMMON STOCK 760975102 6969 62100 SH SOLE 62100 0 0 D RESEARCH IN MOTION LTD OPTIONS - PUTS 760975102 5802 51700 SH PUT SOLE 51700 0 0 D ROCKWELL AUTOMATION INC COM ST COMMON STOCK 773903109 11995 208900 SH SOLE 208900 0 0 D SEALED AIR CORP NEW COM STK COMMON STOCK 81211K100 30300 1200000 SH SOLE 1200000 0 0 D SEARS HOLDINGS CORP COM STK COMMON STOCK 812350106 11679 114397 SH SOLE 114397 0 0 D SHERWIN WILLIAMS CO COM STK COMMON STOCK 824348106 67194 1316500 SH SOLE 1316500 0 0 D SHERWIN WILLIAMS CO COM STK OPTIONS - CALLS 824348106 7656 150000 SH CALL SOLE 150000 0 0 D SIEMENS AG MUENCHEN ADR ADRS STOCKS 826197501 8171 75000 SH SOLE 75000 0 0 D SOUTHWEST AIRLINES C O COM STK COMMON STOCK 844741108 4437 357800 SH SOLE 357800 0 0 D STARBUCKS CORP COM STK COMMON STOCK 855244109 8048 459900 SH SOLE 459900 0 0 D STEIN MART INC COM STK COMMON STOCK 858375108 1155 205600 SH SOLE 205600 0 0 D STREETTRACKS GOLD TR UST US ETF'S - US TR 863307104 157802 1745400 SH SOLE 1745400 0 0 D THE ST. JOE COMPANY COM STK COMMON STOCK 790148100 4452 103700 SH SOLE 103700 0 0 D THE ST. JOE COMPANY COM STK OPTIONS - PUTS 790148100 4293 100000 SH PUT SOLE 100000 0 0 D TIDEWATER INC COM STK OPTIONS - PUTS 886423102 2756 50000 SH PUT SOLE 50000 0 0 D UAL CORP COM STK COMMON STOCK 902549807 1367 63500 SH SOLE 63500 0 0 D USANA HEALTH SCIENCE S INC COM COMMON STOCK 90328M107 1158 52569 SH SOLE 52569 0 0 D WALGREEN CO COM STK COMMON STOCK 931422109 7633 200400 SH SOLE 200400 0 0 D WALTER INDS INC COM STK COMMON STOCK 93317Q105 34447 550004 SH SOLE 550004 0 0 D WASHINGTON MUTUAL IN C OPTIONS - PUTS 939322103 6475 628700 SH PUT SOLE 628700 0 0 D WELLS FARGO COMPANY COMMON STOCK 949746101 20370 700000 SH SOLE 700000 0 0 D XTO ENERGY INC COM COMMON STOCK 98385X106 7903 127750 SH SOLE 127750 0 0 S REPORT SUMMARY 100 DATA RECORDS 1909451 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED