Purchased Harvest Energy - Again!

We purchased Harvest Energy (HTE) at $21.01 per share yesterday. We had held Harvest Energy (HTE) for a year and sold it immediately after they announced a dividend cut. After we sold, the stock went down another 20% and now the yield is slightly more than the yield prior to the dividend cut announcement.

To accommodate this purchase, we sold Frontier Limited (FRO) at $46.67 per share for a short-term profit of about 10% (including dividend) in one month. Frontier (FRO) showed strength in an overall market downturn because oil tanker rates rebounded sharply.

The list of stock/options sold during the year and the gain/losses are listed below:

Stock	Buy Date	Buy Price	Sell Date	Sell Price	% Gain (Loss)	% Portfolio Return*
Harrah’s (HET)	10/2/2006	75.61	8/7/2007	83.68	10.66	0.62
St. Joe (JOE)	8/7/2007	39.4	8/8/2007	41.8	6.23	0.47
Google (GOOG)	3/14/2007	441	8/10/2007	515.99	16.86	1.14
LOCM (LOCM)	8/10/2007	5.47	9/17/2007	6.094	11.31	0.71
PetroChina (PTR)	9/12/2006	106	10/1/2007	188.5	78.14	2.83
PetroChina (PTR)	9/12/2006	106	10/3/2007	178.05	68.39	2.2
ValueClick (VCLK)	9/12/2007	19.4	10/12/2007	28.28	45.79	3.38
Canetic Resources (CNE)	11/2/2006	13.95	10/26/2007	15.88	13.78	1.06
Harvest Energy (HTE)	11/2/2006	23.46	11/9/2007	26.39	12.5	0.95
Canadian Solar (CSIQ)	10/30/2007	10.60	11/21/2007	14.30	34.9	2.82
Frontier Ltd. (FRO)	10/26/2007	43.51	11/28/2007	46.62	7.15	0.47
Suntech March 45 Call	-	-	10/15/2007	5.00	-	-
TSM April 12.5 Call	-	-	10/18/2007	0.35	-	-
Realized Gain/(Loss) YTD	-	-	-	-	-	16.65

• % Gain/Loss Relative to Portfolio Value at Beginning of Year + Deposits
• The table assumes realization of profits associated with selling options only after the option is exercised or expiry.

Here is our updated Stock Portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Current Yield
Philip Morris (MO)	1/4/2005	46.54	74.09	9.18	59.19	4.29
Kraft Foods (KFT)	1/4/2005	21.11	33.8	2.89	60.08	3.15
Plum Creek Timber (PCL)	5/12/2005	35.5	44.67	8.30	25.82	3.74
Pfizer (PFE)	2/6/2006	25.15	23.44	5.81	(6.82)	4.63
ICICI Bank (IBN)	5/18/2006	27.57	60.88	11.32	120.79	0.92
Taiwan Semi (TSM)	7/27/2006	8.71	9.80	6.07	12.50	3.4
Advantage Energy Fund (AAV)	11/2/2006	11.22	10.46	4.21	(6.81)	15.03
SunTech Power (STP)	3/14/2007	36.73	45	5.77	22.53	0
Central Europe & Russia Fund (CEE)	6/28/2007	51.5	62.45	5.80	21.11	9.6
Patni Computers (PTI)	8/10/2007	20.85	16.14	5.00	(22.65)	0.64
Bank Of Ireland (IRE)	10/1/2007	76.43	64.60	5.00	(15.48)	4.5
Asure Software (ASUR)	10/5/2007	1.31	1.32	4.10	0.82	0
Itron Inc. (ITRI)	11/07/2007	85.01	78.61	4.87	(7.64)	0
Anthracite (AHR)	11/09/2007	7.97	7.73	4.79	(3.01)	0
ClickSoftware (CKSW)	11/09/2007	4.61	4.43	2.74	(3.90)	0
LDK Solar (LDK)	11/21/2007	30.30	27.72	8.59	(8.51)	0
Harvest Energy (HTE)	11/28/2007	21.01	21.01	5.21	0	17.2
Cash				0.53
Total Portfolio					12.48

• For SunTech Power (STP), we wrote a call option for March 45 (see first table) and so the price is listed as $45 as we won’t participate in the appreciation beyond that plus the premium received.

A detailed analysis of Harvest Energy follow.