Added Costco (COST) and Bought More ICICI Bank (IBN)

We added about 6% more cash to our stock portfolio account. The cash was used to purchase shares of Costco (COST) and add one-third more shares to our ICICI Bank (IBN) holdings. Costco came down about 15% following company’s projection that 4Q earning will come in well below estimates. Costco as a discount retailer is a good place to bet money on even though the valuation is fairly high at 18 times forward earnings. ICICI Bank shares have come down about 60% from its peak due to the uncertainties regarding the credit crunch. ICICI Bank is India’s second largest lender and is a financial behemoth with interests in Insurance (life and general), Investment Banking, Venture Funds, and Home Finance in addition to its core banking business. As such, the company should continue to grow at a steady pace paralleling GDP growth in India.

Below is our updated portfolio:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Yield as % of BOY Portfolio Value Plus Deposits
Altria (MO)	Various	16.69	20.90	3.48	25.26	0.15
Philip Morris International (PM)	1/4/2005	32.19	52.08	5.81	61.78	0.18
Kraft Foods (KFT)	Various	24.03	32.04	3.56	33.31	0.11
Plum Creek Timber (PCL)	5/12/2005	35.5	48.70	8.11	37.17	0.28
Pfizer (PFE)	Various	24.37	18.60	5.16	(23.67)	0.28
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	28.30	30.40	6.75	7.40	0.06
Taiwan Semi (TSM)	7/27/2006	8.71	9.58	5.32	10.12	0.15
Advantage Energy Fund (AAV)	11/2/2006	11.22	10.70	3.86	(4.67)	0.39
SunTech Power (STP)	3/14/2007	36.73	33.51	3.72	(8.76)	None
Central Europe & Russia Fund (CEE)	Various	51.03	47.91	5.32	(6.12)	0.93
Patni Computers (PTI)	8/10/2007	20.85	10.58	2.94	(49.30)	0.03
Itron Inc. (ITRI)	11/07/2007	85.01	92.24	5.12	8.38	None
Anthracite (AHR)	11/09/2007	7.97	6.82	3.78	(14.43)	0.51
ClickSoftware (CKSW)	11/09/2007	4.61	2.43	1.35	(47.29)	None
Harvest Energy (HTE)	11/28/2007	21.01	19.37	4.30	(7.83)	0.59
iRobot (IRBT)	12/18/2007	18.65	13.86	3.08	(25.05)	None
MCG Capital (MCGC)	Various	10.86	4.78	2.12	(55.99)	0.32
LDK Solar (LDK)	01/22/2008	30.49	32.79	5.46	7.53	None
Aegon N.V. (AEG)	04/28/2008	15.99	11.59	3.86	(27.50)	0.20
LM Ericsson (ERIC) (AEG)	05/05/2008	23.65	21.18	4.70	(10.46)	0.14
TD Ameritrade (AMTD)	05/21/2008	17.68	20.73	4.60	17.22	None
Trina Solar (TSL)	06/06/2008 and 07/31/2008	45.61	27	3.75	(35.89)	None
Costco (COST)	08/01/2008	62.28	62.20	3.45	(0.13)	0.03
Cash				0.45
Total Portfolio					(6.54)	4.36

• For SunTech Power (STP), we wrote covered calls for 2008 Dec 50 on 06/06/2008 at $5.20.
• For Taiwan Semi (TSM), we wrote covered calls for 2008 October 12.5 on 4/21/2008 at $0.45.
• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info
• For Plum Creek Timber (PCL), we wrote covered calls for 2008 November 50 on 06/03/2008 at $1.70.