Doubled down on Trina Solar (TSL)

We doubled down on Trina Solar (TSL) today at $7.65. This is following our strategy to eliminate our exposure to Suntech Power (STP) while simultaneously increasing our holdings on a smaller player valued much lower. We previously liquidated our Suntech (STP) position late last year. The thinking is that Suntech has premium valuation despite the fact that both Suntech and Trina are in the vertically integrated polysilicon based solar cell manufacturing industry which is being quickly commoditized – Suntech is trading at an Enterprise Value to Revenue ratio of 1.37 while Trina solar is trading at roughly half that ratio making Trina Solar attractive on a relative basis. With this purchase, our cost basis on Trina Solar (TSL) has come down to just under $25.

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	16.84	4.58	0.93	0.16
Philip Morris International (PM)	1/4/2005	32.19	41.22	7.60	28.04	0.23
Kraft Foods (KFT)	Various	24.03	28.67	5.19	19.29	0.11
Pfizer (PFE)	Various	24.37	17.45	7.90	(28.39)	0.33
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	25.28	14.81	6.71	(41.41)	0.17
Taiwan Semi (TSM) – Call Value	7/27/2006	8.71	7.50	6.79	(13.77)	0.24
Advantage Energy Fund (AAV)	11/2/2006	11.22	4.26	1.93	(62.05)	0.22
Central Europe & Russia Fund (CEE)	Various	39.23	14.80	4.69	(62.27)	1.85
Patni Computers (PTI)	8/10/2007	20.85	4.84	2.19	(76.80)	0.03
Itron Inc. (ITRI)	11/07/2007	85.01	58.10	5.26	(31.73)	None
Anthracite (AHR)	11/09/2007	7.97	1.61	0.73	(79.80)	0.35
ClickSoftware (CKSW)	11/09/2007	4.61	1.99	1.80	(56.83)	None
Harvest Energy (HTE)	11/28/2007	21.01	8.71	3.16	(58.55)	0.45
iRobot (IRBT)	12/18/2007	18.65	7.38	2.67	(60.09)	None
LDK Solar (LDK)	01/22/2008	30.49	11.50	3.13	(62.29)	None
Aegon N.V. (AEG)	04/28/2008	15.99	4.47	1.21	(72.04)	0.24
LM Ericsson (ERIC)	05/05/2008	11.83	7.50	5.66	(33.97)	0.20
TD Ameritrade (AMTD)	05/21/2008	17.68	11.97	4.34	(32.31)	None
Trina Solar (TSL)	06/06/08, 07/31/08, 01/23/09	24.78	7.79	3.53	(68.64)	None
Costco (COST)	08/01/2008	62.28	46.97	4.25	(24.58)	0.03
Frontline Limited (FRO)	10/06/2008	36.95	28.11	3.82	(23.92)	0.41
DryShips Incorporated (DRYS)		11.66	10.70	5.82	(8.22)	0.41
Companhia Siderurgica Nacional (SID)	10/10/2008	11.47	14.93	5.41	35.38	0.02
Cash				1.75
Total Portfolio					(38.83)	5.46

• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info
• The yield column is current as of 11/21/2008.
• For Taiwan Semi (TSM), we wrote Feb 7.5 covered calls on them on 01/05/2009.
• For DryShips (DRYS), we wrote Feb 15 covered calls against half our holdings on 01/16/2009.
• For LM Ericsson Telephone Company (ERIC), we wrote Apr 7.5 covered calls on them on 01/21/2009.