Sold Companhia Siderugica Nacional (SID)& DryShips (DRYS)

We sold out of Companhia Siderugica Nacional (SID) at $16.01 and DryShips (DRYS) at $8.96. Reports from the world economic forum in Davos gave ample evidence that global trade is not going to rebound anytime soon. Both these companies are aggressive positions in our portfolio that are dependent on global trade and so we decided to exit the positions with a combined gain of just under 1% of our total portfolio value. As part of exiting DryShips (DRYS) we bought back the covered calls we wrote previously – the premium on the Feb 15 calls had come down to just $0.20 following the announcement that they may breach debt terms. Following these transactions, our cash position has gone up to 12.5% of our total portfolio value.

Below is our updated portfolio:












































































StockBuy DateBuy PriceCurrent PriceCurrent % Of PortfolioUnrealized % ReturnYield as % of BOY Portfolio Value Plus Deposits
Altria (MO) Various16.6916.844.570.930.16
Philip Morris International (PM)1/4/200532.1938.757.9920.370.23
Kraft Foods (KFT)Various24.0329.285.3021.830.11
Pfizer (PFE)Various24.3715.126.84(37.95)0.33
ICICI Bank (IBN)5/18/2006 and 08/01/200825.2816.367.40(35.27)0.17
Taiwan Semi (TSM) – Call Value7/27/20068.717.506.78(13.77)0.24
Advantage Energy Fund (AAV)11/2/200611.224.251.92(62.14)0.22
Central Europe & Russia Fund (CEE)Various39.2314.684.65(62.58)1.85
Patni Computers (PTI)8/10/200720.855.482.48(73.74)0.03
Itron Inc. (ITRI)11/07/200785.0166.255.99(22.16)None
Anthracite (AHR)11/09/20077.971.670.76(79.05)0.35
ClickSoftware (CKSW)11/09/20074.612.141.94(53.58)None
Harvest Energy (HTE)11/28/200721.018.613.11(59.03)0.45
iRobot (IRBT)12/18/200718.657.542.73(59.22)None
LDK Solar (LDK)01/22/200830.4912.443.37(59.20)None
Aegon N.V. (AEG)04/28/200815.995.601.52(64.97)0.24
LM Ericsson (ERIC)
05/05/200811.83 7.505.43(36.59)0.20
TD Ameritrade (AMTD)05/21/200817.68 11.654.21(34.12)None
Trina Solar (TSL)06/06/08, 07/31/08, 01/23/09
24.78 7.853.55(68.40)None
Costco (COST)08/01/200862.28 46.454.20(24.42)0.03
Frontline Limited (FRO)10/06/200836.95 29.143.95(21.11)0.41
Cash














12.31









Total Portfolio



















(38.81)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 LM Ericsson Telephone Company (ERIC), we wrote Apr 7.5 covered calls on them on 01/21/2009.
And, below is the list of transactions done during the year:

























StockBuy DateBuy PriceSell DateSell Price% Gain (Loss)% Portfolio Return*
DryShips (DRYS) Various11.66 01/29/2008 8.96 (23.29) (1.42)
DryShips Feb 15 Calls (OOCBC) 01/29/20092.50 01/16/2008 0.20 922 0.58
Companhia Siderugica Nacional (SID) Various11.03 01/29/2008 16.01 44.86 1.73
Total 2009 Stock Transactions - Gain/(Loss) -----0.89
Income (Dividends, Interests, etc.) -----NC
Net Realized 2009 Gain/(Loss)-----0.89


  • % 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.

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