Report card for 2007

- Nett realized profit of $134K for 2007
- Compounded return on capital plus past realized profit since 2003 = 30.2%

Performance update for year end 2007

Portfolio update - Bought SGX 13.12

Portfolio update - Bought SGX 13.4

Portfolio update - Contra Cosco, ROC 2.7%

Portfolio update - Contra off SGX. ROC 1.6%

Portfolio update - Bought Kep and SGX

Portfolio update - Bought Cosco and YZJ

Portfolio update - sold Kep, bought Cosco and YJZ

Portfolio update - sold STX and buy back STX

Is the worst for STI over?

Nov 07 correction is the longest period of 42 days from the previous peak-to-low before rebounding. Historically, the month December is generally positive so Nov 07 probably would be the last crash for the year. Cheers