Portfolio Update as of Feb 2, 2008

-up 1% from last month
-up 9% in 2007
-CDN 67%
-U.S. 30%
-International 3%

TRP - 4.31%
CSH.UN - 4.27%
GWO - 4.49%
PFE - 4.99%
POW - 3.97%
WAG - 3.27%
L - 2.62%
UNS - 2.47%
GZ - 2.17%
TD - 13.02%
EIT.UN - 2.45%
JNJ - 5.43%
MMM - 3.52%
C - 2.68%
ATD.B - 3.09%
BCE - 5.22%
IIC - 2.36%
O'Shaughnessy’s Global Fund - 3.39%
American Growth Fund - 0.87%
CDN Value Fund - 3.11%
Small Cap Growth Fund - 3.87%
Chou Associates Fund - 9.34%
Money Market Fund - 9.08%

The only change in my portfolio over the last month was the purchase of IIC. I also contributed some cash to the portfolio which increased my cash position to 9% from 6%. The cash injection was also responsible for the 1% portfolio increase. Excluding the cash injection the portfolio would have been down approximately 2%. The reason for the decrease was the general malaise that the markets have experienced over the last month, no individual name was down in any significant way. As always I’ll continue to monitor the markets and make acquisitions when I perceive value.