Bully the Bear 1st half FY08 results

Dear shareholders,

I am pleased to announce the half year results of Bullythebear for the financial year ending 31st December, 2008.

It was an exciting half year for Bullythebear, with the many changes to serve our shareholders better. There is a major change in the theme of the website, from the older blue/green background to the present black/red outlook. If the new look irked some shareholders, I will take personal responsibility for it. The reason for the change was outlined in previous announcement, but perhaps it’s a good idea to re-iterate the points here again.

Bullythebear was incorporated in December 2006. The newest change to the black/red theme is the latest change to serve our shareholders better as Bullythebear had outgrown the older template. This is very much in line with the change in business direction as Bullythebear transits from technical analysis to fundamental analysis. No longer is bullythebear concerned about daily market movement and a cursory reading of the posts made in first half of FY08 confirms that.

Here are the results so far for Bullythebear:

In January FY08, Bullythebear hit an all time page views of 13,957, meaning 465 per day. I remembered that when it was first started in Dec 2006, there are only 15 page views if I'm lucky. We have gone a long way since then. Going forward, we do not expect bullythebear to have any breakthrough in page views, but it shall remain consistent around 10,000 page views, with around 6000 unique visitors per month.

Profitability

Bullythebear used to have advertlets and google, but had since dropped it. It is now a member of Nuffnang's Glitterati club. From the time bullythebear had advertisement till now, it had finally earned enough advertisement dollars to cash out the money! The management hopes that the advertising revenue will flow in at a consistent rate of $10 per month. If it does happen, the management will do certain improvements over the cbox, which is now the central feature of bullythebear. Till then, please support bullythebear by clicking on the advertisement if you find it interesting as it will encourage the chairman to keep doing the good work here :)

That being said, bullythebear will remain a haven for everyone - chartist and fundamentalist alike.

Portfolio

Bullythebear owns a partial interest in several companies. These are listed for all shareholders to see. These are:

1. Pac andes (-21%)
2. Swiber (87.5%)
3. Yongnam (-45%)
4. Yongnam warrants (70%)
5. Singpost (-9%)
6. China milk (-17%)
7. Hongguo (-6%)
8. HSBC (HK listed) (-2% exclusive of foreign exchange)

* the % bracket after each company is the returns exclusive of dividends. It is calculated by dividing the returns if the shares are sold today over the cost of purchasing the shares (inclusive of brokerage of both buy and sell). It is regrettable that the chairman still do not have a good way to calculate portfolio returns but promises shareholder that this inadequacy will be corrected soon.

Up to date, there is a losing shorting trade of yanzijiang early in January, which the chairman vows never to do it again. There is also a divestment in interest in CSC in April and May for reasons already stated in previous announcements. While money has/had been lost, the confidence of the chairman has positive divergence with the amount lost. From a height of 30k losses in the aftermath of the Aug crash of FY07, the portfolio losses had been reduced to 8k to date. This is on a total capital of 56k, meaning a loss of 14% up to date. The portfolio runs on zero debts and has high cash to equity ratios, so it will definitely survive troubled times ahead.

Shareholders meeting

Shareholders meeting are subjected to availability. As the chairman is busy juggling a second life outside of this current one, there are often clashes in schedules. So far, the chairman had met skyalps, jeng, charlesming, casanovakid and dream.

We would like to thank all shareholders for continuing to believe in bullythebear and to actively participate in the comments and cbox daily. For those who are new, the cbox has a life of its own everyday around 11pm - 2am, where many of the regulars will gather to convene on the interests of the day.

May all shareholder grab find their own dividends after reading the posts and the cbox! :)



La Papillion

(Chairman)
Bullythebear