Can you first give us a brief outline on the key individuals at Winnington Capital?
We have five people. I make most of the decisions. I have two assistants, one with an accounting background who does research and analysis of companies; the other is a computer programmer who filters and screens companies and markets. • So, need I ask how 2003 was for you? What do you attribute the success to? 2003 was a good year for us; our investment formula was proven right. I think we can categorise the profits we made in largely four areas. The first was in a position of a small company we bought in mid-2002. It initially went down but we were very confident of its prospects that when it started to go up again, we increased our exposure. Eventually we made 10x our money over 18 months. The second trade was Petrochina, a stock that we knew well and traded previously. When Warren Buffet took a stake in it, we took a large exposure and made decent money in the following four months. The third area was when we cashed out of most of our exposure in the Chinese market during the mini-e
