UPDATE ON CURRENT INNER CIRCLE IDEAS:

We have nine outstanding ideas currently running including the following:

ALTAIRNANO (NSDQ: ALTI) BUY

GLOW ENERGY (THAILAND: GLOW/F, OTC: GWEFF) BUY

THORESEN THAI (THAILAND: TTA/F, OTC: THAFF) BUY

PSIVIDA (NSDQ: PSDV) HOLD

AGF MASTER LIMITED PARTNERSHIP (TSX: AFP-U, OTC: AGFRF) BUY

MULTI-MANAGER LIMITED PARTNERSHIP I (TSX: MMN-U, OTC: MMPUF) BUY

MACKENZIE MASTER LIMITED PARTNERSHIP (TSX: MKZ-U, OTC: MCKZF) BUY

AMALGAMATED INCOME LIMITED PARTNERSHIP (TSX: AI-I, OTC: AILXF) BUY

PALM (NSDQ: PALM) BUY

BUY ALTAIRNANO:

We’re continuing to buy into our nanotechnology and nano-materials company for many of the same reasons that we’ve been buying into pSivida. It won’t be Altairnano that makes the massive long-term profits from its developments, but some big, well-established corporation.

For us, the development of the newer technologies is just the beginning. And to complete the process into real products and real revenues, a mature player has to step in. This is what we have with Altairnano: great ideas and great new innovations. But to really cash in, we need a bigger partner that’s in the wings. CONTINUE TO BUY ALTAIRNANO.

BUY GLOW ENERGY:

This week has been good so far for our Thai plays, as Glow is up even further in local and international trading. That gives an additional boost to our already positive performance, continuing the nice ride from our original buy. Glow continues to be a solid performer.

For newcomers to the Inner Circle, we want to address the question about the shares in the US over-the-counter (OTC) market. There are two–GWEFF for the foreign class shares with voting rights and GWEPF for the foreign class shares without voting rights. They move in tandem, and so for the percentage gains, it matters little whether you’re broker fills you with one or the other. BUY GLOW ENERGY.

BUY THORESEN THAI:

Like our other Thai play, Thoresen is right on track. Shares of the intermodal transporter are up nearly 6 percent this week–on top of gains we’ve already enjoyed so far.

Business is solid, with revenue continuing to trend higher at a 27 percent clip during the fourth quarter. Net profits climbed more than 22 percent. This comes as demand for commodity shipments in and around Thailand continue to ramp up.

Then there’s the dividends, giving us a further boost to our total return. Continue to buy it alongside Glow in the local market or in the US OTC market. And as with Glow, you can buy various classes of shares; the most actively traded is the straight foreign class shares under the symbol THAFF. BUY THORESEN THAI.

HOLD PSIVIDA:

Trading was halted earlier this week at the company’s request on both the Australian Stock Exchange (ASX) as well as the Nasdaq.

The shares re-opened in normal trading both in the US market as well as the ASX.

The first item of good news is that the company released its semiannual financials on Monday, showing revenues rather than just operating and other expenses. And leading up to the financials as well as post-release, the shares had been trading on heavier-than-normal volume and soaring in value.

And today pSivida made the announcement that led to resumption of trading: pSivida has a big deal is with Pfizer. The stock is up strong now as the Johnny-come-latelies pile in, so we might as well ride this move for all it’s worth. But be ready to sell once this move fizzles.

Here’s the essence of the deal:

Global drug delivery company, pSivida Limited, announced today that it has signed US$165m exclusive worldwide Collaborative Research and Licensing Agreement with Pfizer Inc. for pSivida’s controlled drug delivery technologies including the MedidurTM technology in ophthalmic applications.

Key elements of the licensing deal include:

US$155m in development and sales related milestones. Pfizer to fund the total cost of the joint research program aimed at developing products using pSivida’s drug delivery technologies.

Pfizer invests US$5m in pSivida – Pfizer to invest an additional US$5m subject to certain conditions. pSivida to use proceeds of upfront payments (together with other funds available to pSivida) to redeem the Sandell Convertible Note.

pSivida is free to license our drug delivery technologies, including Medidur, for all non-ophthalmic applications, including products that are developed from this collaboration.

In addition, the Company announced earlier today that it has issued a Redemption
Notice for the Sandell convertible note enabling the company to move forward with a much simpler structure facilitating the company’s future development.

Longer term, this is the kind of deal that will move a development stage company into the real company area. But we’re in this for our quicker gain, not to hold for the longer haul. Be watching for our call to cash out. HOLD PSIVIDA.

BUY AGF MASTER LIMITED PARTNERSHIP, MULTI-MANAGER LIMITED PARTNERSHIP I, MACKENZIE MASTER LIMITED PARTNERSHIP AND AMALGAMATED INCOME LIMITED PARTNERSHIP:

Not all of you have been able to get your trades executed for the bizarre reason that some folks in Canada don’t want American investors. They’ll take Canadians, they’ll take Europeans, they’ll take anybody but us.

This isn’t how publicly listed and publicly traded companies are supposed to work. They’re listed on the US and Canadian markets. And although they might want to remain nice, quiet little clubs for locals to trade, that’s not reality. And thanks to some further tax law changes in 2001, the Canadian government even supports us from a tax basis to buy and hold these partnerships. Even if one of the CEOs or CFOs calls, pleading with you not to buy his company, just say, “Tough. You want to be private? Bid me back at the right price and I’ll sell the shares to you.”

These were under-the-wire operations, almost a little club run for the benefit of their pals and fellow members within the financial services industry. The partnerships are public and are therefore subject to the rules of the Canadian exchanges, and when operating and listed in the US, they fall under US securities laws too.

In the meantime, many of you own these–continue to do so. There’s nothing wrong with the businesses. AGF is trading still up from our original buy; Multi-Manager is steady to positive and is now trading ex-dividend. Mackenzie is trading up in line with AGF, and Amalgamated is trading positive with it’s biggie dividend slated for payment April 13. CONTINUE TO LEGALLY BUY AGF MASTER LIMITED PARTNERSHIP, MULTI-MANAGER LIMITED PARTNERSHIP I, MACKENZIE LIMITED PARTNERSHIP AND AMALGAMATED INCOME LIMITED PARTNERSHIP IN MODERATION TO GOOSE UP YOUR PORTFOLIO’S CASH FLOWS.

BUY PALM:

OK, it didn’t happen as it might have for this company. But that doesn’t mean it won’t. A buyout, a takeover (hostile or friendly)–it’s due to happen. This company isn’t going to stand on its own, and it has some products that Motorola, Nokia and/or some others in the handset biz need.

As for any of the big names in the handset/smartphone industry, the whole value of the company would be chump change for them, almost right out of current assets.

It’s going to happen. Keep owning this company, as others are buying. BUY PALM.

Remember, weekly updates for Inner Circle are sent out every Wednesday afternoon, and you can always visit www.neilsinnercircle.com to make sure you don’t miss a trade or an update.

CARBON-RICH

NOTE: The following is free market commentary that Neil George has written for his By George (www.bygeorge.biz) subscribers. The advice and recommendations below are simply for your benefit as investors. And recommendations listed below are are not current Inner Circle recommendations, nor will they be followed and updated on a continuous basis. See above for the current Inner Circle recommendations and advice.

OK, so the US Environmental Protection Agency (EPA) now has the right to regulate carbon-dioxide emissions under the Clean Air Act, according to the US Supreme Court.

So, how are we going to profit? That’s easy–the same way we’ve been trying to cash in on the whole tailpipe thing, even if it’s a complete sham. We’ll use ethanol to power up our cars, complete with who knows how much added pollution that comes with the whole program.

Corn farmers are the new sheiks and the new greenies, at least as they put more and more green in their own bank accounts.

The industry sales pitch is simple: Ethanol is supposed to ease up carbon-dioxide emissions, and that’s on top of the other pitch that the US imports 14 million barrels of oil daily, most from politically unstable regions. To break that dependence, we can power cars with biofuels made from Midwest-produced crops.

Unfortunately, that’s irresponsible hype and exaggeration. The truth comes from my energy guru Elliott Gue, who says that, even if the US converted its entire corn crop to ethanol, it would replace less than 20 days’ worth of gasoline consumption.

Biofuels are no panacea, but governments the world over are mandating increased use. That spells growth and opportunity for investors whether for the pro-warming crowd or the anti-imported petrol folks.

BIOFUEL MARKETS?

“Biofuel” refers to any fuel made from agricultural products. There are two main types: ethanol and biodiesel.

Ethanol is an alcohol produced from sugar or corn. In the US, it’s produced almost exclusively from corn; 101 ethanol plants currently churn out 5 billion gallons annually.

Two main factors are driving increased ethanol use in the US. First, 28 states have declared that an oxygenating fuel additive—MTBE—is unsafe.

Ethanol is the only viable substitute for MTBE; refiners switched to ethanol this year. That jump in demand prompted a shortage and a more than doubling in prices since January.

Second, President Bush passed legislation requiring refiners to increase their ethanol use by 2012 to roughly 7.5 billion gallons annually.

The US uses some 316 billion gallons of crude yearly—even if the president’s target is met, ethanol will account for less than 2.5 percent of total liquid fuel use. Nonetheless, that mandate implies considerable growth in ethanol demand from a low base.

Globally, the other major market for ethanol is Brazil where ethanol is produced from sugarcane at roughly half the cost of corn-derived ethanol. Brazil’s tropical climate and long growing season offer significant advantages.

Still, ethanol is far from a perfect solution. Brazil is the world’s largest sugar exporter, but it’s been forced to divert sugar to its domestic ethanol industry. World sugar prices are up 170 percent in just the past three years. Despite Herculean efforts, Brazil is barely meeting demand.

Biodiesel isn’t an alcohol; it’s an ultra-clean diesel derived from vegetable and seed oils. The primary market for biodiesel is Europe where it’s produced from rapeseed (canola) oil.

Europe has severely tightened sulphur regulations governing diesel fuel use. Biodiesel is sulphur free; to meet regulations, refiners can blend biodiesel with conventional diesel. Like the US, the European Union (EU) is actively mandating increased biofuel use—a near tripling in consumption by 2010.

Biodiesel production is expensive, and meeting those targets will require diverting as much as 25 percent of Europe’s arable land to rapeseed production. Nonetheless, biodiesel demand will see tremendous growth.

To play growth in biofuel, avoid the overvalued pure plays on ethanol. Concentrate on companies that will benefit from the rising demand for agricultural products.

In the past year alone, three US ethanol producers opened for trading—Verasun Energy (NYSE: VSE), Xethanol (AMEX: XNL) and Aventine Renewable (NYSE: AVR).

US ethanol prices will likely see more upside short term because of MBTE replacement. But there are already 32 new plants under construction that will nearly double current US production capacity—within two years there will be a glut of ethanol in the US market.

Meanwhile, these three trade at nosebleed valuations. Avoid Verasun, Xenthanol and Aventine.

We recommended selling Archer Daniels Midland (NYSE: ADM) inside Personal Finance for a significant gain last year. The company remains attractive, but the stock has been caught in ethanol-related hype.

It’s no longer attractively valued. Avoid ADM.

As an alternative, consider other PF Growth Portfolio holdings, such as a Netherlander/American coop in the bean biz and the St. Louis-based ag-tech leader.

The bean company is the world’s largest oilseed processor, a class that includes soybeans and rapeseed. The company processes these crops to produce oils that are used for food and as raw material for biodiesel.

It recently formed a joint venture with French biodiesel company Sofi Proteaol. The venture will have a capacity of roughly 430,000 metric tons, about a third of French and German consumption.

The company is encouraging other biodiesel producers to locate plants adjacent to its operations—biodiesel would be a captive source of demand for the company’s oil.

Moreover, it’s South America’s top fertilizer producer and owns a commanding position in Brazil—sugarcane is a fertilizer-intensive crop. The company has also made direct roads into the ethanol market, opening a sugar trading operation in Brazil and buying a US-based plant.

Our St. Louis ag company is the world’s largest producer of genetically modified (GM) seeds. These seeds offer attractive traits such as disease and insect resistance.

New GM seeds are targeted at the biofuel industry, producing corn and oilseed crops that offer higher fuel production yields.

Along side our St. Louis giant is Syngenta (NYSE: SYT), which is the global leader in pesticides and herbicides, chemicals sprayed on crops to prevent damage from insects or weeds. It also makes a variety of chemicals used to treat and protect crops from various diseases and fungi. Syngenta is a major player in the GM seeds industry.

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