Duncan Stewart Itron Inc. ITRI-Q BUY Apr 25, 2008

A leader in smart meters technology for smart grid technology.

Play on electric and natural gas utilities. Supplies smart meters that read flows. Also supplies software that makes it work and provides assistance for data collection and a software package to manipulate data to help cut costs. Main market is electric, natural gas and water utilities. 47% market penetration in N.A. but only 3% abroad. Europe has just passed legislation that will be great for them.

Service utilities in about 130 countries. 2 major focuses. Power (electrical and natural gas utilities) and water. Plan top grow their water 30% by 2015. Produce smart meters as well as software programs to run the smart meters.

Sells smart meters and software packages to utilities, who in turn install them in customers homes. Sold his holdings and wouldn't go into it at this time.

(Top Pick Jan 27/11, Down 33.54%) Started to loose faith in the cyclicals. Too many of their projects appeared long term.