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SUMMARY
1 YEAR PERFORMANCE ~ 2001 STOCK PICKS VS. S&P 500

SUMMARY
1 YEAR PERFORMANCE ~ 2002 STOCK PICKS VS. S&P 500

SUMMARY
1 YEAR PERFORMANCE ~ 2003 STOCK PICKS VS. S&P 500

DETAIL
1 YEAR PERFORMANCE ~ 2004 STOCK PICKS
Stock Name,
(Business sector)
SYM Pick Dt Pick Dt
Prce
Eval. Dt Eval. Dt
Prce
Cum. Div. Shr. Prce
+Div.
Months %
Appr.
  Sept    December 2004 Selections Below  
LAN Airlines S.A. Inc.
(NYSE\Airlines)
LFL

12/01/04

$27.46 12/01/05 $37.33 -- $37.33 12 35.94%
  Sept    November 2004 Selections Below  
NS Group, Inc.
(NYSE\Water Transportation)
NSS

11/01/04

$18.94 11/01/05 $33.98 -- $33.98 12 79.41%
Seaboard Corp.
(AMEX\Fish & LIvestock)
SEB

11/01/04

$680.00 11/01/05 $1404.00 -- $1404.00 12 106.99%
                                                                                   November 2004 ~ Annual Gain (Loss) >> 93.20%
  Sept    October 2004 Selections Below  
OMI Corporation
(NYSE\Water Transportation)
OMM

10/01/04

$16.08 10/15/05 $17.49 -- $17.49 12 8.76%
                                                                                   October 2004 ~ Annual Gain (Loss) >> (3.97%)
  Sept    September 2004 Selections Below  
Frontline Ltd.
(NYSE\Water Transportation)
FRO

09/01/04

$25.07 09/01/05 $44.91 -- $44.91 12 79.14%
General Maritime Corp.
(NYSE\Water Transportation)
GMR

09/01/04

$25.90 09/01/05 $37.75 -- $37.75 12 45.75%
Terra Nitrogen Co.
(NYSE\Chemical Manufacturing)
TNH

09/01/04

$15.15 09/01/05 $29.61 -- $29.61 12 95.45%
                                                                                   September 2004 ~ Annual Gain (Loss) >> 73.45%
     August 2004 Selections Below  
Acme United Corp.
(AMEX\Personal & Household Products )
ACU

08/20/04

$7.36 08/19/05 $16.36 -- $16.36 12 122.28%
                                                                                   August 2004 ~ Annual Gain (Loss) >> 122.28%
  July 2004 Selections Below  
Alleghany Corp.
(NYSE\Conglomerates )
Y

07/13/04

$276.23 07/13/05 $301.00 -- $301.00 12 8.97%
Houston Exploration Co..
(NYSE\Oil & Gas Operations )
THY

07/13/04

$51.20 07/13/05 $59.01 -- $59.01 12 15.25%
Zenith National Insurance Corp..
(NYSE\Insurance - Prop. & Casualty )
ZNT

07/12/04

$47.80 07/01/05 $67.68 -- $67.68 12 41.59%
                                                                                   July 2004 ~ Annual Gain (Loss) >> 21.94%
  June 2004 Selections Below  
Olympic Steel Inc.
(NASD\Miscellaneous Fabricated Products )
ZEUS

06/01/04

$14.49 06/01/05 $15.56 -- $15.56 12 7.38%
Pilgrims Pride Corp.
(NYSE\Food Processing )
PPC

06/14/04

$26.86 06/14/05 $35.28 -- $35.28 12 31.35%
Sanderson Farms Inc.
(NASD\Food Processing )
SAFM

06/01/04

$46.87 06/01/05 $39.05 -- $39.05 12 (16.68%)
Tesoro Petroleum Corp.
(NYSE\
Oil & Gas Operations
)
TSO

06/14/04

$22.13 06/14/05 $47.14 -- $47.14 12 113.01%
Twin Disc Inc.
(NYSE\
Miscellaneous Capital Goods  )
TDI

06/01/04

$21.33 06/01/05 $21.99 -- $21.99 12 3.09%
                                                                                   June 2004 ~ Annual Gain (Loss) >> 27.63%
  May 2004 Selections Below  
UICI Co.
(NYSE\Insurance - Life)
UCI

05/05/05

$16.96 05/05/05 $24.61 -- $24.61 12 45.11%
                                                                                   May 2004 ~ Annual Gain (Loss) >> 45.11%
  April 2004 Selections Below  
Newfield Exploration Co.(NYSE\Oil & Gas Operations) NFX

04/01/04

$47.28 04/01/05 $75.82 -- $75.82 12 60.38%
Southwestern Energy Co. (NYSE\Oil & Gas Operations) SWN

04/01/04

$23.86 04/01/05 $59.61 -- $59.61 12 149.83%
                                                                                   April 2004 ~ Annual Gain (Loss) >> 105.10%
  March 2004 Selections Below  
Barnwell Industries Corp.(AMEX\Oil & Gas Operations) BRN

03/17/04

$20.18 04/17/05 $49.68 -- $49.68 12 146.18%
Fremont General Corp.(NYSE\Regional Banks) FMT

03/02/04

$22.79 04/02/05 $24.67 -- $24.67 12 8.25%
                                                                                   March 2004 ~ Annual Gain (Loss) >> 77.22%
  February 2004 Selections Below  
Sierra Health Services Inc.(NYSE\Insurance - Accident & Health) SIE

02/02/04

$29.68 02/02/05 $57.46 -- $57.460 12 93.60%
William Lyon Homes(NYSE\Insurance - Accident & Health) WLS

02/02/04

$62.60 02/02/05 $84.36 -- $84.36 12 34.76%
                                                                                   February 2004 ~ Annual Gain (Loss) >> 64.18%
  January 2004 Selections Below  
Capital Crossing BankBank(NASD\Regional Banks) CAPX

01/02/04

$23.66 12/31/04 $30.80 -- $30.80 12 30.18%
                                                                                   January 2004 ~ Annual Gain (Loss) >> 30.18%
                                                    01/2004 to 12/20004 12-MONTH AVG. GAIN (24 Stocks) >>> 55.55%

2004 STOCK PICKS ~ GAIN (LOSS) SUMMARY