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VALUE CHECK - JUNE 26, 2001

Price volatility, investor concern and lack of investment focus combined with the habitual summer seasonality has caused stock prices to drift.  Golfing, school break, and summer vacations encourage many investors to do nothing.  There appears to be no sense of urgency.

We believe, however, that the start of summer is an excellent time to research and to opportunistically purchase undervalued stocks.  With many investors on the sidelines, one can purchase shares without any competition.  Our intention is to remain on the alert to advantageously add to our holdings.


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