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VALUE CHECK - DECEMBER 17, 2002

With the year 2002 coming to a close, we have been reviewing, upgrading and culling our portfolios of various securities.  In addition, we have drawn up a list of a half dozen stocks we would like to purchase on price weakness.  Consequently, as we enter the 2003 New Year, we would like to start off fresh and with a cash cushion for these future acquisitions.

At the same time we recognize that over the next 2-3 weeks the securities markets will remain very thin and volatile.  Accordingly, we will remain alert to profitable opportunities, both buying and selling, which may occur due to late year-end seasonality.


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