Summary of all Market Analysis Prior Share Recommendations

This Summary prepared: July 2005

As "Market Analysis" has been published since 1981, this Summary is split by decades -
1981 to 1989:
80 recommendations showing an average Gain of +86.7% over an average of 2.5 years = 34.5% per annum.
1990 to 1999:
54 recommendations showing an average Gain of +186.1% over an average of 6.2 years = 30.3% per annum.
2000 to the present (this page):
52 recommendations showing an average Gain of +99.2% over an average of 3.8 years = 25.9% per annum.
Total from 1981 to the present:
186 recommendations showing an average Gain of +119.1% over an average of 3.9 years = 30.2% per annum.

Share Recommendations

	Buy Recommendation		Sell Recommendation		Dividends	Recent	%
Company	Date	Price	Date	Price	Rec'd	Price	Gain
2000 Sold ERG (+603% gain) at the peak of the Technology boom, and Flight Centre (+504%) to re-invest in under-valued shares. While this was NOT a good time to be buying - market weakens over the next few years - we earned good returns on these new shares. The portfolio gains +18.3% this year, helped by strong performances by Vision Systems, Toll Holdings and Renaissance.
~UXC Limited	11-01-00	55*	13-11-06	150	26.9		+238
~Auspine Limited	08-02-00	210	10-02-04	320	56.0		+79
~C.S.R. Limited	11-07-00	436	11-03-03	649	47.0		+60
Steel & Tube Holdings Ltd	08-08-00	146			231.0	290	+257
~McPhersons Limited	10-10-00	125	10-08-04	452	48.0		+300
Lyttelton Port Company	11-12-00	150			73.3	240	+109

2001 Michael Hill and Toll Holdings each become ten-baggers (i.e. up 10-fold in value). We continued to acquire under-valued shares - mainly of emerging growth companies and cyclical companies. Our portfolio rises +25.8% during 2001.
~Centennial Coal Ltd	16-01-01	70*	10-03-08	440	222.0		+846
~Volante Group	13-03-01	132	09-09-03	117	17.0		+2
~OAMPS Limited	15-05-01	106*	11-01-05	368	43.5		+288
~Ross Human Directions	14-08-01	92			34.3	38	-21
~Commander Communications	11-09-01	92	11-02-08	18	25.2		-53
~Brazin Limited	11-12-01	160	15-07-03	73	18.5		-41

2002 Stockmarkets remain depressed. Central Equity and Thakral sold to fund three new holdings. There are many new opportunities . . . but we are waiting for the market to bottom out (and building up some cash from dividends) before buying aggressively - perhaps in 2003? Despite the depressed stockmarket, our portfolio still manages a small gain: up +9.2%.
~Cellnet Group (+1½ shares of Mercury Mobility)	12-02-02	152			32.4	30	-50
~Skilled Group	12-03-02	126			132.0	205	+167
~Villa World	11-06-02	68	08-02-05	184	29.0		+213

2003 Stockmarkets continued to fall until March - then rallied strongly to produce an annual return of +38.0% for our shares. We sold some under-performing shares and cyclical issues to re-invest in under-valued, emerging growth companies such as out-of-favour Technology shares (i.e. Computershare, Technology One).
~Int'l All Sports	11-02-03	180	14-09-09		4.0	60	-64
~Clarius Group	08-04-03	82*			65.5	80	+77
~AJ Lucas Group	13-05-03	120			41.0	438	+299
~M.Y.O.B.	15-07-03	84*	08-12-08	109	46.1		+85
~Computershare	12-08-03	189	08-09-08	904	61.5		+411
~Aust Infrastructure	07-10-03	153*	08-03-05	235	16.9		+65
~Health Communication Network	07-10-03	101	11-01-05	175	2.3		+76
~Technology One	11-11-03	44			20.1	80	+126

2004 We continue to sell cyclical shares for good gains and re-invest in high growth potential companies - one of which, Melbourne IT, becomes another big winner for our portfolio. 2004 was another very successful year with the portfolio gaining +36.7%.
~Circadian Technology	10-02-04	188			65.0	70	-28
~Melbourne IT	10-02-04	53			51.0	176	+327
MetLifeCare	10-08-04	236	13-12-05	390	7.7		+69
~Keycorp	10-08-04	154	08-09-08	25	Nil		-80
~Sonnet Corporation	07-09-04	31½	09-04-07	11	3.0		-56
~Iluka Resouces	12-10-04	471			64.0	381	-6

2005 Health Communications is taken over for a 75% gain (over just 15 months) and we realise profits on some fully valued holdings - OAMPS (+288% over less than 4 years), Villa World (+213% over less than 3 years) and Aust Infrastructure Fund (+65% over 17 months). We invest in Citect, which is taken over 8 months later for a short term gain. Overall, however, the portfolio increases just +3.8% during 2005. While not all of our shares are successful, The Reject Shop appreciates strongly. It is these big winners that lift our long term investment returns.
~The Reject Shop	11-01-05	257			181.5	1351	+496
~LongReach Group	11-01-05	71	09-07-07	3.2	Nil		-95
~Mercury Brands	08-02-05	93	14-09-09	Nil	7.0		-92
~Citect Corporation	12-04-05	110	13-12-05	153	2.5		+41

2006 We realise a 23-fold gain on Toll Holdings (over just 7½ years), Vision Systems is taken over for just under a 7½-fold gain (over 8 years) and we realise a better than 3-fold gain on UXC (after almost 7 years)! We also quit Richina Pacific, a long term under-performer. The portfolio gains +33.3%. Founder James Cornell (and his not insignificant investment portfolio) "retires" to tropical tax haven - free of double taxation of Australian dividends and "fair dividend" taxes!!!
~Ellex Medical Lasers	14-03-06	49			Nil	15	-69
~Namoi Cotton Co-op	14-03-06	64½	11-02-08	53	10.5		-14
Postie Plus Group	08-05-06	71			8.5	38	-35
Smiths City Group	09-10-06	64			11.0	40	-20
~M2 Telecommunications	09-10-06	32½			13.5	169	+453
~Devine Ltd	13-11-06	94			19.0	42	-35
~Breville Group	13-11-06	171			16.0	170	+9

2007 We find it difficult to find good values, so make only one Buy recommendation in 2007, but TFS Corporation finishes the year up +175%. The portfolio appreciates +11.4% for the year, despite market weakness in the second half.

~TFS Corporation	08-01-07	44½			8.1	107	+155

2008 As the market weakens we see good value and start buying high quality growth shares at good valuations. Although prices continue to fall during the year, 2008 will become an important buying opportunity and yield significant gains over the longer term. We help fund these new holdings by selling Centennial Coal (up 846% over 7 years) and Computershare (up 411% over 5 years) and some other shares. Overall our Recommended Portfolio was down -32.0% over 2008.

~Integrated Research	14-01-08	40			7.0	52	+48
~Fiducian Portfolio Services	11-02-08	260			13.3	159	-34
~Probiotec Ltd	11-02-08	116			5.8	233	+106
~CPT Global	10-03-08	88			7.3	95	+16
~Prophecy International	08-09-08	26			4.3	66	+170
~Photon Group	10-11-08	140			11.8	160	+30

2009 Shares continue to fall until March 2009 - then rallies strongly. Taylors Group and International All Sports are taken over. Overall our portfolio recovers 49.4% - to a high all time high!!

~Cxxxxxxxxxxxxxx	12-01-09	30			5.7	30	+19
~Cxxxxxxxxxxxxxx	06-04-09	30*			1.0	70	+137
~Vxxxxxxxxxxxxxx	10-08-09	77			9.0	193	+162
~Cxxxxxxxxxxxxxx	14-12-09	410			Nil	453	+10

* Recommendation Prices Adjusted for Splits, Bonus and Cash Issues.