similar to characteristics WSC &/or SI seek.

Result: Some companies covered in CS may be invited by WSC to be participants, or possibly by SI to be clients. I may also cover some companies that became WSC participants or that might have become SI clients before they were considered candidates for CS. Being a participant on WSC's site is not a prerequisite. I point out to every WSC participant that coverage in CS is free of charge, & is not a part of their participation. I am not aware of which companies SI may serve, but of the 33 Update Briefs, Sneak Previews, Recommendations, & mentions in this issue, GAMM, JOCK, MAWI, REFR, USVO, & VLPI are participants on WSC.

Any statements in the Recommendations, Update Briefs, Sneak Previews, or other coverage in this newsletter that are not historical facts should be considered forward-looking information as that term is defined in the Private Security Reform Act of 1995. They can often be identified by such terminology as "predicts," "projects," "believes," "estimates," "should," "contemplates," "expects," "anticipates," "may," "will," &/or any variation of these &/or similar terms. Such information & the related company are subject to many risks & uncertainties. There can be no assurance that actual results, business conditions, business develop-ments, losses & contingencies, & local & foreign factors will not differ materially from those suggested in the forward-looking statements as a result of all sorts of factors (just a few examples: market conditions, competition, advances in technology, acquisitions, mergers, potential litigation, personnel changes, market changes, capital availability).

In short, there are absolutely no guarantees when it comes to future performance. That's one reason why I strongly recommend that you talk to a senior management person at any company in which you contemplate taking a position, & form your own opinion before proceeding with any investment.

Important Strategies

These comments apply to every situation mentioned in Conservative Speculator. Special situation, low-priced, micro-cap, & high-gain-potential stocks have high risk. Fortunately, not many speculative situations turn out to be disasters, but some do -- that is a risk you must accept. Here are three of my most important strategies:

1. Be prudent -- the total funds allocated to speculative stocks should be limited to a small percentage of your cash, certainly no more than you could lose without discomfort. I then suggest no more than 5% of that small portion be invested in any one stock, to spread your risk.

2. Do not accept my opinion as the reason to invest. Call the company. Get a feel yourself. If you are not totally comfortable, pass. I give you an ample number of possibilities. My task is to expose you to potentially profitable situations. You have the responsibility of making any investment decision. Do not give up that responsibility.

3. I suggest you apply a moving stop-loss strategy. If the price goes up, raise your stop-loss guideline point to something like 20% below the new price. Keep doing that as the price rises. If the price goes down to your stop-loss point, grit your teeth & sell. This limits loss, but lets profits increase.

Important Information Re CS & Special Situation Investing

Conservative Speculator ("CS") is published monthly. Contents copyright by Conservative Speculator. Editor: Lawrence C. Oakley; Publisher: Rosanne C. Oakley; Researcher: Carol Brown. All rights reserved. This newsletter, or any part thereof, may not be copied, duplicated, reprinted, or republished in any form, on or off the Internet, without prior written permission of CS.

Our information is from sources we believe reliable, but we do not guarantee it; errors are inevitable. It is not all-inclusive. Do not rely on it as the sole source of data/opinion for making decisions. Invest in stock only after consulting your investment advisor, & reviewing financials from the company. Call each company before investing. CS & its owners are not brokers, dealers, or investment advisors. Neither the information nor any opinion expressed herein constitutes an offer or the solicitation of an offer to sell or buy any security.

We do not endorse the views/opinions of editorial contributors or our sources of information. Do not assume stocks covered will be profitable, or will equal past performance. The stocks covered in CS are highly speculative -- see comments under "Important Strategies."

Subscriptions: $39/year. Access is strictly via Internet delivery at www.WallStreetCorner.com. To order with VISA, Master, Discover, or AMEX, call 843-705-5591, fax 843-705-5592, e-mail up415@aol.com, or write Conservative Speculator, 5 Savage Court, Bluffton, SC 29910.

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