Profit On the $3 Trillion Mergers and Acquisitions Boom...... Page 4

GREAT PROFITS IN THE COMPANY OF GOOD FRIENDS | OCTOBER 1, 2006, VOLUME 19, NO. 18

THE OXFORD CLUB EXECUTIVE COMMITTEE This $12 Billion Retailing JAMES BOXLEY COOKE Honorary Chairman Baltimore, Maryland JULIA GUTH Giant Is Ready To Run Executive Director ALEXANDER GREEN Investment Director Wall Street Hasn’t Yet Woken Up MICHAEL WARD Editorial Director To the Coming Profits RUTH LYONS Member Recruitment Director LEVI WARDELL Dear Member, Director of E-Commerce KRISTIN KEENEY & Six weeks ago, CNBC’s soft-spoken analyst really put his STEVEN KING Co-Directors,World Financial foot in his mouth. Meetings & Seminars KATE MURPHY Dismissing .com as “a bookstore that sells at 60 times Member Services Manager earnings” he gave the stock a raspberry and told his listeners to dump it THE OXFORD immediately. INVESTMENT PANEL Alexander Green MARY ANNE ADEN Within days of his pronouncement, Amazon was up over 20%. And it Investment Director PAMELA ADEN LOUIS BASS appears to be headed higher. Much higher. HORACIO MÁRQUEZ (This is what happens when you pretend to have a qualified opinion on 6,000 WEALTH PROTECTION ADVISORY PANEL publicly traded companies. You end up calling the bottom instead of the top.) ROBERT BAUMAN MICHAEL CHECKAN This month we take a closer look at the world’s largest Internet retailer. Why its WAYNE LELAND market dominance is growing. Why its sales are moving skyward – over $9.25 billion in CANADIAN the last 12 months alone. And why the profits – that have so far been MIA – are only just INVESTMENT PANEL around the corner. BRENT AMEY DAVID MELNIK ERIC ROSEMAN In short, this is one stock with enormous upside potential. And for reasons I’ll soon explain, it’s the newest addition to our Oxford Trading Portfolio. INVESTMENT U DR. MARK SKOUSEN Chairman & Editor From Bezos’ Garage to Everyone’s Home ADVISORY PANELISTS DR. STEVE SJUGGERUD Based in Seattle, Amazon.com is widely recognized as the world’s leading Internet DR.VAN K.THARP retailer, offering, as it says, “Earth’s Largest Selection.” WAYNE ELLIS Managing Director The company put up its website and began selling from founder ’ garage in MT. VERNON July 1995. (It went public in 1997.) RESEARCH KARIM RAHEMTULLA In 1998, Amazon opened websites and fulfillment centers to service Germany and the Chairman & Editor U.K. In 1999, it launched its Japanese operations. Canada followed two years later. And ADVISORY PANELISTS D.. BARTON, JR. in August 2004, Amazon acquired Joyo.com in China. LEE LOWELL STEVE MCDONALD The company’s mission is straightforward: to become the global website “where JIM STANTON Over, please... THE DIRECTOR’ S CHOICE people can find and discover anything they want to For example, I used to shop at a small independ- buy online.” ent music store near my office. The selection wasn’t as large as, say, Best Buy. Nor was the pricing as It’s happening. While Amazon initially focused competitive. But the employees there knew me and on books, music and DVDs, it now sells jewelry, they really knew music. So whenever they would sports equipment, toys, health care products, hear something new that they thought I would like, bedding, consumer electronics, pet supplies, furni- they would recommend it. To me, this was worth ture, computers, garden equipment, and even gro- more than price and selection. ceries to tens of millions of customers in hundreds of countries around the globe. However, once you become a regular customer at Amazon, nobody will know your personal tastes Of course, there is no shortage of competition in better. That’s because Amazon tracks the buying the online world. habits of folks who have previously purchasedthe same products you've bought. So as soon as you log However, Amazon has a few things that none of onto the website, you’re immediately offered a selec- its competitors can match. For starters, it owns tion of enticing products. dozens of patents on e-commerce processes. It’s kind of spooky, really. Amazon has taken a Chief among these is its “one-click” ordering totally impersonal technology and used it to create a system. Once you’re a registered user, you can order any item and have it automatically billed to your credit card and shipped to your address with a single The Oxford Club, LLC provides its members with unique click of the mouse. opportunities to build and protect wealth, globally, under all market conditions. The executive staff, research department and editors who contribute to the Club’s recommendations This timesaving process alone keeps many of its are proud of the reputation The Oxford Club has built since its inception in 1984. We believe the advice presented to its members in our customers – including me – from bothering to look published resources and at our meetings and seminars is the best and most anywhere else. Hence their slogan “Amazon.com... useful available to global investors today. The recommendations and analysis presented to members is for the exclusive use of members. Copying and you’re done.” or disseminating any of the information published by The Oxford Club, elec- tronic or otherwise, is strictly prohibited. Secondly, Amazon has tremendous product © 2006, The Oxford Club, LLC 105 W. Monument St., Baltimore, MD 21201 range. It sells hundreds of thousands of items in Publisher Julia Guth Research Associate Chris Matthai dozens of different categories. Yet the company is Investment Director Alexander Green Sr. Graphic Designer Kathy Osborne still expanding aggressively. If Amazon doesn’t sell it Editorial Director Michael Ward Graphic Designer Jennifer Hupfeld Managing Editor Alex Williams Advertising Director Wayne Ellis yet, chances are it plans to soon. And, of course, you Copyeditor Jennifer Shayne Director of Levi Wardell won’t pay any sales tax either. Member Services Mgr. Kate Murphy E-Commerce Members should be aware that investment markets have inherent risks Another big advantage is Amazon’s unrivaled and there can be no guarantee of future profits. Likewise, past perform- name recognition. Everyone knows Amazon now – ance does not secure future results. Recommendations are subject to change at any time, and so members are encouraged to check our website or soon will. www.oxfordclub.com regularly and pay special attention to the “Oxford Portfolio Review” section of the Communiqué to get the most value from our investment analysis. The publishers, editors, employees or agents are So while other websites may offer the same not responsible for errors and/or omissions. products for less, Amazon has earned a solid reputa- The Oxford Club expressly forbids its writers from having a financial interest tion for efficiency, integrity, privacy and reliability. in any security recommended to its readers. And all Oxford Club employees and agents must wait 24 hours after an Internet publication prior to follow- ing an initial recommendation, and 72 hours after publication is mailed and When it comes to entering your credit card is only in writing. The Oxford Club does not act as a personalized investment number and other personal information online, that’s advisor. Investments recommended in this newsletter should be made only after consulting with your investment advisor and only after reviewing the worth a lot. prospectus or financial statements of the company.

Basic dues for membership in The Oxford Club are $149 a year. Membership includes the Amazon has also done an unbeatable job of cus- Communiqué (USPS 008-575), which is published twice monthly on the first and third weeks of each month by The Oxford Club, LLC, 105 W. Monument Street, Baltimore, MD tomizing the buyer experience. It’s uncanny how the 21201. Non-U.S. dues are higher and vary from country to country. Periodicals’ Postage Paid company’s website is continually bringing your atten- at Baltimore, MD and additional mailing offices. POSTMASTER: Send address changes to The Oxford Club Communiqué, 105 W. Monument Street, Baltimore, MD 21201. For ques- tion to exactly the kind of products you’d be interest- tions regarding the status of your membership call Member Account Services at ed in buying. 410.223.2643 or fax to 410.223.2650. Our website is: www.oxfordclub.com.

2 THE DIRECTOR’ S CHOICE personal shopping experience. Shares of Amazon dropped from a high of $50 less than a year ago down to the mid-$20s in August. More importantly, from an investment perspec- But lately the stock has been bouncing back. tive, it leads to higher sales. Of course, Amazon is doing several other things to drive up revenue. And I expect it soon will be exceeding its old high. Why? Chief among these is its multi-leveled e- commerce strategy. By that I mean Amazon lets Because Amazon has made the strategic decision almost anyone sell virtually anything using its to put competitive pricing, increased market share, platform. first-class customer service, and technology initiatives You can find goods listed by third-party sellers – ahead of short-term profits. individuals, small companies and even giants like Wall Street – ever obsessed with this quarter’s Target and Office Depot. profit and the outlook for the next one – doesn’t like You can also find used goods, refurbished it one bit. products and auctions. In short, Amazon intends to But Bezos is building a rock-solid foundation for be the ultimate hub for selling merchandise on the future growth. As the market recognizes this fact, the web. payoff may come much sooner than the Wall Street In addition to these affiliate sales, it also allows herd realizes. associates to build entire websites based on its Just ask Bill Miller. Miller, arguably the country’s platform. That means you can create your own top equity fund manager, says Amazon is worth website and build on Amazon’s huge database of double the current price. “And,” he adds, “that is products and applications for your own purposes. current value, not what the value is likely to be in As long as the purchases go through Amazon, several years.” you earn a cut of any sales. He’s backing that statement up. Amazon current- This has made Amazon a developer’s ly makes up almost 5% of his Legg Mason Value playground and, yes, boosted sales further still. In Trust. fact, 40% of Amazon’s revenue now comes from affiliates. Bear in mind, too, that the company’s best quarter – the frenetic holiday shopping season – is Don’t discount Amazon’s massive technology just around the corner. (Last year, Amazon shipped advantage, either. At its core, Amazon is running the more than 108 million items to more than 200 coun- world’s three largest Linux databases, with a total tries... 99% of them on time.) capacity of more than 51 terabytes. Also consider the company’s August 28 Trust me, no one working out of his garage is announcement that it intends to buy back $500 going to match that anytime soon. million worth of its shares. This will cause earnings per share to rise more rapidly than they would other- Sales Are Fabulous. wise. Are Earnings Next? In short, Amazon is the world leader in its sector, Okay. We know Amazon has built a solid, well- with superb growth prospects. Yes, it’s a little pricey respected business. Now let’s take a look at some at 45 times earnings. (Not 60, Jim.) hard numbers. But you expect to pay a little extra for the Second-quarter sales increased 22% to $2.14 dominant player with so many competitive advan- billion, fueled by lower prices and free shipping. tages in one of the world’s fast-growing industries. However, investors were disappointed in the company’s meager net income of $22 million and Action to Take: Buy Amazon.com (Nasdaq: dumped the stock. (Cramer only poured fuel on the AMZN) at market. And use our customary 25% trailing fire.) stop to protect your principal and your profits. OC

3 TAKEOVER INVESTING The Perfect “M&A Storm” Is Brewing Profits Here’s How You Capitalize On A $3 Trillion Boom...

by Louis Bass, Advisory Panelist, The Oxford Club

Make no mistake, 2006 has been a • The company boasts superior technology and an banner year for mergers and acquisitions. enviable blue chip client list. And investors have pocketed substantial gains as a result. But the M&A party is Even better, you can still own this industry about to get a whole let better… leader for less than $10 a share (but not for long)… According to new data released by the A Low-Cost Play In A Association for Corporate Growth, we’re Louis Bass just entering “the perfect M&A storm.” High-Growth Industry Cash is abundant, and everyone – from private Too often, investors and analysts alike shun equity firms and hedge funds to your favorite blue stocks that trade under $10, dismissing the cheap chips – is ready to put it to work. price as an indication of poor quality.

Take IBM, for instance. This year alone, the But remember, some notable stocks started company coughed up more than $3.5 billion to fund trading for less than $10 (including Dell, Cisco three acquisitions. Systems and ). That’s why I never rule them out when screening the markets for opportunities. Countless other executives are doing the same thing – answering the age-old question of whether to And this month is no exception. buy versus build – by turning to acquisitions. Recent In addition to being a prime acquisition candidate, stats from Thomson Financial show we’re on pace to TIBCO Software (Nasdaq: TIBX) is a true bargain. set a record year for M&A activity – with total deal volume reaching close to $3 trillion. The company is a leading provider of middleware – software that bridges the gap between disparate It’s a profitable trend, too, as shareholders of information systems (more details in a moment). Mercury Interactive learned July 25. They walked away with a 30% gain overnight as news broke that Currently, leading companies in a wide range of Hewlett-Packard was acquiring the company. industries – including energy, financial services, healthcare, government, manufacturing, retail, So how do we play the trend before 2006 comes telecommunications, and transportation and logistics to a close? – use TIBCO’s software. By scooping up shares of one of the market’s Interestingly enough, despite a laundry list of most likely takeover targets, which happens to be an positive fundamentals, shares are trading at a steep attractive value play, too. discount to the industry on at least five valuation • The company represents the largest and only metrics (including price-to-earnings, price-to-book, “pure-play” provider in the fastest growing sector and price-to-sales). of IT. That’s hard to comprehend, considering the • Industry giants like IBM, Oracle, SAP and company has a strong record of profitability and a are flush with cash, eager to expand three-year average sales growth rate of 17%. market share in the industry, and not afraid to pay a premium for acquisitions. And the fact that it’s the most likely beneficiary

4 TAKEOVER INVESTING of an emerging growth trend makes the company’s is at the top of potential suitors’ lists. And as time steep discount even more confounding. Research passes, the group of interested companies continues from International Data Corporation estimates the to grow (with rumors swirling that IBM, Microsoft, middleware industry will conservatively expand by HP, SAP and Oracle, among others, might be interest- 23% per year through at least 2009. ed in a deal).

What is middleware, and why is it so hot? Of course, the growing takeover appeal plays well into the company’s already improving fundamentals… At Least 5,000 More Potential Clients Put simply, middleware is the plumbing of Solid Financials To Reward Us software. It helps move data between separate and While We Wait already-existing programs. Investing in takeover targets based purely on spec- A common application of middleware is to allow ulation is a risky proposition. If a deal never material- programs written for a particular database to access izes, you can get caught holding the bag on a company other databases. with nothing more going for it than a rumor.

And in today’s corporations, this is an immensely Thankfully, that’s not the case for TIBCO. vital task. The underlying fundamentals that are increasing- According to research from Software Strategies (a ly attracting potential suitors also ensure shares stand top industry analyst), middleware is one of the top a strong chance of advancing on their own merits. three priorities of chief information officers. And the And TIBCO’s are strong. The company boasts: reasons are straightforward… • Steadily increasing revenues. In the most recent At any given time, up to 1,000 software programs quarter, revenues checked in 20% higher to reach (from accounting and inventory management to order a record $121.2 million. More importantly, processing programs) will be used by a single revenues were up by double-digit margins across company. And management must transfer and analyze all business segments and geographic regions. data across these systems to make vital business deci- • A solid balance sheet. The company is well-cap- sions. That’s where middleware comes in. italized with $400 million in cash (net of debt). As one would expect, adoption of middleware at Improving earnings will only add to the free cash the world’s top 500 companies is virtually universal. flow and increase the company’s already firm Beyond this level, however, there is a surprising void. financial footing. • Solid growth opportunities. Management is not Of the next 10,000 largest global companies, shy about making bullish comments. Thanks more than 50% do not have adequate middleware. largely to compelling industry growth projections. And among the next 250,000 medium businesses On several occasions CEO Vivek Ranadive has worldwide, the figure plummets to an alarming 20%. referred to TIBCO as the “Cisco of software” and Naturally, this void represents a tremendous stated he thinks the company could grow to business opportunity. One that TIBCO has been capi- Oracle’s size. Thankfully, the recent results and talizing on for decades. And one that slumbering strong double-digit earnings growth projections technology giants like Microsoft, Oracle, SAP and add credibility to his statements. IBM are finally waking up to. • Potential breakthrough technology. While suitors are salivating over this development, As a result, a game of catch-up has ensued. And development of TIBCO’s next-generation “predic- it’s a lot easier (and quicker) to bridge the gap tive” software that lets companies anticipate through acquisitions than through organic growth. customer needs, create opportunities and avoid Since TIBCO is the clear-cut industry leader with potential problems also ensures there will be a a strong and growing client base (topping 2,200 at steadily pipeline of new products to drive last check), it’s easy to understand why the company earnings growth well into the future.

5 Continued on page 7... COMMODITIES The “Fourth Precious Metal” Is Ready to Soar The Auto and Jewelry Industries Are Driving Demand – and Profits

by Michael Checkan, Advisory Panelist, The Oxford Club

Most precious metals investors know (platinum to palladium) prior to market disruption in about gold and silver. Some even know 2000, when palladium surpassed platinum and about platinum. However, few know about spiked to all time highs of $1,075 per ounce. the fourth precious metal – palladium. But that’s about to change soon… Palladium’s price difference with platinum and its limited supply, in combination with increasing Platinum’s “sister metal” is about to demand for existing and new uses, creates a unique come on the scene as its prices soar, and Michael Checkan situation right now that’s about to push palladium to with the advent of a new way to profit new highs – and profits, for those who know how to from this metal. play it… Both platinum and palladium share many of the A Precious AND Industrial Metal same unique characteristics and properties. Namely, Palladium’s primary use – more than 50% – is in both are non-tarnishing, strong and naturally white the auto industry, where it is a key component in metals. controlling exhaust emissions as mandated by more They are equally rare and are mined together in stringent standards for cars. These environmental less than a half-dozen regions around the world, with standards must be considered when attempting to no near-term projects under development. forecast future demand for platinum group metals.

Each has a limited mine production of approxi- It is estimated that by 2011, China alone will mately 6.5 million ounces, which is a mere fraction produce more than 8 million cars – double its current of the approximate annual 104 million ounces of gold production. Now consider that each one will require that is produced. In addition, platinum is 15 times rarer than gold, and palladium is about as scarce as platinum. Volatility Equals Portfolio Power

Presently, palladium is trading at $336 per ounce, Palladium is a volatile metal. And the mass invest- while platinum is around $1,226 per ounce. These ment market will often steer clear of investments two metals have historically traded in a 2-to-1 range whose prices tend to make large moves, in seemingly unpredictable ways.

But while it is good overall to reduce investment risk, informed investors recognize that assets with higher volatility and inverse correlations to other asset classes can significantly enhance overall portfolio returns, while reducing overall portfolio risk.

With a negative correlation to bonds and the S&P 500, palladium enhances the profile of the diversified portfolio. Because of the higher volatility, even a small amount of palladium packs considerable diversification power.

6 COMMODITIES a catalytic converter in order to meet its govern- ratio with platinum, investors may well pocket a ment’s commitment to the Euro II standard. handy 82% pop.

Manufacturers are now confirming that with the One of the ways I recommend playing this price massive price difference between platinum and palla- appreciation is through palladium coins. dium, most – if not all – are planning to switch to One-ounce palladium investment bars were first palladium for the converters. This will ultimately aid introduced into the U.S. market around 1980 by the long-term price appreciation for this white metal. Engelhard Refineries.

Palladium is also used in the dental, electronics, These bars never caught on, nor did Australian jewelry and chemical sectors. This past year wit- Palladium Emu coins. However, in late 2005 for the nessed an exponential increase in the use of palladi- first time, the Royal Canadian Mint introduced the um in the jewelry industry. No longer is it only being Palladium Maple Leaf coin. used in combination with gold to create white gold. Rather, consumers are seeking this alternative “pure” The one-ounce 99.95% pure, C$50 Palladium and naturally white precious metal to the significant- Maple Leaf coin is slowly becoming popular. The ly higher-priced platinum. investors’ awareness of the low current price for pal- ladium, and the accessibility of the Palladium Maple According to industry sources, the demand for Leaf coin are beginning to have an impact on the palladium jewelry will continue to increase signifi- market. cantly in both China and Japan. In Japan, traditional- With demand from the worldwide auto and ly platinum jewelry is more popular than gold. But jewelry industries mounting, these Maple Leafs are with the price of platinum so high, the consumer has an important hedge against inflation and wealth pro- been looking more and more at palladium. tection vehicle for most portfolios. OC

One Way To Profit On Wealth Protection Panelist Michael Checkan is President of Asset This Soaring Metal Strategies International,Inc.(www.assetstrategies.com),based in Rockville,MD,specializing in the areas of precious metals,foreign cur- There’s little doubt that palladium is set for a rencies and overseas wealth protection.For more information,contact long-term run. As it reaches its historic 2-to-1 price Michael at 800.831.0007 or e-mail him at [email protected]

The Perfect “M&A Storm” Is Brewing Profits Continued from page 5...

Management is convinced shares are trading ahead of an announcement. at bargain prices, too. The company’s in the I’m convinced it’s a combination of the two. midst of $100-million stock repurchase program – And that’s all the more reason to act now… a clear signal it believes current market prices do before the bargain disappears. not adequately reflect fair value. And it appears large institutions agree… Action to Take: Buy TIBCO Software (Nasdaq: TIBX) at market. And use a 25% In the past quarter, institutional interest in trailing stop to protect your principal and your TIBCO jumped by a sizeable margin – up roughly profits. OC 10%, or 18 million shares, compared to the previous quarter. Investment Advisory Panelist Louis Bass is the editor of the HOT IPO Trader, as well as the TakeOver Trader and the Oxford The spike indicates institutions are warming Hedge Trader. He spent years with one of the country’s leading up to the bargain TIBCO represents. It could also investment and brokerage firms as a top analyst and trading signal credible rumors about a takeover offer and expert, specializing in corporate takeovers and IPOs that lead to that institutions are trying to position themselves large profit opportunities for investors.

7 MONEY MAP INVESTING This Global “Money Bang” Is Just Beginning... And the May-June Selloff Is Creating Sizeable Profit Opportunities

by Horacio Márquez, Advisory Panelist, The Oxford Club

We are in a period of global growth imbalances and the problems of aging like the world has never experienced. I populations. like to call it the biggest “money bang” in history. Fact is, never before in history has the entire world economy expanded at such a rapid pace. And the Fact is, the selloff that started in May expansion presents historic opportunities to profit… is already reversing itself in commodity- producing companies and countries, and Horacio Márquez A Victory For Global Competition in the cyclical industries. That selloff was Capital markets worldwide have become so inte- extremely bearish, and, I believe, unrealistic. grated that it is now possible to move billions of But it’s actually worked in our favor. That’s dollars across the globe in seconds. because right now the buying opportunities across At the same time, the “free trade zones” that the global spectrum are extremely strong. began decades ago with the European Common Just consider that Japan is coming off of more Market, and have proliferated in every continent, have than a decade of deflation... Europe is starting to escalated global trade geometrically to levels never restructure its entitlement culture with the accession seen before, from trading blocks in Asia to NAFTA, to the EU of 15 countries mostly with flat taxes, com- CAFTA, Mercosur and the EU’s recent expansion. petitive salaries, and workers hungry to compete for manufacturing and other jobs. This trend has integrated supply chains across international boundaries. But not without the help of And “Chindia” (China plus India) already adds a few other developments, too… up to a similar order of magnitude to the U.S. economy and continues to grow. Low-cost transportation, be it by airplane, ship, railroad or truck; The reasons are many, and we could write a Communication enhancements, including the treatise of these very rare phenomena. But the main latest cost-cutting, real-time technology – Voice drivers of this fast global growth are: over Internet Protocol (VoIP); and Continued progress in the opening of markets for Affordable computers and software. capital, goods and labor. The dramatic development and drop in the cost This economic integration, in the very sense that of communications, especially the Internet, and Adam Smith predicted centuries ago, has allowed dif- in computing and transportation. ferent areas of the world – once marginalized from the global economy – to participate, compete suc- The political will of some key areas of the world cessfully, and unlock their competitive advantages. to become integrated into the global economy. Easy monetary and fiscal policies in G7 The result is the creation of many new interna- countries. Despite some tightening, they will be tional economic activities, which were impracticable supportive of global growth for years to come, only a decade ago – global sourcing for many major allowing the U.S., “old Europe,” and Japan to industries, like cars; global marketing for local restructure their economies and deal with products; and global outsourcing and/or offshoring of

8 MONEY MAP INVESTING certain aspects of both manufacturing and services. Pricing power of the suppliers is very high, and the demand/supply equation will continue to favor As the major former-communist economies them. become more integrated to the global economy, and if we add to this India and Latin America, we get the In addition, the U.S. infrastructure is in serious picture of: need of revamping in many areas, including bridges, roads, (i.e. the New Orleans levees), “the last mile” A massive change in the global economic land- to the home in telecommunications, and other areas. scape that is bringing more wealth, huge produc- In sum, everything that relates to this global infra- tivity gains, economic stability, growth and pros- structure need is in high demand and will keep perity to a huge part of the globe, populated by growing abnormally, despite any slowdown in the billions of people. U.S. economy. And Brazil, Russia, India and China (BRICs) stand out as the areas of larger opportunity, given The Top Profit Sectors their critical mass and large internal markets. I believe that the U.S. will be achieving a soft landing; that is, a moderation in the rate of economic Commodities Boosting the BRICs growth down from about 3.5% GDP growth this year The economic gains from the participation of to about 3%-3.25% next year. And I also believe we these economies in the global economy is allowing will see only a minor slowdown in China from the them to increasingly industrialize, improve the torrid 11.3% GDP growth in the second quarter to income per capita of their populations and elevate some 10%-10.5% in 1997. the standard of living of billions of people, bringing Yet the global slowdown that we’ve seen is them into the global consumer market. extremely bearish and unrealistic. And three sectors offer substantial value: At the same time, their national finances have improved dramatically, allowing them, to the extent 1. Iron ore suppliers. I am convinced that the that they are proceeding with structural reforms, to Federal Reserve will not increase interest rates again reduce inflation, bring domestic interest rates down and might even start easing later this year or begin- and expand domestic credit, inclusively in areas of ning in 2007. And iron ore suppliers stand to benefit, their economies where there was none. as infrastructure projects and durable goods orders, which require steel, are financed over the long term Growing global integration and industrialization, and sensitive to interest rates. coupled with increased local wealth, consumption and credit expansion (still at its very infancy) is 2. Energy. I would use the traditional energy allowing – and will continue to allow – extraordinary slowdown of the end of the driving season (after rates of global growth for years to come. Labor Day) to load up on oil, oil services, coal and uranium. Making possible these phenomena are the com- modities that fuel it, for which the demand has 3. Japan. More than a decade of deflation in increased and will continue to increase dramatically Japan, which has ended a bit more than a year ago, for years. has created an incredible buying opportunity in its banking sector, as well as the Nikkei. The best way But for a few of these commodities, which have to profit here is through the Oxford Trading Portfo- seen demand skyrocket, supply is very limited, con- lio’s MSCI Japan Index Fund (AMEX: EWJ). OC centrated in few suppliers and very difficult to expand. Specifically, energy sources such as oil, coal, Advisory Panelist Horacio Márquez is the former head of Emerging uranium, ethanol and other alternative energy; and Markets Research for Merrill Lynch Asset Management as well as the base metals, such as iron ore, nickel, copper and Head of Credit and Research for ADP Capital Management. He’s also others, which are necessary for meeting the huge the editor of The Money Map Advantage and The New China infrastructure shortcomings of the new entrants to Trader. For more information, call VIP Member Services at the global economy. 888.570.9830.

9 VALUE INVESTING Buffett’s Long-Haul Approach... Why the King of Value Is Hanging Onto a Housing-Boom Relic...

by Karim Rahemtulla, Chairman, Mt.Vernon Research

Believe it or not, there are still some to the tune of tens of millions of dollars. long-term investors in the world. And And Buffett is buying more shares with – at least every once in a while, we are reminded partially – proceeds that are the result of financial that the guru of long-term investing is the agreements he engineered with USG to protect his one and only Warren Buffett. investment. So he’s using his money… and the What is most impressive about Buffett house’s money, too. A clever man. is not that he has the ability to pick good Karim Rahemtulla stocks (he’s had his share of losers), but Three Reasons Buffett’s Going Long his ability to withstand a dramatic decline in share Is Buffett crazy? Or does he see opportunity price without flinching – at least not publicly. And while others are panicking? he’s been at it again… There are three possible answers. First, Buffett As the market works out its short-term kinks, let’s believes that the global construction boom is not see how Buffett’s managing one of his big holdings – over, but going through a correction. And materials USG Corporation (NYSE: USG). His approach here is companies like USG are oversold to a point where a a timely lesson in long-haul, value investing. valuation of 9 times earnings is attractive to him. Drywall To Free Fall Second, he can’t sell. If he sold now, he would cause a huge meltdown in the shares and remaining USG was the premier way to play the housing holdings would be harder to get out of. Not that he boom, as it was the dominant maker of drywall. But would have lost money if he sold before the rights all through the housing explosion, the company was offering. His cost now is probably closer to $30 in Chapter 11 bankruptcy. Still, Warren held on. because of the more expensive shares he just pur- He bought in when the share price was less than chased. In fact, with the current purchase and agree- $20. At its peak earlier this year, USG traded up to ments he has in place with USG, he can buy up to $120. Still, Warren held on. 40% of the company’s shares.

Then came the double-whammy: First, USG Third, the government is going back and forth announced a settlement for its previous asbestos- about setting up an asbestos trust fund. Such a fund related problems – a settlement that would cost the could reduce USG’s liability and may result in the company almost $4 billion. The only way to pay this company actually recouping some of its outlay from and emerge from bankruptcy (it was the asbestos- the recent settlement. related claims that put them there) was to initiate a Regardless of what Buffett’s true intentions are, it rights offering which entails raising more money is important to note that he is now speaking with his from existing shareholders, and to pay it out of the money. And USG shares are beginning to respond. company’s swelled coffers and some debt. Only time will tell if Buffett’s bet will pay off. But Second, the bottom dropped out of housing. that’s the key: time. OC

Today, USG is trading at $49, down from $120. Karim Rahemtulla is Chairman of Mt.Vernon Research and edits Still, Warren is not done. He could have sold at the the Smart Options E-Report. He runs two elite options trading top, or near it, but he chose not to. Instead, he rode it services: the LEAPS Option Trader and the Income Trader. For more all the way down, and is now adding to his position information, or to sign up for Karim’s free Smart Options E-Report, through both the rights offering and the open market, log onto www.mtvernonresearch.com

10 REAL ESTATE The Invisible Real Estate Crash

by Mark Skousen, Chairman, Investment U

In June, the median price of a home cheap, American real estate is “on sale.” It is was up less than 1% compared to the same estimated that foreign buyers purchase more than time a year ago, to $230,000. It’s the 20% of real estate in Manhattan. smallest increase since 1995. That’s a sharp 7. Last but most importantly, the Fed’s contrast from when the median price of a irresponsible low interest rate environment in home shot up by nearly 60% since 2000. 2001-2004, pushing short-term rates down to Over the past 10 years, real estate assets 1%: Lenders were virtually printing money. Mark Skousen have increased from $8 trillion to $21.6 trillion, representing 56% of financial wealth. Typical- How Bad Will the Bust Be? ly, the real estate cycle lasts 10-15 years. But this par- This is an “invisible crash” because the real estate ticular boom-bust cycle is severe, for several reasons: market is inherently illiquid, largely due to high closing 1. The stock market boom: The “irrational exuber- costs. Instead of falling prices, owners try to keep ance” on Wall Street caused many investors to prices as high as possible and wait for a buyer to come diversify into other real assets. along. Thus, the waiting period expands to months.

2. Favorable demographics: The baby boomers Fortunately, several factors are mitigating against have a special taste for real estate. disaster: continued foreign buying of cheap-dollar- 3. Tax advantages: Real estate investors are taking denominated U.S. real estate; low long-term advantage of the fall in long-term capital gains mortgage rates; and favorable tax benefits. taxes to 15%, and special tax-free benefits. 4. Terrorist attacks since 2001: Many scared investors There’s no question that the real estate boom is switched out of the stock market into real estate. over for now. But these factors should cushion the fall. 5. Cheap financing: Lenders have invented two Mark Skousen is the chairman of Investment U.He has a Ph.D.in borrow-friendly underwriting techniques, includ- economics and monetary history,has taught at Columbia University, ing adjustable-rate and interest-only loans. and has authored more than 20 books.To get his free,twice-weekly 6. Foreign demand: Because the U.S. dollar is so advice,visit www.investmentu.com

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11 The Oxford PortfolioREVIEW by Alexander Green, Investment Director

The market’s performance has been unimpres- market share. Blockbuster financials. And $2 billion- sive this year. But our Oxford Trading Portfolio con- plus in share buybacks. tinues to show sizable gains. For example, we’re up 144% in Templeton We also like the outlook for Veolia Environ- Dragon Fund (NYSE: TDF), 156% in Boston Proper- nement SA (NYSE: VE). ties (NYSE: BXP), 276% in WalMex (OTC: WMMVF.PK), and 288% in Celgene (Nasdaq: CELG). Based in France, Veolia is a member of the We’ve also hit two of our trailing stops in recent Fortune 500, providing drinking water and waste- weeks, locking in a profit of 52.7% in CB Richard water services to more than 110 million people. Ellis (NYSE: CBG) and taking a loss of 14.5% in Netflix, Inc. (Nasdaq: NFLX). Specifically, Veolia designs, engineers and con- structs water treatment plants. It also handles every However, there are still plenty of stocks in our aspect of the business: abstracting water, producing and portfolio worth buying at current levels. Here are just distributing drinking water and treating wastewater. a few. Veolia reported a 13.7% increase in first-half sales, thanks to new contracts and stronger demand for its Motorola (NYSE: MOT) is a global leader in energy services amid high power prices. The company wireless telecommunications and broadband – and a also raised its guidance for the full year, projecting “a member of the Fortune 100. strong increase in profitability” for 2006.

In the second quarter, revenues jumped 29% to However, it’s not just emerging markets that offer $10.9 billion. Net income soared 45% to $1.4 billion. tremendous opportunity in the water market; so does Even more impressive, Motorola – the world’s second- the developed world. In the United States, for largest seller of mobile phones – is rapidly closing in example, municipal water systems are often in disre- on arch-nemesis Nokia. Global market share has pair. Some of the infrastructure has been in place grown from 17% a year ago to 22% today. since World War II, and the pumps and pipes are wearing out. The big moneymaker for Motorola now is the high-margin, fast-growing “smart phone” market. Moreover, about 85% of the nation’s nearly These are hybrid digital devices that blur the lines 55,000 municipal water systems serve fewer than between high-end mobile phones and personal digital 3,300 homes each. Many of these towns have too assistants (PDAs). few customers to be able to afford the infrastructure improvements. And Motorola is rapidly capitalizing on the world’s biggest consumer market: China. In February, As a result, many of them are now selling their the company launched a svelte new 122-gram smart systems to companies like Veolia that can run them phone – dubbed the Ming – and it has taken the more efficiently. mainland by storm. In sum, there is an enormous opportunity for The phones use the Linux-based operating Veolia to set up desalination operations and effective system and excellent Chinese-character recognition treatment plants in the world’s emerging markets. software, which makes text-messaging a snap. But there is equally ample opportunity to upgrade, manage and replace municipal water systems in the Motorola also recently introduced two new addi- world’s developed markets. tions to its RAZR phone family, with just enough time to catch on before the end-of-year holiday If you’re looking for a solid, recession-proof shopping season. Add it all up and what do you business in today’s economy, consider Veolia Envi- have? State-of-the-art products. Growing world ronnement SA. 12 P ORTFOLIO R EVIEW

billion – thanks to strength in its communications and consumer electronics segments. And this month Taiwan Millipore (NYSE: MIL) develops products for the Semi announced that revenue in July hit $843 million, discovery and production of therapeutic drugs. In par- surging 33% from the same month a year ago. ticular, its products improve productivity in laboratory work and biopharmaceutical manufacturing. (It cur- With surging sales, record profits, and more than rently sells to more than 5,000 customers, most of $6.4 billion in cash on the books, you’d expect to pay them labs or biotech firms.) a premium for Taiwan Semiconductor. But you won’t. TSM currently sells for 14 times trailing earnings and The business is plenty healthy. In the second just 12 times prospective earnings. It also yields 3.4%. quarter, Millipore’s revenue climbed 12% to $273.8 million. And earnings jumped to $29.1 million from $24 million a year ago. (Excluding one-time items, the WalMart de Mexico (OTC: WMMVF) is Latin company earned 72 cents a share, beating analysts’ America’s largest retailer and Mexico’s single-biggest estimates of 67 cents a share.) employer, with more than 109,000 employees in 73 Millipore is now growing rapidly in international cities. The firm currently operates 818 stores and markets. It is also cutting costs by tightening up its restaurants, including 233 Wal-Mart Supercenters, global supply chain and closing unprofitable facilities. Superamas, and Sam’s Club stores. The result is higher gross profit margins. The company generates more than $14 billion in And much of the company’s growth is the result of annual sales. That’s more than the country’s entire its aggressive acquisition strategy. Last month, for tourism sector. It’s also equal to 2% of Mexico’s GDP. example, Millipore completed the acquisition of Serologi- Last month the firm announced that it has cals Corp. With this new product line, Millipore now has requested a banking license from local regulators, a broad portfolio of high-margin consumer products. ending months of speculation. Not a bad idea. With 10,000 baby boomers hitting 60 every day, Mexico’s banking industry is highly concentrated, with demographics are favorable. Demand for services and the top six banks controlling nearly 90% of deposits. federal spending are both rising sharply. And technolog- However, the big banks have focused lending on cor- ical innovation will only drive sales and profits higher. porations and high-net-worth individuals. Walmex is targeting the middle class. Yes, our shares of Millipore have been quiet lately. But it’s often calm before the storm. In recent years, Mexican retailers have developed in- store credit operations to fill a void in banking services for their customers. Low interest rates and pent-up Taiwan Semiconductor (NYSE: TSM) is the world’s demand have created a consumer-lending boom. That leading semiconductor foundry, manufacturing more than means Walmex has plenty of opportunity here. half of all chips that are outsourced worldwide. Its Not that it’s doing too badly as it is. In the second products are used in computers, cell phones, video games quarter, total sales rose 17% – or twice as fast as its and high-definition TV sets, among other applications. three biggest publicly traded competitors combined. And sales are booming. Revenue hit $9.47 billion The company also opened 21 new units and saw a over the past 12 months. 15.3% increase in customers. Net income jumped 37% to $243 million. Why are companies rushing to Taiwan Semi? Easy: To avoid the cost of building chip factories themselves Plus, new CEO Eduardo Solorzano plans to invest – usually a $3 billion outlay. Major customers include a record $1.2 billion this year to open new stores Altera, Broadcom, Marvell and Qualcomm. These across the nation, including rural areas. “fabless” companies specialize in design and market- In short, Walmex has world-class management, ing – and leave the manufacturing to TSM. enormous negotiating power with suppliers, state-of- This business model works extremely well. Second- the art inventory control, and, of course, prices its quarter net profit nearly doubled – to more than $1 competitors don’t have a prayer of matching. OC 13 THE OXFORD INVESTMENT PORTFOLIO

OXFORD TRADING PORTFOLIO COMPANY SYMBOL REC. DATE REC. PRICE CURR. PRICE RATING TRAILING STOP Amazon.com NASDAQ: AMZN Oct-06 NEW NEW Buy Use 25% TS Baker Hughes NYSE: BHI Feb-06 $74.43 Sell Stock Hit TS Boston Properties NYSE: BXP Dec-00 $41.44 $101.27 Buy $76.37 Canon NYSE: CAJ Jan-06 $39.69 $50.23 Buy $39.68 Celgene Corp. NASDAQ: CELG Dec-03 $11.40 $40.88 Buy $36.68 China Life Insurance NYSE: LFC May-06 $53.62 $72.61 Buy $54.37 Cummins, Inc. NYSE: CMI Oct-04 $72.45 $114.60 Buy $92.96 DaVita NYSE: DVA May-04 $33.74 $56.01 Buy $45.20 Dentsply NASDAQ: XRAY Jan-02 $16.76 $32.35 Buy $24.82 Diageo Plc NYSE: DEO Dec-05 $58.58 $71.13 Buy $54.68 HSBC Holdings NYSE: HBC Dec-02 $56.40 $89.99 Buy $68.53 Kinder Morgan Energy Part. NYSE: KMP Apr-02 $33.10 $44.65 Hold $40.64 Lockheed Martin NYSE: LMT Jul-04 $51.97 $83.25 Buy $62.90 Millipore NYSE: MIL Sep-05 $62.78 $64.32 Buy $56.44 Motorola NYSE: MOT Nov-05 $20.94 $22.71 Buy $18.58 MSCI Japan Index Fund AMEX: EWJ July-03 $7.25 $13.81 Buy $11.66 Newmont Mining NYSE: NEM Sept-02 $27.08 $50.91 Buy $40.27** Novartis NYSE: NVS Mar-04 $44.15 $56.34 Buy $43.66 Psychiatric Solutions NASDAQ: PSYS Mar-05 $19.91 $32.05 Buy $25.51 Rayonier NYSE: RYN May-04 $26.86 $38.80 Buy $34.69 Raytheon NYSE: RTN Jun-04 $33.36 $47.76 Buy $35.45 Royal Bank of Canada NYSE: RY Aug-04 $22.61 $44.27 Hold $34.25 Skechers NYSE: SKX Apr-06 $22.41 $23.28 Buy $20.90 streetTracks DJ Global Titans AMEX: DGT Aug-06 $69.20 $70.75 Buy $54.84 Suncor Energy NYSE: SU Sep-06 $80.25 $75.61 Buy $60.63 Taiwan Semiconductor NYSE: TSM Aug-06 $8.68 $9.08 Buy $7.19 TIBCO Software NASDAQ: TIBX Oct-06 NEW NEW Buy Use 25% TS Veolia Environnement SA NYSE: VE Jul-06 $50.75 $55.01 Buy $42.46 Wal-Mart de Mexico OTC: WMMVF.PK Oct-01 $0.90 $3.35 Buy $2.26** YUM! Brands NYSE: YUM Sep-04 $40.29 $49.01 Buy $40.25

OXFORD ANTI-TERROR PORTFOLIO COMPANY SYMBOL REC. DATE REC. PRICE CURR. PRICE RATING TRAILING STOP Equity Residential Properties NYSE: EQR Feb-03 $23.38 $49.68 Buy $37.57 Inflation-Protected Treas. TIPS Feb-03 $131.50 $128.60 Buy None ING Global Real Estate Inc. Fd. AMEX: IGR May-05 $14.67 $20.03 Buy None L-3 Communications NYSE: LLL Feb-03 $38.85 $76.02 Buy $65.09 Nestle OTC: NSRGY Feb-03 $50.00 $85.80 Buy $65.02 Newmont Mining NYSE: NEM Feb-03 $27.73 $50.91 Buy $40.27** Novartis NYSE: NVS Jul-06 $54.43$56.34 Buy $43.66 Suncor Energy NYSE: SU Sept-06 $80.25 $75.61 Buy $60.63 Utilities Select SPDR Fund AMEX: XLU Feb-03 $17.45 $34.30 Buy $26.10

+ = Current Yield | ** = 35% TS | Prices as of 9/06/06 | Note: For the absolute latest updates on all of the Club’s portfolios – including the Trading, Perpetual Money, All-Star, Anti-Terror and Gone Fishin’ – visit our website at www.oxfordclub.com. CCalendaralendar ooff EEventsvents

OCTOBER If you’re not invested in the right commodities, you’re missing one of the biggest profit opportunities of the decade. That’s why we’re pleased to invite you to discover THE COMMODITIES & everything there is to know about natural resource investing. And you can do it TRADERS SEMINAR while enjoying one of the most luxurious spots on earth. Join us October 4-5 for our October 4-5, 2006 first-ever Agora Financial Commodities & Traders Seminar, sponsored by Agora Las Vegas, NV Financial and Mt. Vernon Research, at the world-famous Bellagio Hotel and Casino in Bellagio Hotel Las Vegas, NV. Hosted by Mt. Vernon Research Chairman Karim Rahemtulla, this event will feature 10 of the world’s top market analysts, to share secrets and strate- gies for cashing in on the latest resource boom. Beginners will be treated to a special introduction to this lucrative sector, while more experienced investors will enjoy specific recommendations to add to their portfolio right away. Whether you’re a novice or an old pro, this is your best chance to discover how to profit from the things that keep the world running. For more information, please call Event Manager Liron Bendor at 312.727.1003 ext 301.

NOVEMBER If you want a complete immersion in the art of smart investing (along with a great networking opportunity), I encourage you to check out the New Orleans Investment THE NEW ORLEANS Conference 2006, scheduled for November 15-19, 2006, at the Marriott Hotel in INVESTMENT CONFERENCE beautiful downtown New Orleans... only blocks from the French Quarter. The event’s November 15-19, 2006 going to feature an entire day of Oxford Club, Stansberry Research, Mt. Vernon Research New Orleans Marriott and Agora Financial speakers... including Karim Rahemtulla, Alexander Green, Horacio Márquez, Porter Stansberry, Jeff Clark, Justice Litle, Kevin Kerr, Louis Bass and Bill Bonner. Other fantastic headliners, such as keynote speaker Newt Gingrich, Jim Rogers, Dr. Marc Faber, Dennis Gartman, Doug Casey and the always memorable P.J. O’Rourke will also be on hand. For information, contact Kristin Keeney at 410.223.2658, or 800.992.0205 or e-mail her at [email protected]

Join us for the second annual Gold Cruise this coming February. We have a FEB/MARCH fabulous roster of top-notch experts in precious metals, commodities and natural THE SECOND ANNUAL resources, for a 7-day adventure that will enrich your life as well as your portfolio. GOLD CRUISE Speakers will include The Oxford Club’s Alexander Green, Horacio Márquez, February 25-March 4, 2007 Louis Bass... plus other noted gold experts, such as Brien Lundin, Mary Anne and Pamela Aden, Matt Badiali, Lawrence Roulston and Bill Murphy Mexican Riviera Crystal Symphony from GATA. We will cruise on the magnificent six-star Crystal Symphony from Los Angeles to such jewels as Cabo San Lucas, Mazatlan and Puerto Vallarta. A lack- luster stock market, the evermore tangible threat of inflation, the emergence of China as a huge consumer of natural resources, the rising price of oil, and a falling dollar combine to make commodities, natural resources and precious metals more attractive than they have been in years. Between ports, you will be enlightened by lively and informative seminars-at-sea that will reveal the trends, the companies, and the most effective strategies for reaping the benefits of this boom, all while enjoying the shipboard amenities and pampering by Crystal’s legendary staff. For complete details and to request your free full-color brochure, call 888.684.7245 or 941.955.0323 (outside the U.S. and Canada) TODAY and mention priority code 006675.

This year’s Investment U in Delray Beach, FL was a complete success. We had a sold- MARCH out show with 320 attendees. Because we are growing so rapidly, we have decided to INVESTMENT U hold Investment U 2007 in the Phoenix, AZ area. Be on the lookout for updates March 13-17, 2007 from your friends at Investment U. If you have any questions, please don’t The Sheraton Crescent Hotel hesitate to give Event Directors Barbara, Michelle or Michael a call at Phoenix, AZ Agora Travel – 800.926.6575 or 561.243.2572. MEET THE OXFORD CLUB TEAM IN A TOWN NEAR YOU Learn the Secrets of Wealth-Building from America’s Top Financial Experts Belonging to The Oxford Club has many advantages, but none so rewarding as being able to attend the Regional Chapter Meetings. If you haven’t been to one – it’s a must! You’ll hear expert speakers discussing the hottest trends in the investment world, and how they affect your future. And, you get to mingle with other investors who live in your community, forging profitable, lifelong relationships.

DETROIT NEW YORK MICHIGAN NEW YORK “Invest Ahead of $90 Trillion “China: The World’s Biggest in Capital Flows” Investment Opportunity” WHEN WHEN October 19, 2006 November 9, 2006 WHO WHO Global Markets Expert Horacio Márquez is an OC Investment Director Alexander Green OC Advisory Panelist, and founder and editor writes and directs The Oxford Club of The Money Map Advantage and The New Communiqué and the Oxford Insight e-letter, China Trader trading services. and is the Editor of The Momentum Alert, The WHERE Insider Alert and The International Trader Alert. Westin Southfield Detroit WHERE 1500 Town Center New York Marriott East Side Southfield, MI 48075 525 Lexington Ave (between 48th and 49th) New York, NY 10017 RSVP by October 16, 2006 RSVP by November 6, 2006 ADDITIONAL SPEAKERS: Cullen Dwyer, Don Hosmer and Barry Potekin ADDITIONAL SPEAKERS: Cullen Dwyer, Don Hosmer, David Melnik, Q.C. and Barry Potekin

ADDITIONAL SPEAKER INFORMATION FREE REGIONAL CHAPTER MEETINGS

DON HOSMER, CEO, President & Director | Royale Energy, Inc. 12:30PM – Registration 7676 Hazard Center Drive | Suite 1500 | San Diego, CA 92108 1:00-6:00PM – Presentations / Program 619.881.2800 | fax 619.881.2899 | [email protected] | www.royl.com *Cost: FREE BARRY POTEKIN, VP of Public Relations / The RMB Group, A Divison of Man Financial | 141 W. Jackson Blvd. | Suite 180C TO REGISTER Chicago, IL 60604 | 888.281.9570 | [email protected] Space on all days is limited. Reserve your place JOE GANDOLFO, PH.D. | Joe Gandolfo, Ph.D. & Associates P.O. Box 6989 | Lakeland, FL 33807-6989 | 800.553.1008 before the R.S.V.P. date by phoning Member fax 863.646.4840 | [email protected] Services at DAVID MELNIK, Q.C., Wealth Protection Advisor, The Oxford Club, 800.992.0205 or 410.223.2643 350 Lonsdale Rd, Suite 311, Toronto, Ontario, Canada M5P 1R6 *Professional attire is kindly requested for all OC events. 416.488.7918, fax 905.877.7751 | [email protected] PETER ZIPPER, Senior VP | Anglo Irish Bank – Austria Rathausstrasse 20, A-1010 | Vienna, Austria | (43.1)406.61.61, fax (43.1)405.81.42 For More Information, Please Visit Our CULLEN DWYER, VIP Trading Specialist, The Oxford Club Website at www.OxfordClub.com 888.570.9830 | fax 410.223.2628 | [email protected]