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Strategies & Market Trends : Join stock club--Tang Fund

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To: Arthur Tang who wrote ()	4/20/1998 7:45:00 AM
From: Arthur Tang	of 145

First pick is AMES, which is a regional discount store. AMES came out of bankruptcy with 307 stores. Bought it at $1.87.share. The company is going through a strategy change from straight discount to limited upscaling. Number of stores were reduced to less than 300; but earnings have improved from a loss to 0.8% of revenue. Then 1.6% of revenue, last year. We are optimistic that this year AMES can achieve 3.0% earnings on revenue. AMES also moved from web site amesstores.com ;to add an E-commerce experimental web site. amesmusic.com to take advantage of growing beyond regional presence. This year stock may move to $66/share based on earnings and proper valuation without discount; if performance is as expected.

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