BUSINESS We Have an Excellent Selection of '92 Cadillacs! Market Continued from preceding page Come in and Preview $29500 Rebate on $2,000 $19500 Rebate on Rebate on BROUGHAM FLEETWOOD and SEDAN DEVILLE ELDORADO and SEVILLE SEDAN DEVILLE $25,595 BROUGHAM 5Stk. $25 9 List Price $33,899 833,899 #548 Loaded, Loaded! Loaded! 5.7 liter, Wire wheel discs, gold package S* tk #4„ FLEETWOOD $29. 795 S* tk #1536 'Prices include rebates, plus tax and plates. MSRP of Sedan Deville is $32.426. MSRP of Brougham is $33.899. MSRP of FLEETWOOD IS $36.660 . suburban Olds- 1810 Maplelawn in the Troy Motor Mall 643-0070 MAPLE RD (15 Mile) PHOTO © GLEN CALVIN MOON INNOVATIVE DESIGN CUSTOM CABINETS FOR HOME OR OFFICE MANUFACTURED ON OUR PREMISES From concept to reality, our custom designs, expert craftsmanship and quality installation suit your specific needs. Our custom cabinets and furniture will enhance your surroundings. (313) 624.7300 3160 Haggerty Rd. • West Bloomfield • 48323 58 FRIDAY, SEPTEMBER 20, 1991 makes investment recom- mendations to the club's 20 members. "I think we have people who are investing a small amount of money and learn- ing about opportunities in Israel through club involve- ment," says MIIC member Rick Rosenhaus. "But I know that at lease one-third of the members have substantial in- dependent investments in these and other companies. "Scitex is probably our most dramatic success," Mr. Rosenhaus adds. "But some of the pharmaceuticals like Teva, Inc., have been good." Mr. Lutzky recommends Scitex which is on Shearson's list of "Ten Uncommon Values in Common Stocks" for 1991-1992. The list sug- gests a target price of $45 per share for Scitex with a downside risk of $24. He is also bullish on Elbit Com- puters and ECI Telecom. In May, Elbit computers (in conjunction with parent com- pany Elron) raised $37 million in a two million share offering. Following the share issue, the parent company's holding in Elbit fell to 45.1 percent, from a previous 54.5 percent. Net proceeds for Elbit are earmarked to finance new ac- quisitions and to expand its research and development. Elbit's 'current price per share is $25. Three years ago, ECI Telecom, a manufacturer of diversified telecommunica- tions was traded for 11. rIbday (after a 2 for 1 stock split) it sells for $45 per share. The firm hopes to raise capital abroad with a planned $30 million dollar offering. Intelligent Information Systems (ISS) is another Israeli company considered a productive stock on Wall Street. The Haifa firm manufactures peripheral and communication products for IBM systems. Market wat- chers are encouraged by ISS's purchase of the commercial and international divisions of Lee Data Corporation. After purchasing the American firm at a favorable price, ISS has benefited from Lee Data's extensive marketing and sales network and its list of Fortune-500 customers. ISS stock is trading at $20 per share. Despite a lengthening record of accomplishment and projected growth potential, the Israeli securities market re- mains relatively unexplored in the United States. Wall Street experts say securities are unexplored because many Israeli com- panies traded are "orphans" without investment banking homes to promote them. While a number of large in- vestment banks are consider- ing opening single country funds for Israel, many fear that such a move might alienate Arab interests. In- vestment bankers are also hesitant to become involved with some Israeli companies that, despite a rebound, had fallen out of favor due to poor performance. A number of smaller firms promote Israeli stocks in- cluding Axion-ICF Capital, Inc. and StarTrade Fund Inc. StarTrade is a New York bas- ed open-ended mutual fund that invests only in U.S. or Israeli companies that have a critical mass of operations in Israel. Launched one year ago, the StarTrade fund has raised almost $2 million. Its equity portfolio is up 19 percent from its inception and 16.5 percent in 1991. "We can be looked at as a blue chip stock fund," says Robert Miller, StarTrade's vice president of marketing. "The investor can feel comfortable N The investment club relies on an executive research committee which analyzes various Israeli offerings and makes investment recommendations. in the fact that they are doing something that benefits Israel. And, without a doubt, they are not investing in any of the U.S. corporations that are avoiding a trade relation- ship with Israel or abiding by the Arab League boycott." Mr. Miller says he hopes that StarTrade will have $20 million in assets by the end of the year. The fund is manag- ed by Baer Stearns Asset Management Group. StarTrade has 240 investors but Mr. Miller expects the figure to rise in the coming year. "One of the problems we have had in attracting in- vestors since our inception is the fact that we didn't have a track record. Now, we have one. It's not an extensive track record, but in our first year we've had outstanding perfor- mance for a fund that's relatively small like ours." Economic and demographic indicators suggest a strengthening of the Israeli economy, leaving room for an increase in the market for Israeli securities. In addition, the Bank of Israel estimates that Gross National Product will rise between 7 percent N N