BUSINESS

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*Weekends thru Nov. . . .$255*
*
* CANADIAN ADVENTURE (Ottawa, *
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*July 27-Aug. 2; Oct. 10-16 .$559*
* Hotels • Meals • 1000 Island *
*Cruise • Tours • More!

* * MACKINAC ISLAND BRIDGE WALK * *

*Sept. 5-7
$169*
* Hotel • Breakfast • Full day on *
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STRATFORD FESTIVAL "ROMEO
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July 26; Aug. 1
$69
1 Day - 1 Play
July 11-12, Aug. 28-29Fr. $189
2 Plays - Dinner • Tour
More dates through October

* FREEDOM FESTIVAL FIREWORKS *
*July 1, Dinner
$59*
*"Top of Pontch" - Entertainment*
*
*"TALL STACKS" - CINN., OHIO *
*Oct. 16 - 18
$299*
* (Recreation of sights, sounds &*
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* Non-stop Entertainment, Hotel, *
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* RIVERBOAT GAMBLING, IOWA *
*July 24 - 26;
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Also Dates thru Oct. *

*
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* July 19 - "OKLAHOMA"
*Aug. 9 — "WEST SIDE STORY" *
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$49*

*

*
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* SHAW FESTIVAL (NIAGARA- *
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July 11-12, Aug. 22-23
*Sept. 19-20
Fr. $215*
2 Plays • Hotel • 1 Max Movie *
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$140*
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*
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*Lunch & Show

Fr. $559 *
* Hotels • Tours • Meals
* • Celebrity Shows • More!
*

*
*

*

* * * BRANSON, MO.
* * Oct. 1 - 6

$43*

* "PHANTOM OF THE OPERA" — MASONIC TEMPLE
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*
*July 10-12
$225*
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!Sept. 13-20
$699
Hotels • Tours • Meals • Statue
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"

Israel Investment Clubs
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* * TRAVERSE CITY CHERRY FEST. *

* * "FIESTA TEXAS"
* Oct. 11-23
$888
* * * Hotels
* * • More! • 9 Cities • Tours • Meals *
*
* * " MISS SAIGON" — CHICAGO *
* * Oct 10-12, Oct. 4- 26 &
* * Dates Thru
'
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* * Hotel • Show December
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Fr. $899*
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embership might be
higher if it weren't
for U.S. Security and
Exchange rules governing in-
vestment clubs.
Regardless, representatives
of the Michigan Israel Invest-
ment Club are pleased that
membership has increased to
its capacity of 35 in less than
a year. And other groups have
followed its lead.
Just one year ago, member-
ship hovered at around 15 in-
vestors. According to club
treasurer Hymie Cutler,
MIIC's increased popularity
can be explained in one word.
Profit.
Last year at this time, the
club portfolio consisted of 15
stocks with total holdings
valued at over $39,500. 'Ibday,
it has 20 stocks valued at
$82,500.
Now local interest in Israeli
investment clubs is burgeon-
ing. Mr. Cutler says MIIC has
received enough inquiries to
form two other groups. The
club is offering guidance and
encouragement to individuals
and organizations who wish
to start their own groups.
The Zionist Organization of
America — Metro Detroit
District recently inaugurated
an investment group called
ZOA Michigan Israel Invest-
ment Club-Aleph. The desig-
nation "aleph," says ZOA ex-
ecutive vice-president Ezekiel
Leikin, indicates that it is the
first of what he hopes will be
many future clubs. After for-
ming six weeks ago, it has
already accepted the legal
maximum of 35 investors. A
second group has been organ-
ized under ZOA auspices. It
too, has reached its 35
member limit. "In direct or
indirect ways, anything that
can be of service to Israel is
valuable," Mr. Leikin says.
"And these clubs serve a
tremendous purpose. I'm very
happy to see this happening?'
According to Mr. Cutler,
local Hadassah and Labor
Zionist groups may start
clubs, and a Chicago consor-
tium recently sought advice
from MIIC. "We don't want to
keep this a secret," says Mr.
Cutler. "The more people that
get involved, the better it is
for them, for the companies
involved in these investments
and for Israel. Everybody
wins."
The MIIC requires its
members to invest a
minimum of $25 each month.
An executive committee

researches various invest-
ment vehicles. The committee
recommends investments
from among the 35 Israeli
companies traded on
American exchanges and
American companies with a
critical mass of operations in
Israel. The general member-
ship votes on the recommen-
dations during regular
meetings.
At a recent executive com-
mittee session of the original
club, the discussion focused
on adding two new stocks to
the club's offerings — a local
area network software com-
pany and a vehicle leasing
firm. The committee analyz-
ed a variety of factors in-
cluding the companies'
market share, revenues/net
income, order backlog and
debt situation.
Committee member Morris
Baker says the club main-
tains a balanced offering by

The general
membership votes
on the
recommendations.

recommending investments
that are based on two criteria:
quality stocks versus growth
stocks. Quality stocks, he
says, are those that offer
minimal risk, but are higher
priced. Growth stocks are
riskier, but less expensive.
Mr. Baker says the MIIC's
offerings include many Israeli
companies that export pro-
ducts, particularly those that
have or are developing rela-
tionships with new markets
in China and Japan.
The executive committee's
research is based on a
number of periodicals that
detail Israel's economic and
research and development
strategies. Mr. Cutler says
newsletters such as Israel
Business Today and Innova-
tion are invaluable tools.
The committee also takes
advantage of the business and
personal experiences within
its own ranks. This includes
members with significant
professional contacts and
employment histories with
Israeli companies.
One MIIC member, Dr.
Carlos Zorea, lived in Israel
for 20 years where he was
senior vice-president of Elron,
Inc., a high-tech manufactur-
ing conglomerate. Dr. Zorea
headed Elron's strategic in-
cubator program.
The program developed and
nurtured "two-legged"
private companies — firms
whose technologies were