FLEDGLING page 58
SIDNEY ICRANDALL & SONS JEWELERS
85th ANNIVERSARY SALE
e re celebrating 85 years in business with 20 dazzling days of savings.
Everything in the store is on sale!* Come save 30% to 60% on millions of dollars
worth of rings, earrings, pendants, bracelets, watches, rubies, diamonds, sapphires,
gold, platinum and more. Don't miss Krandall's 85th Anniversary Sale.
It's our Happiest Anniversary ever!
SAVE 30% - 60% April 29 - May 18
bring in this ad and get an additional 8.5% off the sale price!
Monday - Friday 9:30am - 6:00pm • Thursday 9:30am - 9:OOpm • Saturday 9:30am - 5:00pm
FOURTH'- GENERATION
"People shouldn't let
their emotions run
away with them."
JEWELERS
755 West Big Beaver • Troy, Michigan 48084-0072
Main Floor, Top of Troy Tower • 1-1/4 Mile East of the Somerset Collection
*Special orders and David Yurman excluded.
(810) 3624500
Private entrance and free private parking.
Facial Salon and Spa
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DETRO IT J EWIS H NEWS
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murad Continuing the 30 year tradition
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Orchard Lake at Lone Pine • West Bloomfield
810-626-1231
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ident, "The Israeli economy, we
feel, is good, but this is not a short-
term investment. People should
plan on keeping their money in it
for three to five years. People also
should realize this should be a
small part of their investment
portfolio. People shouldn't let their
emotions run away with them.
You have to be able to ride out the
volatility."
A vice president with the Rich-
mond, Va., investment banking
firm of Alex Brown & Sons, Inc.,
notes that other Israel-focused,
open-ended mutual funds have
folded for lack of investor interest.
If investors are interesting in
high returns, or at least solid ones,
they may want to simply buy
stock in companies that have
proven themselves, he says.
— Laurence Dwyer
"You now have Israel with al-
most 75 companies listed in van -
ous stock exchanges in the United
States. Realistically, there are only
a few blue chip (companies) by
American standards: ECI Telec-
tom, Scitex, Teva, Tadiron, Koor,
Elron. So, for purposes of invest-
ing in a diversified Israeli portfo-
lio, consumers can quite easily on
their own invest in the securities
or work with a broker who follows
and knows the Israeli market and
can pick the securities that should
go in their portfolio," says Ira
Lutzky, a former Detroiter who
works closely with international
and emerging markets like IsraeL
Israel's stock market was the
strongest in the Western world
from 1989 to 1994, when it flagged
to the point of becoming one of the
weakest. In 1995, it recovered
somewhat, and ifs too early to say
what this year will bring, Mr.
Lutzky says.
But he doesn't believe political
or social upheaval have much of
an impact on the market any
more.
"On an ongoing basis, the po-
litical effects on the financial mar-
ket of Israel are becoming less and
less. People realize that what's in
the media is not necessarily real-
ity, and the Israeli market has
been the focal point for enough in-
stitutions and retail for a long
enough period of time that as all
of these media events occur, Is-
raeli businesses have not stopped
exporting, not stopped selling, not
had any problems with quality
control," he says.
Alex Brown & Sons does not
sell the Growth Fund of Israel.
Yet, even if it runs the risk of
failing, like its predecessors, the
Growth Fund of Israel is being
managed by two very savvy an-
alysts, says Ron Yolles of Yolles
Investment Management in
Southfield.
Mr. Schor and David Herro are
tireless observers of internation-
al markets. Through two of their
own international funds — Oak-
mark Emerging Value Fund and
Oakmark International Fund —
they've done quite well with Is-
raeli companies, Mr. Yolles says.
The portfolio manager of the
First Israel Fund, a closed-end
mutual fund — the investor is re-
quired to sell off shares to get out
of the fund — has not distin-
guished himself, whereas Mr.
Schor and Mr. Herro are regard-
ed as top international investors,
he continued.
But, "I prefer their Oakmark
Emerging Value Fund or Oak-
mark International Fund. Both
are no-load, whereas the Growth
Fund of Israel is a load fund. Oak-
mark funds are broadly diversi-
fied over many countries."
"We as a firm believe there's
more potential in the next 10
years in the international mar-
kets. But it's safer to do it through
a broadly diversified fund than a
single-country fund," he says.
Mr. Yolles' company buys
rather than sells securities.
Mr. Greggs of New England
Funds notes that the Israeli gov-
ernment will offer an opportuni-
ty to redeem Israel Bonds for their
face-value worth between a point
in the near future and July 15.
Owners will be notified, he says.
"We have encouraged them to
offer early redemption, and they
have, for their own reasons, of-
fered it. If you choose to redeem
early, we are encouraging people
to reinvest in Israel and shift the
emphasis from debt to equity,"
Mr. Greggs says.
Proceeds may, of course, be
reinvested in Israel via the
Growth Fund of Israel. The fund
requires a minimum investment
of $2,500, plus 5.75-percent sales
charge. For information, contact
New England Funds at 800-888-
.
4823.0
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