Expected Returns, July 2006 -- Manifest Investing

It's a challenge to ignore the noise and avoid the panic while the herd of average investors heads for the hills.

It's a challenge to ignore the noise and avoid the panic while the herd of average investors heads for the hills.

Medtronic is the world's largest manufacturer of implantable biomedical devices and merits a closer look by investors.

OBMCX is a good example how a relatively risky, lower quality fund with very high current PAR may have a place in risk tolerant portfolios.

Oberweis Micro-Cap continues atop the list this month.

Continue to shop among the highest quality companies with financial strength ratings of "A" or better.

April and May were very unkind to the likes of portfolio holdings Home Depot, Bed Bath & Beyond, Wrigley, Microsoft and UnitedHealth.

Quality Legend:
Blue	Excellent with quality greater than 80.
Green	Good with quality between 60 and 80.
Neutral	Average or below average with quality between 20 and 60.
Red	Poor with quality less than 20.
Companies with less than 10 years of history are penalized by 5 points per year.
PAR Legend:
Green	PAR is within the target range of MIPAR +5-10%, currently 5.1%-10.1%
Yellow	PAR is above the target range of MIPAR +10%, currently 10.1%
PAR	Projected Annual Return
MIPAR	The Manifest Investing Median PAR of all stocks in the database.
Company Name Legend:
*	Not covered by Value Line Standard Edition.
b	Uses price-to-book value for valuation purposes.
P/CF	Uses price-to-cash flow for valuation.