[Steve Cassani]

I am not buying stock in CSBI, Carroll Shelby International. The company has a long history of uneven performance, including a period in the early 2000's when there was evidence of management attempting to solve cash flow problems by directing purchaser deposits to the cost of completing cars already ordered. The company's public value is less than the minimum required by the SEC to compel public disclosure so an investor has no way to determine the debt to earnings ratio, dividend history, price to earnings ratio and other metrics used to evaluate the potential for future performance. Also, much of the company's allure is tied to the name 'Shelby.' After his passing the connections with Ford that are responsible for most of the cash flows reflected in the stocks recent improvement may not be renewed. I am not optimistic regarding the status of cars manufactured or modified in a 'post-Shelby' era.

The folks actually involved in day to day mangement of Carroll Shelby International are more skilled than those who tried to work through the problems confronting the company when the Series 1 was the heavily marketed product and manufacturing replica Cobras was thought to have a limited potential for growth. Still, Carroll Shelby International is more of a novelty, better suited for investing as a way to bring excitement to talk at a cocktail party than a serious opportunity to gain favorable returns in a competitive market.