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Who Reads Special Situation Survey?
Special Situation Survey is for the savvy investor, one interested in a diversified investment approach which can reduce investment risk while expanding opportunities for potential profits. If you are seeking a concentrated strategy, whereby you pay close attention to each of your holdings, purchasing stocks that are only selling for less than they are worth…then the Special Situation Survey is for you. Obviously doing all this takes a lot of time and a high level of expertise. That’s where their analysts come in. They have tremendous experience finding undervalued stocks and have attained the highest credentials in the business. Indeed, the Forbes Special Situation Survey is the only investment newsletter on the market that can boast a more than 50 year record of success with this one stock a month approach to investing.

What You Can Expect in Each Issue:
With your exclusive subscription to Forbes Special Situation Survey, you’ll receive:

• A monthly recommendation to invest in an undervalued stock
• The Forbes Investors Guide with 14 investment strategy memos
• Email alerts on fast-moving stock situations
• Clear, specific Buy and Sell instructions
• Free access to the entire Forbes Special Situation Survey Website
• In-depth stock analysis reporting
• Updates on all open positions
• Transcripts of Forbes Roundtable Discussions with Top Business Leaders
• A Customer Binder to store all reports and alerts
• Features: Each month, our subscribers receive a 10-page research report recommending just one undervalued stock that our analysts believe holds the promise for significant capital appreciation over the next 18 to 24 months. Our recommendations are based on thorough fundamental research. We rely primarily on a discounted cash flow methodology using conservative assumptions about future growth and profitability. In addition to the monthly recommendations, our subscribers receive periodic follow-up reviews stating our current opinion of the stock. Most importantly, we notify subscribers when it is time to sell. At any one time, there are typically 10-20 stocks on our recommended list. This concentrated investment approach has proven extremely profitable. According to the independent Hulbert Financial Digest, our recommended portfolio returned 24.1% on an annualized basis (excluding dividends) for the five years ended December 2007. The comparable return on the S&P 500 Index was just 5.0%.

Contributors:

President Wallace F. Forbes, CFA

Wallace (Wally) Forbes is President of the Forbes Investors Advisory Institute (FIAI), the division of Forbes Media that publishes the Forbes Special Situation Survey, Forbes Growth Investor and the Forbes Stock Market Course. He also organizes and moderates Forbes Financial Round Table discussions. Transcripts of these discussions among leading investment managers and strategists are then shared with FIAI newsletter subscribers.

Mr. Forbes, the youngest son of B. C. Forbes, founder of Forbes Magazine, served as Vice President and Director of Forbes, and President of Forbes Investors Advisory Institute, from 1964 to 1969. After leaving the company, he served as president and CEO of Standard Research Consultants, formerly a subsidiary of Standard and Poor’s Corporation. He subsequently was a founder and partner-in-charge of Benchmark Valuation Consultants, which merged with KPMG Peat Marwick in 1987. Both firms specialized in the business valuation field. He has also served as a director of both public and private companies.

Mr. Forbes retired as a principal of KPMG Peat Marwick in 1989 and subsequently returned to Forbes in 1996, once again as President of FIAI.

He has authored or co-authored articles on the valuation of business enterprises and related subjects that have appeared in various business and professional publications, including Harvard Business Review, Business Horizons, Monthly Digest of Tax Articles, Management World, Family Advocate, YPO Enterprise, Chief Executive, and The Business Valuation Handbook.

After graduating in from Princeton University with a degree in civil engineering he served for five years in the U.S. Navy as an officer in the Civil Engineer Corps assigned to the Seabees (the Navy’s construction battalions). He currently serves as a trustee of the CEC/Seabee Historical Foundation. When he left the Navy, Mr. Forbes attended the Harvard Business School, and, upon graduation, he was appointed a research associate in investment management and a member of the faculty.

Mr. Forbes is a member of the New York Society of Security Analysts and holds the Chartered Financial Analyst designation.

Editor Vahan Janjigian, Ph.D., CFA

Vahan Janjigian is editor of the Forbes Growth Investor and Special Situation Survey investment newsletters, and co-author and editor of the Forbes Stock Market Course. Vahan also sits on the investment committee at Hillview Capital Advisors, LLC, an independent wealth advisory firm. According to the Hulbert Financial Digest, which has been tracking Vahan’s stock picks since January 2002, he has significantly outperformed all major benchmarks.

A frequent speaker on matters of economic and investment analysis, he has made numerous presentations to retail investors and professional money managers on various topics including capital market theory, portfolio management, fundamental analysis, and quantitative analysis. He has also rendered expert opinions and served as an expert witness on issues involving portfolio management, churning, suitability, and hedge fund manager compensation.

Vahan holds a B.S. degree in General Science from Villanova University, M.B.A. and Ph.D. degrees in Finance from Virginia Tech, and the Chartered Financial Analyst designation. He has taught courses in corporate finance, investments, accounting, and economics at the University of Delaware, Northeastern University, the American University of Armenia, and Boston College. He has published his research in numerous scholarly and professional journals.

Vahan’s writings have also appeared in Forbes magazine and Forbes.com. He is a frequent guest on numerous television and radio programs, and he is often quoted in publications such as Barron’s, The Boston Globe, Forbes, The Wall Street Journal and The Washington Post. Vahan’s book, “Even Buffett Isn’t Perfect,” will be published in May 2008.

Vahan also regularly writes a financial blog on current issues.

Analysts: Taesik Yoon, CFA and Samuel Ro

Taesik Yoon joined the Forbes Investors Advisory Institute as an investment analyst in January 2000. He is now a Senior Analyst and the Associate Editor of the Forbes Growth Investor and Forbes Special Situation Survey investment newsletters. Both Newsletters have significantly outperformed all major benchmarks.

In addition, Taesik writes original articles for the Personal Finance section of Forbes.com, which also features a new stock recommendation specifically screened for and selected by him each month.

He graduated with a B.S. degree in Marketing and International Business from the Stern School of Business at New York University and holds the Chartered Financial Analyst designation.

Samuel Ro is an Equity Analyst for the Forbes Investors Advisory Institute. He performs equity research analysis for the Forbes Growth Investor and Special Situation Survey newsletters and also contributes material for publication on Forbes.com.

Prior to joining Forbes in 2006, Sam was a global funds analyst at Brown Brothers Harriman & Co. and a paralegal at Paul, Weiss, Rifkind, Wharton & Garrison LLP. He holds a B.A. degree in Religion from Boston University and is presently a level 3 candidate in the Chartered Financial Analyst (CFA) program. He is vice president of the Kentuckians of New York Society.

What Readers Think:

“I purchased my first Special Situation Survey recommendation in September 1978. Since that date I’ve averaged taxable capital gains in my purchases of 17% per year. And the last five years have been just as profitable for me as the first 21 were!” — Bruce C., PA

“Better than any so-called full service broker. This service advises you not only when to buy, but when to sell, too!”— Brian N, NY

“Have purchased six stocks so far. Five are up. One down. I’m VERY SATISFIED!” — Mark W., AZ