The positions I closed out during the calendar year averaged a 26.6% gain. On Dec. 31, 1998, the average gain on my 1998 picks was 20%. (Since then, the average has moved up to 24%.) This leaves us in an excellent starting position for 1999, with a 3-year total return on all my Taipan picks of 94%!

Taipan Microcaps
Company Name	Symbol	Exch	Purch	PurchDate	Sold Date	Price/Sold 12/31	1998 Profit/Loss	1998 High	p/l at high
Printrak International	AFIS	NNM	$8.00	Jan ‘97	NA	$7.38	-8%	$11.50	44%
Elcom International	ELCO	NNM	$5.63	April ‘97	Dec’98	$3.00	-47%	$7.13	27%
Bioject	BJCT	NNM	$1.00	Jan ‘98	April ‘98	$2.25	125%	$2.50	150%
Forensic Tech	FTIC	NNM	$10.50	Jan ‘98	April ‘98	$16.00	52%	$20.75	98%
Research Frontiers	REFR	NNM	$7.50	Sept ‘97	March ‘98	$6.00	-20%	$11.00	47%
Orbital Sciences	ORB	NYSE	$22.00	Oct ‘97	NA	$44.25	101%	$50.00	127%
Orbital Sciences	ORB	NYSE	$18.00	Oct ‘98	NA	$44.25	146%	$44.25	146%
Nastech Pharm	NSTK	NNM	$13.00	Nov ‘97	NA	$4.00	-69%	$15.38	18%
Axsys Tech	AXYS	NNM	$18.00	Nov ‘97	NA	$14.00	-22%	$27.50	53%
Modtech	MODT	NNM	$18.00	Nov ‘97	NA	$15.25	-15%	$29.63	65%
ADFlex Solutions	AFLX	NNM	$14.00	March ‘98	NA	$7.00	-50%	$23.13	65%
Aviron	AVIR	NNM	$22.00	April ‘98	NA	$26.00	18%	$33.00	50%
Micros Systems	MCRS	NNM	$27.00	May ‘98	NA	$32.88	22%	$39.50	46%
Integrated Surgical	RDOC	NNM	$3.25	July ‘98	Dec’98	$4.00	23%	$5.00	54%
Focal	FOCL	NNM	$7.00	June ‘98	NA	$9.63	38%	$13.50	93%
AVI Biopharma	AVII	NNM	$3.25	Nov ‘98	NA	$4.25	31%	$5.25	62%
Closure Medical	CLSR	NNM	$22.50	Dec ‘98	NA	$38.63	72%		73%
Average Return on 1998 Positions: 20%