Kapital
Performance


Recent
Performance Highlights Reported January 1, 2006

Significant
Macroeconomic Calls

1. January,
   2005: Wrote that the US$ would rally hard and appreciate relative to Major Currencies, or the Euro and Yen from 2005 - present.
   
   
   
   


2. March 9, 2005: Wrote that the Japanese economy was looking very favourable for its outlook and economic and asset price growth .
   
   
   
   


3. February 23
   2005: Wrote that the Fed would increase short-term lending rates up to June 2006.
   
   
   
   


4. September 8
   8, 2004:
   Wrote that the Internet sector would continue to appreciate and attract investment capital as the Global penetration rate was 12.5 percent at that time.
   
   
   
   


5. January
   15, 2003: Wrote that stock markets would rally hard in 2003 and excess returns would be earned in that asset class.

A Handful
of Kapital Stock Pick Rates of Return

1. CCS
   Income Trust ("CCR.UN" - TSX): From January
   2002 to September , 2005, "CCR.UN" appreciated
   from C$5.50/share to C$32.40 after recently splitting 2:1, or produced a +1200.00 percent
   rate of return within that time horizon.
   
   
   
   


2. Canadian
   Natural Resources Limited ("CNQ"-TSX): From January 2002
   - September 2005, 2005, "CNQ" appreciated from C$41.40/share
   to C$60.00/share,split 2:1 in 2004 and 2005, or produced a +334.00 percent rate
   of return within that time horizon.
   
   
   
   


3. Peyto
   Energy Trust Units ("PEY.UN"- TSX): From October
   2003 to September, 2005, "PEY.UN" appreciated from
   C$21.75/unit to C$32.50/share and split 2:1 in 2005, or produced a +196.00
   percent rate of return within that time horizon.
   
   
   
   


4. Apple Computers Inc ("AAPL"- NASDAQ):
   From the spring of 2004 to March 17, 2005, "AAPL" appreciated
   from U.S.$27/share to U.S.$47.00/share after splitting 2:1 in 2005, or produced a +248
   percent rate of return over that period.
   
   
   
   


5. Google
   Inc.
   ("GOOG" - NASDAQ): From August 2004 to March 17, "GOOG" appreciated from U.S.$101.00/share
   to U.S.$414.00/share to present, or produced a +310.00 percent rate of
   return within that time horizon. Also, top annual picks for 2005 include Axia Netmedia ("AXX"-TSX) up +200 percent; Genentech ("DNA"-NYSE) up +63 percent; ING Insurance ("IIC-LV"-TSX) up +62 percent; Fortis ("FTS"-TSX) up +46 percent; and TSX Group of Companies ("X"-TSX) up +80 percent and America Movil ADR ("AMX"-NYSE) 300 percent since 2003.

Average
rate of return for these 10 companies: +299.30 % within the noted time horizon.

Note:
The above companies represent the return performance of
certain but not all of Kapital's stock picks since the company
began in January 2001.Please see my Free Article page for a review of last year.