We continue to believe that the company will maintain its growth and
investors will be prepared to pay higher prices for its shares.
For those of you with a more venturesome inclinations, AudioCodes
(Nasdaq:AUDC) a rapidly expanding specialist in the transmission of
voice, data and fax over packet networks may be an interesting
speculation. Packet networks are data communications networks that
transport information compressed into packets over circuits shared
simultaneously by several users.
At the outset of 2003 we pinpointed Agis Pharmaceuticals (TASE:AGIS)
as our choice for best performer for the year. As we write, the
shares of this generic drug manufacturer have appreciated by 160%.