The Deen's List(TM)
A service of Deen Capital Management, Inc. (www.deencapital.com)
Vol.1 #71           Thursday December 4 2003           10:54am ET

Please read carefully our disclaimers at the end of this newsletter.

Market stance: BULLISH (since Oct 3 2003)

******************************* Contents *******************************

Bought FWHT
Sold RE

********************** Bought FindWhat.com (FWHT) **********************

Net buy price in managed accounts(*)... $17.54
Yesterday's close (Dec 03)............. $17.78
Net change (based on net buy price).... -$0.24
Today's volume as of 10:37am ET........ 494,153 ($8.7 million)
Average daily volume................... 973,800 ($17.1 million)
This year's earnings-per-share......... $0.50 (est)
Next year's earnings-per-share......... $0.64 (est)
P/E using next year's earnings......... 27.5 (est)
Earnings growth rate, next 5 years..... 35.0% per year (est)

(*) The "Net buy price" is the total net purchase cost after commissions
for all managed accounts divided by the total number of shares.

FindWhat.com (www.findwhat.com) develops and markets performance-based
advertising services for the Internet.  Clients pay for each visitor
delivered to their Web site.

Here's why I bought this stock:

+ News:  On Wed Dec 3, the company announced a deal with Verizon.
Verizon SuperPages.com, the largest online yellow pages directory service
in the U.S., will use FindWhat.com technology to improve advertising
options for businesses that market products and services to specific
local markets.

+ A "true surprise"(*):  Prior to the news, the stock was trading near
a 5-month low, 46% off its September high.  Then, on Wed Dec 3, the stock
soared 19.7% to $17.78 on about 4.7 times average daily volume.

(*) "True surprise" is my term to describe a company news item that
ignites heavy buying and that was not preceded by a short-term runup in
the stock price (i.e. not preceded by rumor).

+ Excellent recent sales growth:  Here are the quarterly year-to-year
sales growth rates from the last four quarters, in chronological order:
+68%, +82%, +80%, and, most recently, for the quarter ended Sep 30, +62%
to $17.8 million.

+ Excellent recent earnings-per-share growth:  Here are the quarterly EPS
figures for the last eight quarters:
Dec 02 vs Dec 01: 14c vs 8c
Mar 03 vs Mar 02: 13c vs 10c
Jun 03 vs Jun 02: 12c vs 13c
Sep 03 vs Sep 02: 12c vs 9c

+ Earnings growth projections:  Next year's earnings-per-share are
expected to come in at 64c according to First Call; that's 28% better
than this year's projection of 50c.  The 5-year earnings growth rate is
projected at 35% per year.

+ Valuation:  At 27 times next year's estimated earnings, the stock is
attractively priced.

+ History of earnings surprises:  This company has reported earnings
ahead of estimates in three of the past four quarters.

The above items were so compelling that I chose to buy the stock in spite
of the following negative factor:

- Falling estimate for 2004:  The earnings projection for 2004 cited
above of 64c is down from a projection of 68c 90 days ago.

******************* Sold Everest Re Group Ltd. (RE) ********************

Net sell price in managed accounts(*).... $81.19
Date(s) bought........................... Nov 24 2003
Net buy price in managed accounts(*)..... $80.36
Holding period........................... 1.4 weeks
Gain/loss in managed accounts............ +1.0% (after commissions)

(*) The net buy (sell) price is the total net cost (proceeds) after
commissions for all managed accounts divided by the total number of
shares.

I sold RE in order to buy FWHT, which I believe has even greater
short-term appreciation potential.

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************************ IMPORTANT DISCLAIMERS *************************

* All stocks discussed in The Deen's List(TM) involve a high degree of
risk.  It should not be assumed that any stock discussed in The Deen's
List(TM) or purchased by Deen Capital Management, Inc. will be
profitable.

* Past performance is not necessarily indicative of future results.

* The information contained herein has been compiled from sources deemed
to be reliable; however, we are not responsible for its accuracy or
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************************************************************************

Ken Deen
Deen Capital Management, Inc.
PO Box 30925
Santa Barbara, CA 93130
(805) 682-1870
deenslist@deencapital.com

Copyright (C) 2003 Deen Capital Management, Inc.