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We read it everyday, my little Einstein loves it- it is simple, highlights the highlights on the Parshah and has pictures- I highly recommend it!
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And then as they get older, The Little Midrash Says- alot of stories and really great! http://www.amazon.com/Little-Midrash-Says-Torah-portion-Midrashim/dp/B00071NC2K/ref=sr_1_6?ie=UTF8&s=books&qid=1274945615&sr=1-6