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To: patron_anejo_por_favor who wrote (62262)	1/26/2001 9:05:42 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

I have followed the Contrary Investor reports with great interest. I especially liked the one showing what would happen if the mutual funds tried to pile into utilities, and the two that showed the relative weightings of basic sectors over the past decade. Knowing that Tech had grown from 10% to 30% in market weight helped keep me out of tech during the decline, though I did play some of the better names for the Jan bounce. It is these alternative viewpoints that allow us greater opportunity, in the days of the Internet. Imagine that our only source of info was either outlandishly priced subscription services that used US Mail and got the data into our hands 7 days later. You could say that the internet does have the potential to improve the productivity of investors. Of course, for some this translates to going broke quicker <g> I understand the risks of forgein diversification. 98 clearly demonstrated that many markets take the US lead short term. And accounting variations can lead to nasty surprises, not to mention political risk. One theme I've been toying with is investing in foreign concerns in out of favor sectors. So lumber is cheap in the US, share prices for lumber operations are low. I can buy CRO, a us player, or FFS, a new zealand player. Since I seem to be confused much of the time of late, I somehow ended up owning small portions of each. But the idea is still there- I get some power if the dollar declines and I own an asset at a lower price than recent history suggests it may fetch in the future. This theme can be extended to metals, mining, energy etc. I don't like to play end of the world bets, as there is a substantial interest on behalf of those with power to keep things afloat. And I'm not sure I want to live in an end of the world kind of world. It's clear that we walk on the brink more often than I would like, but I still hold hope. re the collapse in real estate- I don't know that we will see a widespread collapse unless things get significantly worth. I wouldn't want to own any in CA, and see things there as a clear sign the brink is close. But Real Estate in WA, Canada, the midwest or most of the south estate might weather a mild storm quite well. So I'd expect a mini collapse localized to areas of excess, but don't see it precipitating the problem, more of an effect of the other factors, like the potential for a declining dollar or asset repatriation you mention