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To: Joan Osland Graffius who wrote (129955)	8/11/2001 4:34:24 PM
From: GST	Read Replies (1) \| Respond to of 164684

Joan: You pose a tough question. First off, I agree with your premise that the best investments are not going to be seen in the rearview mirror, and the ones that you would see there are still ripe for another 50% haircut before they move on up. It is so hard to define future trends, but I think that China and not the United States will be the world's growth engine in the next five years. I am focusing more attention there from a business perspective, but I cannot say I know what to buy as an investor -- not yet anyway. And there are added risks and complexities. Perhaps the safer bet is US companies with big bets in China -- DOW chemical for example.