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To: patron_anejo_por_favor who wrote (210)	4/23/2002 5:28:12 PM
From: Tommaso	Respond to of 329

Somehow I forgot that it was you who started this thread. I keep it bookmarked, despite the quietude. I am not sure that many other countries have done much better than the US at holding back the increase of monetary aggregates--especially not Japan in recent weeks and months. Nevertheless, what I hear most recently about the willingness in Australia and Canada to start raising interest rates, combined with what seems to me a dollar that is overvalued by about 25-35% in comparison with other important currencies, has led me to place about 20-25% of our family's net worth in bond funds denominated in other currencies. I have been doing this over the past 15 months. So far it has worked especially well with the discounted closed-end funds FAX and FCO. Next largest are holdings in oil and gas in one way or another. And after that, gold and silver in various ways. All these things, it seems to me, ought to move inversely with the dollar. Dealing directly in currencies, at least any leveraged dealing such as futures, seems to me even more risky than futures in precious metals or in oil and gas. I just don't care to get wiped out by some temporary lunacy.