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To: Tommaso who wrote (10186)	6/15/2005 9:01:01 PM
From: fedman	Respond to of 37387

>>>Am worried now at news that John Templeton, who could always be wrong but seldom has been, is shorting Japanese stocks.<<< I really don't know enough about what Templeton is shorting and why. I think you should do what you're comfortable with and all I can tell you is that 4 of the 15 hedge funds that I met with had comments on Japan and of the 4, all were positive that they had found some great prospects there. I also, and please forgive me if I mistaken, thought that the rules in the tokyo exchange made it difficult to short stocks there, although that may have changed and wouldn't (obviously) apply to ADR's over here. Maybe Templeton sees the other side of it where some Japanese companies are overvalued and cultural differences are the only thing propping up the stock price. Anyway, I just put it out there and if I hear of any "must have" tickers over there I'll let you know. I do not hold any Tokyo Exchange stocks. As a follow up to these past meetings, I actually have two hedge fund meetings scheduled next week. One is general long/short domestic fund, but the other is an inflationary hedge fund. I'll let you know if they have any interesting strategies or stock revelations. I know that as a general matter these guys are the "enemy", but some of them are quite impressive and go to great lengths to talk to the management of these companies before investing. This was especially true of the biotech guys. In fact, one of them was telling us that they hired a patent attorney (not the one on this board) to help them decide a stance to take on a stock prior to a court ruling. Sure, they're are lots of funds that I wouldn't touch with a 10 foot pole, but here, it's not my decision to go with hedge funds, I only have a small voice in which ones to go with. I'd also say that almost none of these guys makes decent money on their short positions. They are just short to cover some long bets and they focus much more on they're long positions than their shorts (I'm speaking really GENERALLY here, so forgive me). Have a good evening all.

To: Tommaso who wrote (10186)	6/23/2005 10:15:29 AM
From: fedman	Read Replies (1) \| Respond to of 37387

Tommaso: Do you have a source for this information on Templton's Japan position? The hedge funds I spoke to this week still see lots of investors rushing into the Japanese market and had not heard that Templeton had this position. Thanks >>>I keep waiting to get into the Japanese market, except for a brief foray 2-3 years ago. Am worried now at news that John Templeton, who could always be wrong but seldom has been, is shorting Japanese stocks.<<< Regarding Natural Resources: Here is another fund that people may wish to consider: blackrock.com I met with Denis Walsh and he is pretty much has a view of continued strength in coal and oil. Maybe not as dire a view as Simmons, but definately sees this as the 3rd inning of a 15-20 nartural resource bull market.