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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: nonzeroa who wrote (6654)	11/8/1997 8:53:00 PM
From: Pancho Villa	Read Replies (1) \| Respond to of 9285

nonzeroa>>My only differences/additions are to include some emerging market ADRs if they are simple businesses that are obviously cheap in my long portfolio<< This is fine! despite recent talk about the failure of foreign investing in providing additional diversification [i.e., I am refering to the argument of volatility reduction due to the negative covariance between foreign and the US market] I belive one can get a bit better sleep at night following such strategy. I do have some ADR's but all are stocks in Europe and Japan. My current longs: DAI (Damlier Benz) DT (Dutch telecom), WSHI (british CO makes software for pharmaceutical companies sales force deployment), TOYOY (IMO a good buy now) HMC (honda motors co). I also have BMW which trades ona pink sheet (i.e., have to buy it in the Frankfurt exchange. For emerging markets, despite the sales charge and expenses I gave some $$$ to "boldy Mobious" from Templeton. The guy is smarts works his A off pretty hard and I trust him long term (a significant 8% of my equity. I find emerging markets ARDs too risky for holding individuly, assuming of course one takes a significant position 1% or more on a single issue. >>Even with my less than 100% net equity exposure, I've outperformed the S&P by more than 40% over the last 22 months.<< Cool! keep up the good work and stick to your strategy. Try to avoid impulsive tactical trading moves [this is advice I keep on giving to myself to stay in check] Pancho