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To: Redhead who wrote (1706)	1/19/1998 2:06:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 2377

RWTI... RH: This could be moving up from a bottom... Look for price closes above 20 5/8 very short term, and 22 3/8 within two weeks... This will confirm a breakout... Jim

To: Redhead who wrote (1706)	1/21/1998 12:18:00 AM
From: HARVEY G. KOEDYKER	Read Replies (1) \| Respond to of 2377

Redhead: Did you see this mentioned on cnbc? In their Hot Hand segment they had an investment fund manager that had returned 35% last 12 months and his style was, I believe, to invest in "value" companies. Redwood Trust, at this point, is his largest holding. This manager wasn't a "salesman", but rather down to earth. Didn't even wear a suit and tie which is a plus by me any day. So, it appears that Redwood Trust would be a conservative purchase at this point with strong upside potential. Harv.

To: Redhead who wrote (1706)	3/15/1998 9:28:00 PM
From: Bonnie Bear	Read Replies (1) \| Respond to of 2377

redhead: just picked up your post on RWT-and REITs- there are a few spread lenders that make their money on variable-rate mortgages...RWT and thornburg (TMA?) are seriously oversold. They will suffer if interest rates continue to drop to 5.5% or lower, but can double to 40 if the feds raise rates. So RWT is best as an interest-rate hedge bought with other investments. I just bought a utility income CEF so I'm buying RWT as a hedge (after staring stupidly at it since 19) If you want a nice REIT for your portfolio look at FSN, below book and great dividend, but watch the bid-ask spread on the puppy. Also look at Pan-Pacific. There's another- a south american REIT heavily owned by George Soros, can look up the name if you're interested. Don't buy Cohen and Steers mutual funds because they are overinvested in hotel REITs and they're likely to suffer. Their funds are so huge they have no choice. REITs are at a 40-60% discount to the market- an excellent time to buy.