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To: Jerry Miller who wrote (3533)	8/24/1998 12:12:00 AM
From: Sea Otter	Respond to of 10081

OT - New Zealand was nice, Japan less so. What a mess in Japan. Political paralysis, a government that makes ours look efficient, creeping economic meltdown, and everyone playing ostrich. For the first time I saw homeless people in Tokyo! I've feared this for awhile, but that trip decided it for me: the international situation will catch up to us. So a couple weeks ago I got on the phone in Tokyo and sold almost all of my stocks, including the remainder of my early $1 GMGC. Even sold all my MSFT, talk about becoming a bear. Still have a small GMGC position (the 5k shares I bought last couple months and am underwater on). Those I will hold, since I don't see much point in selling at these prices. Everything else went to cash and bonds. I remain bullish on GMGC itself, but the macro situation has like really got me weirded out. And the action of market since my exit hasn't inspired confidence. Still, I plan on bottom fishing should we move lower. I hear that the GMGC news internally is good, but I'm not holding my breath for any substantial immediate PR. Seems to me that our next big wave won't come until Oct-Nov, once we are ready to mass-market Portico (but hope I'm pessimistic, I'd love my shares to go into the black quickly). New Zealand - lovely country, nice ski areas, great hot tubs. And the sushi is still great in Japan. Sea Otter