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As many of you will remember last fall, we moved from US equities to Asian
funds and have had a very nice ride since. I suspect that the Asian markets
have had the best part of their ride, at least for the time being. Although
the Yen could strengthen a bit more, it is hovering at major price
objectives. Ditto for the Nikkei. Further, Japan's big Asian neighbor is not
making nice. Having ridden the Asia markets since last September, I have
concluded that paying taxes is a better risk than holding and we have
liquidated all Asia fund holdings as of the close of markets on 02Sept. We
may re-enter at a later date, but for now cash looks good. Your mileage may
vary.
Earl
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