November 6, 2007
I'm sure that you've already heard about this because its been played on the news quite a bit. About a month ago, I mentioned that I was late to the game but I started buying Canadian currency (FXC) along with the Euro (FXE). You can see how its done under the Purchases and Sales tab. I should also have bought the pound. Since I will be in Europe at least twice next year, I figured that maybe I could gain a bit on the currency and defray the extra cost of the hotel stays and regular expenses. Now it seems that I was too timid and should have bought a lot more.
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Gisele Bundchen wants to remain the world's richest model and is insisting that she be paid in almost any currency but the U.S. dollar.
Like billionaire investors Warren Buffett and Bill Gross, the Brazilian supermodel, who Forbes magazine says earns more than anyone in her industry, is at the top of a growing list of rich people who have concluded that the currency can only depreciate because Americans led by President George W. Bush are living beyond their means. |
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– Bloomberg |
Some of you have told me that you are quite diversified, so if you are looking at going overseas next year, this is something to consider. It may not go up more, which actually would be good. Going down, that doesn't seem like there's much chance of that.
Also, I did sell half of my stake in the Hong Kong ETF thinking I could buy in at a lower price. Well, guess what... it went back up after I sold. So much for timing. I sold my higher priced shares at a loss. The Chinese gov't apparently has still not given the green light to Chinese citizens investing in Hong Kong shares. The fear is that the Hong Kong exchange will be overwhelmed. So they must decide on how they are going to handle this sometime soon. For those of you who may have followed my lead a little bit, I went in at around $17.75 and today it's a $22.45 at the moment. It did reach $24.29 last week, but now has backed off a little. Where it goes from here, only time will tell. If you bought into this, keep watching the news.
Have a good day.
Pete Lipke
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