"We've tracked all 320 three-month periods back to 1974," says Investech Mutual Fund Advisor (2472 Birch Glen, Whitefish, MT 59937). "Today's money growth ranks in the top 3 percent of all those periods. What's more, whenever the money supply has expanded as fast as it's doing now, the stock market has responded with a brisk rally, followed by an upturn in the economy soon after. There's no reason why this time will be any different."

Liberty Newport's Tiger Fund takes a rigorous top-down approach to picking Asian stocks. It grades countries on their leadership, political stability, legal infrastructure and the liquidity of their capital markets. This overview has enabled Tiger to appreciate an average 18 percent annually over the past three years, 11 points more than the MSCI AC Far East Free Ex-Japan Index. Recent favorite stocks: China Mobile, DBS Group Holdings, Giordano, Huaneng Power, Johnson Electric, Li & Fung, Sun Hung Kai Properties, Taiwan Semiconductor.

Many real estate investment trusts, which trade like stocks on the major exchanges, commanded large premiums to the liquidation value of their assets just last year. Now worries about the slowing economy have turned these premiums into discounts, observes Forbes/Lehmann Income Securities Investor www.forbes.com/lehmann. "This leaves lots of room for nice appreciation when the next economic upswing comes." Lehmann's favorite REITs: FelCor Lodging Trust, HRPT Properties, New Plan Excel Realty.

To avoid stocks that are pursuing higher earnings growth at the expense of profit margins, Standard & Poor's Outlook (55 Water St., New York, NY 10019) recently screened for those whose five-year revenue growth rates were at least 14 percent, while their profit growth rates were at least 15 percent. It found 12 examples that also had below-market price-earnings ratios: Abercrombie & Fitch, Applebee's, Chico's FAS, Constellation Brands, Federal National Mortgage, MBNA, MGIC, Mohawk Industries, Northern Trust, Radian Group, SCP Pool, Safeway.

Long-term bond investors shouldn't worry about the inevitable rebound of today's historically low interest rates, says Jason Zweig of Money magazine. "The power of compounding will work for you. It's true that any rise in rates will depress a bond fund's value temporarily. But in the long run, higher rates mean the funds' income can be reinvested at higher rates."

Don't automatically sell a stock fund just because it has switched managers, cautions Christopher Traulsen of Morningstar Mutuals (225 W. Wacker Drive, Chicago, IL 60606). "Selling a fund not only has tax consequences, but can also be expensive because of back-end loads or a loss if the fund hasn't performed well. Sell only if the new manager has an abysmal track record or an investing style that conflicts with your own."

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Investor's Notebook is a digest of investment opinion from the world's leading financial advisers. It does not recommend any specific investments, and no endorsement is implied or should be inferred. For more information, contact the individual firms cited.