1. 10% in REIT 2. 10% in High-yield bond fund 3. 10% in Emerging Bond fund 4. 10% selling JNJ 50 Jul 04 put with a premium of $2.85. 5. The rest in SHY and waiting for the right market opportunity.
The big uncertainty is geopolitical risks, especially in Taiwan around March 2004, the dust should settle by June 04.
There is not much place I can see with attractive valuation / good growth prospect, I am willing to sit on the sidelines for a couple years, be happy with a 9-10% annual return, and wait for Other People's Margin Call.
