About once every six months we review my international portfolio at this site. This review looks at several shifts in my investing now.

Here is my portfolio as of September 2004

Investment	Currency	Int Rate	Maturity	%
CURRENT
Current Account	USD	2.10%	Demand	1%
Current Account	AUD	4.75%	Demand	1%
Certificate of Deposit	USD	3.41%	1 year	1%
Certificate of Deposit	GBP	3.00%	1 year	1%
Current Liquid Percentage Total of Portfolio				5%
INTL BONDS
Ford Motor Credit	GBP	7.25%	02.2005	1%
Deutche Bank London	USD	0.00%	08.2005	1%
Goodyear Tire	EUR	6.375%	06.2005	2%
Spintab SWE	SEK	5.75%	06.2005	2%
Great Belt Bonds	DKK	4.00%	11.2005	1%
Neder Waterchaps	AUD	4.75%	12.2006	1%
Westpac Trust NZ	NZD	6.00%	01.2006	3%
GMAC	EUR	5.75%	02.2006	1%
Landwirt. Rentenban	NZD	5.25%	02.2006	2%
Lloyds TSB Group	GPB	8.50%	03.2006	1%
GMAC Intl Finance	NOK	7.75%	04.2006	1%
LB Reinland-Phalz	AUD	5.865%	07.2006	4%
Great Belt Bonds	DKK	4.00%	12.2006	3%
Landwirt. Rentenban	AUD	4.50%	12.2007	4%
Norway 5467	NOK	6.75%	01.2007	3%
Dresdner Bank Bonds	EUR	4.00%	01.2007	3%
Council of Europe	USD	4.875%	01.2007	1%
Rabobank NL	USD	4.875%	01.2007	1%
Westpac Trust NZ	NZD	6.00%	03.2007	1%
Nederl. Gemeeten	USD	5.00%	03.2007	1%
Ford Credit Canada	GPB	7.25%	12.2007	1%
Swedish Export Cred	NZD	6.25%	12.2007	4%
Scandinavian Airline	EUR	6.00%	06.2008	1%
Current Bond Percentage Total of Portfolio				42%
STOCKS
Jyske Bank Shares	DKK	Stocks		3%
Bank of Florida	USD	Stocks		1%
Current Stock Percentage Total of Portfolio				4%
OTHER ASSETS
Gold		Gold Silver		2%
Tax Lien Loan		7%		3%
Farm Land				15%
Buildings				6%
Residential Property				4%
Commercial Real Estate				21%
Wellness Building				0%
Current Percentage Total of Portolio				51%
INVEST LOAN
Invest loan		CHF	2.00%	-4.0%

Here are some facts to note about this portfolio.

First I do not measure my performance with only one benchmark...my cost of living. I have one simple goal....to pay for my cost of living and end up with a higher value portfolio than before. In this case the performance is up 7.8% in the last three months. 13.7% in the last six.

Second, I see many reasons why the U.S. dollar will weaken mid term so have reduced the dollars in the liquid portion of my portfolio from 13% to 8% at this time.

Third, I have increased my real estate position from 38% to 46% and am looking to add some leveraged real estate which will increase the real estate portion of my portfolio to about 50% of the total portfolio.

Fourth, I believe that U.S. inflation has been understated and will now become more obvious. This is why the real estate is being added.

Fifth, I have borrowed 4% of my portfolio in Swiss Francs at 2.000% to enhance the earnings from the Euro and European currencies that are earning an average of 4.5% so this loan is earning and extra 2.5% on that portion of the portfolio. In addition the Swiss franc has dropped versus the Euro in the past six months so this has added some extra profit.

Finally the percentage of the gold and silver has dropped as an overall part of my portfolio as I have failed to add any new metal positions as the portfolio has grown.

Gary

P.S. Learn how to cash in on distorted words, contrasts and trends.  Join Merri, Thomas Fischer of Jyske Bank and me at our next International Business and Investing Made EZ Course. Review which currencies may be strong in the year ahead. Details