WHERE TO LOOK IN '96

FORGET THE TURKEY FUND AND THE BOND MARKET. THINK MORGAN STANLEY AND JAPAN

AFTER A 30% YEAR IN STOCKS, WHAT NOW? I POSED THIS question during the annual portfolio-management conference at our dining-room table. This is the time to weed out unproductive assets, of which we had several. As my wife pointed out, if stocks had a 30% year, what happened to ours? Don't blame me, I said; blame the Turkey Fund.

If we had been long in corn instead of Turkey, we would have been up 59.8%, as corn outperformed the Dow Jones industrials by nearly double in 1995. Zero-coupon bonds did even better, up 63.1%. At least we avoided coffee beans, down...

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