In This Issue:

•Diversification Gets Easier: International equity correlation to U.S. mid- & small-cap stocks is declining.

•Intelligencer: Headlines, Highlights, and What's on Our Minds

•The Observatory: Selected actions for October 15 through October 19.

•Korea Capitalizing on Oil

•Blogs: The Next Takeover Target?: They reach large, loyal audiences, they're fairly cheap to run, and they're lucrative.

•The Country that Never Sleeps: New York may be the "City That Never Sleeps," but statistics show the entire country is suffering from a scarcity of sleep.

•Efficient Companies: Company managements who run a tight ship may see advantages as U.S. economic growth slows.

•High-Quality Capital Appreciation Portfolio: Exposure to overseas markets should give Franklin Resources an edge.

•Top Ten Portfolio: This focused list, launched December 31, 2001, posted a total return of 82.2% from inception through October 17 vs. a gain of 48.9% for the S&P 500.

Some of the Companies Featured:

Cisco
Franklin Resources
General Dynamics
General Electric
Lockheed martin
UnitedHealth Group

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