snip..

Euro: $1.2944 (11/15/04)
$1.3165 (3/20/05)
1.7%

FCNTX: $54.79 (11/15/04)
$57.19 (3/20/05)
4.4%

Contrafund has out paced the Euro by a factor of over 2.5. So far the
strategy is working.


With the Euro predicted to rise back to 1.35 in the next six months to
a year (which is pretty much where it was just a few days ago) and a
historic annual return of FCNTX of 1.75%, I'm not so sure of the return
provided by your strategy, especially after taking into account buying,
selling and admin fees for the account. These could easily eat up the
2.5% or so you are winning at the moment.

Still, being ahead is always good!

Report back in six months.

Mike


ASW 20 WA