America's Finest City.........

Warm sunlight. San Diego's "signature" radiated across San Diego County for the 2006 World Golf Championship--Accenture Match Play Tournament. We had a marvelous time. Althougth Chippewa Partners owns shares in Accenture we may not own enough and I am highly motivated to increase the position. The talent, drive and enthusiasm of this company appears on solid footing. Impressive. I was fortunate to be at the table with the CEO for the Tiger Woods dinner last Wednesday night. The firm has the right guys leading it at the right time. Poised for growth and a first class operation for sure. Truly world class.

Now, let me be clear. Tiger Woods is the man. Without a doubt the most recognized face in sport in the world. If you didn't know it, he told us he loves to spearfish, has added a border collie to his "new" family and relishes his privacy.
The average person has not a clue about what he must go through in his daily life. His dedication to his game and to himself is examplar. A first class consumate professional and destined to make a global impact far beyond golf with his budding Tiger Woods Foundation. No one works harder at his craft than Tiger. No one.

It's always great to see friends and clients, old and new, and this trip was no exception. Time doesn't allow to see everyone but there is always next time. A fair amount of time was spent discussing the San Diego real estate market and how to play the downside when it cracks. It appears to be a ticking time bomb what with the flawed real estate appraisal process, "value inflation" and the myriad of "games" played in the sub-prime mortage market. Are we 2%, 3% or 5% from a crash in home prices? The wage scale is not keeping up with inflation and "creative" financings are the norm rather than the exception. I guess with an 11 billion dollar accounting scandal at Fannie Mae and the stock holding firm maybe my worries are unfounded. But I doubt it. Funny thing though. I said the same thing in 1979 when I arrived in San Diego. It seems Souther Cal real estate only goes one way long term, just like the stock market. Maybe the weather has something to do with it!!!

San Diego, if you are listening, God bless the military there. All of the men and women who serve so proudly and call San Diego home. But, why not do the area a huge favor and turn the Miramar Air complex into a truly global world class transportation hub? It needs to be done, the time is now.

All in all, it was a great trip to visit a great city and the old LaJolla haunts. The San Diego politico's haven't changed much either. Randy "Duke" Cunningham is a true black eye to America but frankly, what else can you call lobbying but what it is, bribery.

With Google shares pounding at the door to $400 it is nice to be home at the trading desk, doing what we love to do.

The work of Chippewa Partners.