Dear Mr. Reed:

You requested input/comments on your work:

1. John Reed is a father and a coach,. He says the best gift you can give a child is to help him become independent. His approach is the same in his investment advice, he aims for an informed and self-sufficient approach to investment decision making.
2. all investment literature is tainted by the weight of the advertisers. It either fosters a back ground favorable to the advertisers' interests or it steers the public in their direction. It is really nice to have an independent voice.
3. with a wink and a smile, people will tell you 'it is political'. What they mean is that personal standards are taking back seat to corporate expediency. John Reed believes in absolute personal values.
4. Several times a year you will find little gems in John Reed's letter. Each one by itself is well worth the whole year subscription price.
5. the type of advice that is available out there is generally:
   1. submit - it molds you to society's interests
   2. Don Quixote type advice, mostly dished out by the literary class who tends to want to create a parallel world where they exercise power and control or
   3. expediency type advice.

   John Reed gives you the type of advice that you generally associate with the privileged:

   1. a child of privilege is deemed worthy and entitled to exercise influence
   2. Noblesse oblige, a privilege person is deemed authorized to exercise their own moral convictions
   3. a privileged person is deemed belonging to the warrior class and thus learns the skills of an aggressive stand.
6. My sister is found of saying that to be happy, you have to be able to solve your own problems. For John Reed, real estate is a metaphor to exercise one's own clout on society. With his MBA, research and investor's experience, he bring you the technical end. From having been to West Point and having run his own business he brings you the experience of on the one hand the queen bee and its myriad workers and on the other, being the whole beehive all by yourself. From being a high school coach, he brings you an appreciation of personal performance which is a direct personal output, but also an understanding of mastering a milieu as arbitrary as a privileged/community and individuals laying the way for the next generation, where performance is filtered through all components of a society. I have picked up valuable insights from reading Mr. Reed's newsletter.
7. After the French revolution, Napoleon set out to create anew ruling class. He created the Grandes Ecoles where the best and the brightest would learn the skills of running the nation. Mastering West Point, Harvard, a High School football team is a parallel process, both in absolute terms of personal performance and relative terms of group performance on the curve. Mr. Reed transfers his tactical and coaching skills to the real estate investment arena which traditionally had been a cougar arena, that is a field of lone performers.

America is an egalitarian democracy. The door is open to all. There is a phenomenon that if initial access is easy, ultimate success is very hard while if initial entry is restricted, subsequent success is practically guaranteed. It is helpful to import insights developed through exposure to the second system into the first one. We have equal access in America but perhaps*,,. led with a strong sense of ethics and fight o be purportedly imported.

Real estate investors seek financial independence. Because the world is in constant equilibrium, a distinct advantage will immediately bring its offset. Perhaps if we aimed directly at developing the skills of solving our own problems, our main asset would then be our confidence in the successful resolution of whatever to-morrow may bring. In that sense, Mr. Reed has a remarkably consistent approach between child, athlete and investor raising.

Yours sincerely,

M. Liguori