Jack,

I agree with you on avoiding GM and Ford. Most of us already own them anyway and are sweating it out. GMAC is another story, but it's too late if you don't already own it. Tires are a good play on autos, but it isn't an approach I'd insist on.

Shipping is an interesting industry. I'd rather dig into them (even though we are very late to the party).

Levi-Strauss? as in the jean manufacturer? They used to issue a ton of debt, and I owned some. But I haven't seen any of it trading lately, and textiles are scary, given globalization. The macro trends will wreck havoc with individual companies. I'd rather look at paper/pulp than textiles.

Which raises this broad problem: everything that might offer an opportuinity is going to have a lot of things wrong with it. Safe and obvious doesn't offer fat yields. Therefore, a good strategy is to look where no one else is looking, which means small, regional companies that have a niche market and no Wall Street attention.

Charlie