Ignore Noise About Dollar's Demise

This column was originally published on RealMoney on Dec. 29 at 1:00 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

In my last column, I examined several investment themes that could come into play in 2007. In the spirit of having to re-learn this coming year (as I do almost every year) that our best trade is frequently the one we did not make, the wreck we avoided, I'd like to suggest a theme that might get a lot of airplay but is probably really a distraction.

The reserve diversification issue may be for the foreign-exchange market what the Y2K issue was for the general public. The topic has generated a lot of heat but very little light.

Unimpressive Numbers

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