Petrodollars (once again)
A sage commenter once suggested that this blog should be titled follow the money – since it has focused, more than anything else, on trying to understand how the US finances its large current account deficit.
About two years ago, that quest took me to the world’s oil exporting economies. In 2005 and in 2006 their external surpluses topped China’s surplus, and they added more to their reserves and official assets than China added to its reserves and investment funds. China will regain the lead in 2007 – the oil exporters cannot match half a trillion dollars. But they still have a lot of cash to invest.
The US data – whether the TIC data or the survey data – doesn’t really tell us much about what the oil exporters are doing with their money, or rather it tells us that they are investing the funds in ways that don’t register in the US data.
But over time, the flow of petrodollars has started to make some sense.
We know for example, that Russia’s central bank manages Russia’s oil fund. While Russia has dramatically reduced the dollar share of its reserves, even 50% of $400b plus works out to a substantial sum. Russia, though, has invested its dollars and euros very, very conservatively. That may change next year, when Russia’s stabilization fund is split into two.
Other oil exporters — Libya for example – have also been fairly conservative. Libya seems to have a lots of funds on deposit in Europe.
But setting Russia aside, the really big money is in the Gulf. And thanks to the reporting of the Wall Street Journal's Henny Sender and a nice synthesis piece by James Mawson and Renée Schultes the way the Gulf manages its money is starting to come into better focus.
My friend Ramin Toloui has shown that most of the Gulf’s assets are held by investment funds, not central banks. These funds have certain common features – they all seem to have increased their investment in Asia, for example. But each fund also seems to have its own style.
Qatar’s investment authority, for example, increasingly wants to be a private equity fund – not just invest in private equity funds.
Dubai international capital is a private equity fund — not a sovereign wealth fund. At the same time, the line between private and public wealth is a bit blurry when a fund manages the "private wealth" of the country's ruling sheik.
Kuwait’s investment authority, which Henny Sender profiled in Friday’s Wall Street Journal, seems a bit more conservative. While Kuwait is certainly not a democracy, their investment fund does have to report to Kuwait’s parliament. Sender:
Although Kuwait has an emir, it also has a parliament, whose members often question the investment authority's executives about their holdings.
As a result, KIA is more transparent than other funds in the region – indeed, I would say it is second only to Norway when it comes to transparency, though the competition for second isn’t very strong.
KIA still keeps (old) bankers hours: Senders reports the AC shuts down at three, and the parking garage closes at 4. But KIA also isn’t as sleepy as it was five years ago. Indeed, in 2003, Senders reports that the bulk of its assets were in Treasuries (though it also seems to have had some equity exposure):
Mr. Al-Sa'ad [the manager of KIA] learned that Yale was 28% in stocks, 17% in private-equity funds and 20% in real estate at the time. Kuwait was 2.5% in real estate and 1.5% in private-equity funds. The bulk of its money was in U.S. Treasurys. Despite that hoard, the fund had enough losses elsewhere that its returns were negative in 2001 and 2002, Mr. Al-Sa'ad says.
KIA subsequently has shifted from US Treasuries towards global equities — and private equity — over the past few years. And it also clearly has shifted toward Asia. Sender:
The recent troubles in U.S. and European financial markets confirmed him in his view that emerging markets, especially in Asia, hold greater promise. He has made some big investments in China, including $700 million in Industrial & Commercial Bank of China in 2006. …. Mr. Al-Sa'ad is cutting the portion of the portfolio invested in the U.S. and Europe to less than 70% from about 90%. "Why invest in 2%-growth economies when you can invest in 8%-growth economies?" he asks.
As Mr. Al-Sa'ad moves away from assets priced in dollars, the euro and the pound sterling, he is moving toward the South Korean won, Malaysian ringgit and Indian rupee. The yen is his least-favorite currency.
The shift to Asia, though, still seems to be a work in progress. Notice the worlds “is cutting” not “has cut”. The surge in ICBC’s value no doubt helped accelerate the rebalancing of the Gulf' portfolio.
30% of a $200b portfolio is $60b – it is a substantial chunk of change.
But it is nothing like what the Abu Dhabi Investment Authority (ADIA) likely has invested outside the US and Europe. ADIA is absolutely enormous – its assets dwarf those of Russia and Kuwait. Most of ADIA’s vast funds are managed externally. That is one reason why they don’t appear in the US data. And so far it has been quite happy not to try to be a private equity fund – though it has given large sums over to private equity funds to manage, and recently bought an equity stake in one of its fund managers.
ADIA has long had a relatively large share of its portfolio in equities – larger, I suspect, than the other Gulf funds. Its other distinguishing feature – setting its size and secrecy aside – seems to be its willingness to invest in the emerging world. It probably has more money invested in the emerging world than any other single institution – the 15% share of its equity portfolio in the emerging world in early 2006 likely has gone up.
So what are the big mysteries that remain?
One is just how far ADIA has gone in diversifying its portfolio away from dollar based assets. KIA has indicated that it aims for the composition of its portfolio to roughly match a region's share of world GDP. ADIA hasn't — to my knowledge — made a similar statement.
ADIA is so big that it in some sense drives the data for the entire Gulf. If ADIA has only a third of its assets in dollars, it is pretty hard to see how the Gulf as a whole has 60% of its assets in dollars (as the IIF estimates).
Another is whether the Saudis have moved the same broad direction as Kuwait’s investment authority. The Saudis don’t have an investment fund per say, but their central bank has large holdings of non-reserve foreign assets. It isn’t clear whether SAMA still holds a portfolio that looks like a typical central bank portfolio (mostly Treasuries and Agencies) or whether it has taken on more risk. SAMA supposedly has some equity holdings, but it isn't clear what share of its portfolio is now managed more aggressively.
I assume that SAMA also continues to hold far more of its assets in dollars than any of the big investment funds, but I wouldn’t mind being able to confirm that assumption.
The final mystery from the Gulf: just how much have the leading Saudi families invested on their own? ADIA seems to pretty much have all of Abu Dhabi’s money. SAMA manages the reserves – including the fiscal reserves – of the government of Saudi Arabia. But it doesn’t seem to manage the “private” funds of Saudi royal family.
And then there is a mystery that has nothing to do with the Gulf. Of all the various models for investment funds out there — models range from those in the Gulf to Norway's exemplary Government Fund and Singapore's GIC and Temasek — which one will China chose to emulate?
Brad, you need a girlfriend.
http://www.rgemonitor.com/download/webcast/q1_bradsetser.wmv
i so wanna watch!
ooooo
oh my, is that webcast out of date … it predates a lot of work that really has helped clarify what the oil exporters are doing with their cash, and it also predates the dramatic increase in spending/ domestic inv. the in oil-exporting economies.
For the sake of keeping those petro dollars coming in, the house of Saud better never ever fall. Going back 30+ years, petro dollars = protection dollars. What do you think the effect would be if the tap of petro dollars funding the CA deficit was turned off?
the funny thing is that the kuwaitis and the emiratis depend just as much (I think you could argue in kuwait’s case much more) than the Saudis on us protection, but that hasn’t precluded them from diversifying their oil funds in a somewhat significant way (probably comparable to the 20% fall in the $ share of Russia’s reserves, tho spread out over a longer time period — based on sender’s reporting). conversely, the chinese don’t depend on the us for protection, and they haven’t diversified their reserves in a meaningful way/ still finance the us (big time).
With a GCC common currency taking shape for 2010 and assuming it actually comes into being, what effect do you think this would have on petro dollar transfers?
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re: “which one will China chose to emulate?” Cheung Kong (Holdings)?
Norway’s “exemplary” Government Fund?
US dependence on itself for protection doesn’t seem to have stopped it from diversifying - no? and wouldn’t a severely debilitating attack on China (by what/whom?) sufficiently threaten ‘US interests’ to necessitate a US response?
And, if I understand, why is it that dollar pegs seem to be portrayed as the root of imbalances and something that needs to be eliminated, yet ends to pegs and diversification seem to be interpreted as dollar desertion?
If Gulf Cooperation Council currency union proceeds, the new currency - the Khaleeji - has the potential to be among the strongest currencies in the world. With an estimated surplus of $20 trillion over the next 20 years if oil prices stay around $60bbl, the reserves backing the Khaleeji would ensure the strenth of the currency regardless of how they were invested. As it is, it looks like more GCC central banks are watching Kuwait’s return to a weighted basket for its currency, shifting away from ties to the US dollar. A weighted-basket Khaleeji would severely undermine the dollar relative to the dollarised currencies currently importing huge inflation to the region from the weak US dollar.
The GCC states import less than 10 percent of their imports from the US (almost entirely aircraft and weaponry). 40 percent comes from Europe, 40 percent from Asia, and a bit from everywhere else. Being tied to the dollar is completely irrational given these trade flows and will become more unsustainable as the critical mass of economic growth moves further and further east. Over 80 percent of oil is exported to Asia, so there is even greater imbalance on the other side of the equation.
Also, all the GCC states are working hard to transform themselves into service economies, with wealth flowing through fibre optic cables rather than oil pipelines. They are focused on tourism, finance and healthcare as the service industries where they can achieve rapid comparative advantage. And they are achieving rapid success.
More Britons now holiday in Dubai than in Florida as of 2006. That alone is an incredible shift in tourism which leaves America looking weak and unappealling (expensive, crime ridden, dirty, poor infrastructure, inferior service, unfriendly to Muslims, nasty fingerprinting and immigration procedures, etc.). Qatar, Dubai and Saudi are all competing to establish local financial centres so that management of the trillions in reserves and investment earnings is localised and safe from high perceived US political risk, with Dubai again the clear leader. Medicine is the latest industry to be targeted for repatriation, to save wealthy elites in Africa, the Subcontinent and Middle East from travelling to Europe or the US for healthcare.
As Brad observes, the GCC states are also looking east for the future. When Premier Ho flew from being abused by Congress and insulted by Bush in Washington in April last year to being greeted graciously by King Abdullah in Riyadh, one savvy Saudi observer commented, “We may be married to the US because of defense, but we are Muslims we can have more than one wife.” If China becomes Saudi’s younger, sexier, more lively second wife, the decrepid, shrewish, lazy first wife could find herself in quite a nasty predicament.
forget gold, meet the oil dinar… he who controls the spice controls the universe.
London banker raises some interesting points. My own view is that the formation of a GCC common currency is increasingly unlikely, and its formation matters less for the financing of the US deficit than a host of other GCC policy choices/ oil market outcomes.
the overwhelming determinant of the availability of oil financing for the us is the ratio between oil revenues and domestic spending and investment. if the oil price falls a bit and spending (really absorption) rises a bit, there won’t be much of a surplus to lend to anyone.
the second most important determinant is the portfolio choices of the gulf states, and particularly the saudis (who have the most flows,if not the most assets). I think the saudis at least are constrained by their dollar peg, as they are big enough that selling $ would weaken the $, but that is a hypothesis. Note that the GCC could chance the composition of its portfolio even if it isn’t adding to its assets.
third is the nature of the common currency. if the GCC as a whole still pegs to the dollar, there won’t be much of a change. If the GCC as a whole adopts a more flexible currency, one potential constraint on a more diverse portfolio (at least for the Saudis, some smaller states do not seem to have been all that constrained) goes away.
i personally don’t think large us current account deficits financed by irrational pegs (in the oil exporters) or by China’s own policy of clinging to the dollar and financing the us at a considerable cost to itself are a good thing, so i personally welcome pressure for the us to adjust — tho it is obviously better if that pressure comes gradually than all at once.
With both China and much of the gulf pegging to the dollar, if one of them does decide to relax their dollar peg, they may hope to use the other to support the dollar during the process. This could easily prove unacceptable, in which case one leaving the dollar peg could force the other’s hand.
one side effect of the gulf’s growing interest in asia (and the resulting capital inflows) is that it shifts the accumulation of $ assets from one part of the $ zone to another — i.e. from the GCC to Asia. It indirectly has supported very rapid asian reserve growth over the past 4qs. but in some sense it is also a non-cooperative outcome to the coordination game. the cooperative outcome is both the gcc and asia add to their $ holdings.
cooperative outcome to what end? - perhaps back to my question to RE about clarifying possible definitions of “effectiveness” when applied to reserve management
Guest,
In this case, the reserves managers’ problem is completely different from that of the US as in our previous discussion. With no foreseeable prospect of needing the bulk of the reserves, the problem for the oil producers and China becomes one of finding a place to park reserves that is reasonably safe and remunerative. Liquidity could even be seen as undesirable, since the more remote the prospect of the reserves being used, the less their existence exerts appreciation pressure on the domestic currency.
thought consensus is that USD also has an appreciation problem relative to GCC currencies and RMB
re: “reasonably safe and remunerative”
if “reasonably safe” may be the priority in this case. Beyond the preservation and development of trade ties, and apart from the number of times ‘protection’ is mentioned in reference to GCC/US relations, GCC vulnerabilities have to include water shortages, gender-ethnic-rich/poor gaps and a dependency on massive pools of immigrant labour and professionals and its ongoing capacity to make itself attractive as a destination for workers, tourists and retirees, especially given its proximity to war/terrorism zones all of which add to its dependencies on protection and its somewhat bizarre military relationship with the US (i.e.http://defensenews.com/story.php?F=2944644&C=mideast )
(Its relationship with Britain, of course, also being much deeper than tourism whether this affects or is effected by how many pounds the GCC holds or how those holdings are allocated?)
Looking at LFC hit the NYSE top gainers list today with a healthy 16%+ pop, if we may be marching from the ‘new economy’ to the global ‘insurance economy’ - food and energy security, healthcare, pension funds, personal and corporate security, insurance and derivative products of all sorts, lawyers, accountants and credit rating agencies business, ultimately will only be strengthened by ‘financial terrorism’ and the rise of chicken little economics, analysts and investment products and strategies which, presumably, encourage the purchase of, and willingness to pay more for a broad range or protection products and services. It seems the more wealth anyone/thing possesses the more it costs to hold it.
Sorry last Guest,
To talk about “reasonably safe” seems to be a bit out off-topic now-a-days (don’t you watch to TV?).
First, the Iranian threat is an invention by neo-cons in their thirst for oil business and power. Iran never invaded a country, and the USA invaded some of them in the last century.
The gender-ethnic-rich/poor gaps and a dependency on massive pools of immigrant labour is also a problem for the USA and now is starting to come to Europe. Do you have any Gini index for Iran?
The main threat to Iran is lots of population, and most of them young people (sons and daughter of the Iran-Iraq war dead parents), ready and healthy to go to war. That’s the bomb if we don’t let them make business as usual.
In between (sorry Brad, I don’t want to bitter you the day), according to Hillary, “General David Petraeus told Congress the ’surge’ will take as much as 10 years to work, so we must be patient.” Thus all eyes are set on 2017.
The top proximity to war/terrorism zones in developed countries (out of Iraq, Darfour…) just happens in the USA (if you account violent dead / population), though thanks to the export and smuggling of USA guns + a little dark work by the CIA, it’s becoming widespread in South-America.
The global ‘insurance economy’ maybe refers to financial and derivatives, but please don’t mix it up with food and energy security, healthcare and pension funds. Don’t pull my leg!, please.
The global ‘insurance economy’ is nonsense unless USA, China and Europe (in that order) take very hard decisions about energy and health. And, one more thing, inequality!
It seems we are very far from any hope.
Anyway, we must give thanks to someone (not God, precisely) because Gonzales is out of Gov.
Cassandra has a nice post about him, and angry bear has another one, “Rats Leaving the Ship”.
Anyway, you have still Condy, little Bush and Cheyney, and lots of them more to leave the ship.
Will they leave before the ship sinks?
Best Regards,
Last hour news:
Sarkozy said Iran can choose between dialogue with the international community or more U.N. sanctions. “This tactic is the only one that allows us to escape from a catastrophic alternative: an Iranian bomb, or the bombing of Iran,” he said.
Wasn’t smily Blair to settle troubles in ME?
What a gang!
did anyone say the GCC is the only region with vulnerabilites?
ever heard of health insurance? - do you think that those who purchase it expect it will prevent death or disease?
if the rats are leaving the ship before the sky falls, as you seem to think it will, where are ‘they’ going and what are ‘they’ doing in prepartion to be reasonably safe in, and perhaps profit from doomsday
if you can try to link back to the topic, what global reserves may tell us about the ways(the rats in your view?) may be at least attempting to insurance themselves against?
what’s your point?
Wow, Guest! What a reaction!
Sorry for being late, I’ve been in the dentist’s.
Several answers, one by one.
—Sorry, Guest, by here in Spain every citizen, even immigrants (with papers) and their families, have a very good and free health care service. Even old british ladies come in vacation, just to get operated for free on their broken hip, and go back suntanned, for few bucks on Ryan-Air. It’s funny, because they are served as european citizens, though out of eurozone.
Purchasing health insurance is a waste here (for serious things); you wait a bit less, but the care is not as good.
Anyone who buys insurance knows that it is to pay a disaster, not to prevent it.
— I cited angry bear, because I liked a lot his post’s title, as a metaphor. I’ve being told that rats only leave the ship in two cases, or she is burning or sinking. But rats leave the ship to get out of disaster alive! Just animal instinct to find a ‘reasonable’ safe place to start new generations of rats.
Of course that the real rats are preparing a new future out of the ship and get any profit from it by the way. If they can carefully plan invading countries and spend ordinary people’s taxes for their own benefit, beware the dog, they probably have started new Vulture Companies, Blackwaters, and Halliburtons and the kind.
As an apart, I’ll tell you that the subprime thing has been carefully planned by the USA power and its in the core of the financial system ideology.
— Linking back to the topic, I have to say: Sorry, Brad, thank you for your patience and free classes, but I’m not able to guess their real reaction.
But for you, Guest, a couple of ideas.
As far as they have lots of oil, they won’t have water problems (and peak-oil will be here in short time). They will pay whatever they are asked.
After watching to photographs of Dubai hotels and resorts, and skying resorts in Dubai city,… Their natural investment place would be Macau, just trying to compete with Las vegas Sands corporation. Today they opened their Venetian Casino-Hotel. It will be a difficult competition in magnificence of papier-mâché with tons of kitsch aesthetics! The TV commenter said that the tastes of Chinese going to Macau are very similar of those USamericans going to Las Vegas. So, why not?
That could be a great beginning, much more profitable than Treasury bonds.
Best regards,
PS: I’ve seen in Basque TV how 50 palestinian children have been treated in Tel Aviv airport, after being in adopting families in Bilbao for two months (just to try to feed them in health and in freedom, going to the beach and teach them swimming). Lots of hours in single interrogatory rooms with lots of question. And after that, a Basque TV speaker asked to a 10 years old little girl: What happened in Tel Aviv airport? And the 12 year girl answered: “The occupying forces have made us lots of questions about why we went to… Bilbao, out of our family? And I told him that we have been for first time in a free country, and a rich one”. Does this tell you something?
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Palm Treo Phones:
Palm Treo 650 GSM …$120
Palm Treo 700w …$140
Palm Treo 600…$100
Palm Treo 680 …$120
Palm Treo 700p…$150
Palm Treo 750V…$220
Cingular 8125 …$235
Dopod Phones In Store:
Dopod 830…$200
Dopod 900…$360
Dopod 577…$130
Dopod 818T…$180
Dopod S300…$150
Dopod D810…$230
Dopod 818 Pro…$210
Dopod 696…$190
Dopod 585…$150
Dopod C720W…$210
Dopod C800…$280
Dopod 838 Pro…$260
Dopod 595…$170
Dopod 696…$180
Nextel Phones:
Nextel i930…$140
Nextel i830…$120
Nextel i920…$130
Nextel i970…$170
Nextel I580…$150
Play station games
PSP…$140
GameBoy Advance…$130
Nintendo DS…$120
Nintendo Wii…$220
GameCube…$150
Xbox 360…$250
Playstation 3…$300
PlayStation 3 60GB…$420
Playstation 2…$200
HTC P5500 (HTC Nike)…$500
HTC P6500 (HTC Sirius)…$480
HTC S730 (HTC Wings)…$490
HTC P4550 (HTC Kaiser)…$470
HTC P3450 (HTC Elf)…$450
HTC Advantage X7501…$470
HTC S420 (HTC Erato)…$430
HTC P6300 (HTC Panda)…$410
HTC S630 (HTC Cavalier 100)…$400
HTC P3400 (HTC Gene)…$390
HTC P3350 (HTC Love)…$400
HTC Advantage X7500 (HTC Athena)…$470
HTC S320 (HTC Monet)…$300
HTC P4350 (HTC Herald 100)…$350
HTC P3300 (HTC Artemis 160)…$370
HTC S620 (HTC Excalibur 100)…$450
HTC P3600 (HTC Trinity 100)…$380
HTC S310 (HTC Oxygen)…$270
HTC MTeoR (HTC Breeze 160)…$330
HTC TyTN P4500 (HTC Hermes 200)…$390
NEW Sidekick Phones In Store:
Pink juicy coutoure Sidekick 3…$180
New D-Wade Sidekick 3 …$300
Sidekick 3 D-Wade edition…$160
Green Lrg limited edition Sidekick 3…$180
Sidekick II Mister Cartoon…$140
Juicy couture Sidekick 1…$150
Pink juicy couture Sidekick 2…$170
1996 Transfer Case: Sidekick 1996, and 1997
automatic…$200
Sidekick Basic Kit…$190
Sidekick II T-Mobile with Color Screen…$170
T-Mobile Sidekick 2 Danger …$150
T-Mobile Sidekick II TMO to Go Prepaid Phone…$175
Mobile Sidekick II…$120
T-Mobile Sidekick 2 Danger …$140
SIDEKICK 3 for just…$160
Apple Iphone In Store:
Portable DVD PLayer…$270
Apple iphones 2GB…$250
Apple iphone 4GB…$370
Apple iphone 8GB…$540
Apple Ipod In Store:
Apple 30 GB iPod Photo M9829LL/A…$120
Apple 4 GB iPod Mini Blue M9436LL/A…$110
Apple 20GB iPod Nano …$130
Apple 2 GB iPod Nano…$100
Apple 4 GB iPod Nano…$130
Apple 30 GB iPod Video…$150
Apple 60 GB iPod Video…$170
and many more
Plasma Tv
Toshiba Satellite A75-S229 Laptop Computer…$380
Toshiba Satellite M45-S311 LaptopComputer…$470
Toshiba Satellite R15-S822 Laptop Computer…$720
Toshiba Qosmio G15-AV501 Laptop Computer…$1300
Toshiba Satellite A65-S126 Laptop Computer…$400
Toshiba Satellite P25-S526 Laptop Computer…$1000
Toshiba Satellite A45-S120 Laptop Computer…$400
Toshiba Satellite M35X-S149 Laptop Computer…$500
Toshiba Qosmio E15-AV101 Laptop Computer…$1100
Toshiba Satellite P35-S609 Laptop Computer…$1200
Toshiba Qosmio F15-AV201 Laptop Computer…$950
Toshiba Portege M200 Laptop Computer…$650
Panasonic TH-42PD50U Plasma Tv…$900
Panasonic TH-42PX50U Plasma Tv…$1200
Panasonic TH-50PX50U Plasma Tv…$1500
Panasonic TH-42PWD6UY Plasma Tv…$900
Panasonic TH-42PD25U/P Plasma Tv…$700
Panasonic TH-42PHD8UK Plasma Tv…$650
Panasonic TH-65PHD7UY Plasma Tv…$2200
Pioneer PDP-5050HD Plasma Tv…$1300
Panasonic TH-37PX50U Plasma Tv…$900
Panasonic TH-42PX500U Plasma Tv…$1200
Sony KLV-32M1 Plasma Tv…$700
Sony PFM-42V1/S Plasma Tv…$900
Sony KDE-61XBR950 Plasma Tv…$3500
Sony KDE-42XBR950 Plasma Tv…$1200
Sony PFM-42X1/S Plasma Tv…$800
Sony KDE-42XS955 Plasma Tv…$750
Sony FWD-50PX1/S Plasma Tv…$1400
Samsung HP-R4252 Plasma Tv…$9500
Samsung LN-R328W - LCD TV - 32…$800
Samsung LN-R408D - LCD TV - 40…$1000
Samsung LT-P326W - LCD TV - 32…$750
Samsung LTM 225W - LCD TV - 22…$850
Samsung PPM63H3-plasma panel 63…$2000
Samsung HP-P5071 50-inch 1366X768 HD Plasma TV Ref…$1300
Samsung HPP5031 - plasma panel - 50…$1700
Pioneer PDP-5050HD Plasma Tv…$1400
Sharp 32″ Aquos HD-Ready LCD TV…$780
and many more
LAPTOPS
APPLE LAPTOPS
Apple NoteBook Laptop for just …$650
Apple Mac Bookfor just …$750
Apple Mac Pro for just …$1000
Apple Laptop 17inch for just…$700
APPLE IBOOK 12″ 133GHZ…$650
APPLE IBOOK 14″ 142GHZ…$880
APPLE IBOOK G4 133GHZ…$770
APPLE IBOOK G4 142GHZ…$700
APPLE G4 POWERBOOK 15GHZ SUPERDRIVE WITH 15
INCHDISPLAY…$980
APPLE G5 POWERMAC 20GHZ DESKTOP
COMPUTER…$820
APPLE G4 POWERBOOK 15GHZ SUPERDRIVE WITH 17 INCH
DISPLAY…$650
All Toshiba laptops
Toshiba Satellite PRO L10……… …$620
Toshiba M200…………………… …$500
Toshiba R100…………………… …$650
Toshiba Qosmio E10……………… …$750
Toshiba Satellite PRO L20……… …$450
Toshiba M100…………………… …$1380
Toshiba M300…………………… …$1140
Toshiba Portege A200…………… …$920
Toshiba Satellite L10…………… …$730
Toshiba Qosmio F20……………… …$800
*Dell Laptops
Dell Latitude D600……………… …$650
Dell Latitude D500t…………… …$700
Dell Inspiron 6000……………… …$650
Dell Latitude D505……………… …$740
Dell Latitude D610……………… …$960
Dell Latitude D510……………… …$820
Dell Inspiron 9300……………… …$930
Del Xps M2010…$700
Del Xps M1710…$550
Sony VAIO VGN-T1……………… …$1180
Sony VAIO VGN-FS315…………… …$720
Sony VAIO VGN-S3……………… …$850
Sony VAIO VGN-TX1…………… …$1240
Sony VAIO VGN-FS215…………… …$710
Sony VAIO VGN-S4……………… …$870
Sony VAIO PCG-K35…………… …$750
Sony VAIO A170 Laptop Computer…$1300
Sony VAIO GRT250 Laptop Computer…$1350
Sony VAIO V505DC1 Laptop Computer…$1400
Sony VAIO GRT270 Laptop Computer …$1600
Sony VAIO GRT100 Laptop Computer …$1500
Sony VAIO PCG-GRX7001 Laptop Computer…$1450
Sony VAIO PCG-R505ESK SuperSlim Pro Notebook…$1500
Sony VAIO A130P LaptopComputer…$1300
Sony VAIO VGN-B100B08 Laptop Computer Notebook…$1100
Sony PCG-K33 VAIO K33 - Mobile Pentium 4…$1050
Sony Vaio PCG-V505EX Notebook PC (150-GHz Pentium—…$1200
Dell Latitude C640 18GHz P4 Laptop w/CD-RW…$550USD
Dell Inspiron XPS M140 Notebook Computer for Home…$680
Sony VAIO FS540P - Pentium M 730 16 GHz - 154″ TFT…$700
Sony Intel Pentium M 100GB Notebook Computer with DVD+/-R/RW Drive…$850
ThinkPad G40 2389 - C 25 GHz - 141″ TFT IBM…$780
Panasonic Toughbook 18 Touchscre…$900
HP Compaq Business Notebook nc8230 - Pentium M 760 2 GHz - 154″ TFT…$1150
HP Compaq Mobile Workstation nw8240 - Pentium M 760 2 GHz - 154″ TFT…$980
and many more
If interested , you can contact us through via Email:
jackvinestore@hotmailcom
jackvinestore@yahoocom
jackvinestore@ommailcom