we are still allocated 50-25-25 valley-restofUS-RestOfWorld, so at the moment 1/2 our deals are in California. but due to prices being somewhat overvalued here,

we are still allocated 50-25-25 valley-restofUS-RestOfWorld, so at the moment 1/2 our deals are in California. but due to prices being somewhat overvalued here, as well as comparatively inexpensive in other places, along with potential for growth in emerging markets, yes we are planting seeds for the future we think will reap benefits 3-5+ years out. we think it's a pretty decent strategy, but only time will tell.