HEADLINES [click on headline to view story]:

Money matters

Snap Shots

Modern Medicine

Heart to Heart with Hillary

Learn to Live to Learn

Let’s go to the movies

Money matters:   Graham Macdonald MBMG International Ltd.

What are prudent investment strategies these days?

The short term answer is to hold cash, cash and more cash. We’re happy to do just that - holding high levels of cash within our Guernsey regulated protected cell client portfolios, conserving capital while looking for the next opportunities.
The longer term answer is, of course, that cash is only one of multi-asset classes and that smart contrarians will always unearth opportunities. What we preach for our clients has been practised by Scott Campbell and the Midas/MitonOptimal team and by the large US endowments. Scott himself noted last week that this approach, in the hands of the ten largest US endowments, has considerably outperformed the median institutional fund, retail funds, indices and also the smaller endowment funds.
Scott took time out to take a look at how they’ve managed this and how they are positioning now for a very different investment backdrop in the 10 years ahead. Recently the big 10 endowments have entrusted 32% to hedge funds - compare this to 13% in smaller endowments and nothing in retail funds. The “big boys” have achieved this by cutting back listed equity exposure to just 33% as opposed to 56% for smaller endowments and anything up to 100% for most institutional and retail investment funds. The “top 10” have also invested much more aggressively in real estate, natural resources, venture capital and private equity - more than double the rate of small endowments and beyond comparison with funds which often have zero or negligible exposure to these areas that have yielded strong returns of late.
However, that still amounts to a snapshot of where everyone should have been allocating their assets - what can we expect going forwards? Scott cited a recent article in the FT which claimed that, following the collapse of the credit bubble, many, if not all, endowments are looking at the opportunities in distressed debt. This may be a very good time to announce that this week MBMG is publishing a research paper on the distressed opportunities afforded by current market conditions. Scott makes the important point that although the endowments have examined several opportunities to buy distressed loans, they are tending to remain on the sidelines as they don’t yet consider that the terms are favourable enough and they believe that in the distressed sector things will get worse (for sellers) and by implication much better for buyers. This backs up the results of our own research where we conclude that the pricing on leveraged loans has blown out way more than that of distressed and therefore the opportunities are in the leveraged loan sector currently as Scott recently highlighted during his visit to Bangkok.
Concern over climate change is another big area of interest to the super-endowments and Scott notes that they are also looking to exploit opportunities in energy and other real assets. Like Scott, they’re not looking to make a major move just yet into listed equities generally, although ‘Frontier Markets’ (the second tier of emerging markets, which have not yet significantly emerged) such as the Middle East, Central Asia and Africa are interesting to them as they are largely uncorrelated with the West and have good growth prospects.
Finally super-endowment managers are apparently spending a great deal of time on the receiving end of presentations about farmland (particularly in emerging markets) as agricultural commodity prices are rising sharply due to the increase in developing world demand. Increased supply can only be affected by cultivating new land or by radically improving productivity of existing farmland. The closer that the land is located to the big emerging economies (read Chindia mainly), thereby reducing transport costs, so much the better. This is the ultimate play on the commodity theme and because most western world farmers already operate at full production capacity; farm land in Africa, South America and Asia at a fraction of the price may turn out to be a good politically risk adjusted bet.
What if the stagflation that we fear turns out to be ‘just’ inflation?
Scott points out that traditional bonds tend to “have a shocker in inflationary times” although inflation linked bonds do have much better defensive qualities. We remain underweight fixed interest although any interest rate spike could be a short term buying opportunity. Gold and other commodities have an inflation hedge element to them and there will be opportunities in both physical commodities and commodity equities at different times.
In general, equities suffer during inflationary periods because of rising input costs causing reduced margins. Profit margins and earnings outlooks depend heavily on a business’s PR sector’s ability to pass on costs - identifying price takers vs. price makers helps stock pickers outperform the general market significantly. Within our portfolios our major stock pickers are Warren Buffett of Berkshire Hathaway and William Gray of Orbis. We remain confident in their ability to outperform. Overall, PE ratios tend to trend significantly lower when inflation is higher than 3-5% (and also indeed when it’s below 0%) and, therefore, the PE sweet spot of recent disinflationary high growth times is most likely over and stocks are likely to correct until more appropriate PERs for the prevailing conditions are in place. This could imply a Dow closer to 8,000 than its current level of 11,000+ and a long time until we regain last November’s 14,000+ levels.
Scott notes that Real Estate, both housing and commercial property, was a great inflation hedge during the period of runaway inflation in the 1970s, partly because commercial property offsets inflation with rent increases (many contracts are automatically inflation adjusted) effectively ensuring that commercial property performs like inflation-linked bonds. Also, there can be a comfort factor that causes a flight to real rather than paper assets in uncertain times, but this time around that effect has been seriously undermined by the extent to which the commercial property sector in the US, Europe, Australasia and UK is significantly overvalued.
Hedge Funds overall have no performance correlation to higher inflation, deflation or stagflation. However, certain hedge styles are more correlated with bonds or equities and it goes without saying that it would be a good idea to avoid these and instead to overweight global macro plays, CTA funds, equity market neutral approaches and some arbitrage strategies. Conditions should provide a fertile hunting ground for our hedge partners at Man Investments.
A portfolio that exploits the upside potential of current conditions but also limits risk in the current uncertain conditions will most likely feature the following factors:
Asset class diversification
Underlying investment manager diversification
Active management
Contrarian thinking
Anyone with USD20 billion upwards of their own money could start one of America’s 10 largest endowments; at MBMG we seek to replicate this for sums down to USD50,000.
Carpe Diem!

The above data and research was compiled from sources believed to be reliable. However, neither MBMG International Ltd nor its officers can accept any liability for any errors or omissions in the above article nor bear any responsibility for any losses achieved as a result of any actions taken or not taken as a consequence of reading the above article. For more information please contact Graham Macdonald on [email protected]

Snap Shots: by Harry Flashman

Frame to frame with Harry

Over the years, the questions I receive tend to be about the same subjects, but I did get something new the other day. The reader (Darcy) went on to write “Bought the D 40 X. Lovely bit of equipment suitable for my needs. I will ask a little advice now and then as I work my way through all its tricks if you don’t mind. I have already picked up a neat infrared remote shutter control and have tested it out to 30 meters. I also picked up a twin battery pack that should give me plenty of backup power. I will look for an AFS VR 200 mm zoom in a couple of months. A question though, I know most of the time it is power economical to leave the LCD off but occasionally it is needed for viewing. I have trawled through the book and menus for both turning it on and also extending the viewing time of the menus but I’m damned if I can find anything about either items. Any suggestions?”
Darcy is of course correct that the LCD is certainly a power drain with any digital camera, be that compact or D SLR, and this is why the manufacturers will suggest you use the optical viewfinder. Personally I like the optical viewfinder and have mine set up with a grid pattern on it so I can check horizons and verticals before releasing the shutter. With the Nikon D 40 X, you should be able to turn the screen on and off at will by using the “Info” button which is near the shutter release button should do the trick. Remember too that most D SLR cameras only view through the eyepiece, unless they have a “live view” function, which the D 40 does not. The LCD is therefore for reviewing an image after it is shot, and setting your menu options. Finally, if you can’t find what you need in the destruction manual, then go directly to Nikon HQ and they will be able to assist. Sorry I cannot be more specific, but each camera brand and each camera model can have individual characteristics that the factory sales representatives know intimately.
One frequent problem that photographers have with Auto-Focus (AF) is getting out of focus results when photographing couples. They frame up well, hear the focus set ‘beep’ and yet the people are not in focus in the final rendition. Geoff wrote “I have a Pentax (model not given) Autofocus SLR and am generally happy with it and its performance, other than when I am taking people shots. Many times the print comes back and the people in the shot are soft and blurry. I have even used a tripod, in case I was getting camera shake. Any ideas on this? Is it a usual problem with the Pentax?”
Geoff’s problem is easy to fix. AF cameras have a central spot in the viewfinder to find the focusing point in the picture. That AF point is not very large, and obviously does not cover the entire image in the viewfinder. What happens is that when photographing two people, the AF beam goes through between the people and the camera is then auto-focussed on the background, not on the couple in the foreground. Check your images Geoff and I am sure you will find you have a crisp background and the soft foreground.
What has to be done is to employ the ‘focus lock’ capabilities of the camera. Set up your shot as usual, positioning the two people as you want. Now swing the camera away until one of the people is now central in the viewfinder and depress the shutter release half way. As the camera focuses on the one person, keep the shutter release half depressed to ‘lock’ the focus and now swing the camera back to recompose the shot and then fully depress the shutter release. The focus point is now at the same distance as the subjects so you will get correctly focused prints. This is much easier than reverting to manual focusing.

Modern Medicine: by Dr. Iain Corness, Consultant

Multi/mega vitamins - are they good for you?

There are many people in the world who swear by multivitamins. Mega-vitamins is a megabuck industry, and are credited with improving your health, your love life and fixing everything from falling chins to falling arches.
As we get older, we tend to become more and more desperate about our bodies. I admit to getting angry with my own physical frame that it is letting me down as I get older. I don’t want these sun cancers on my skin and I don’t like the groans from the joints. Perhaps I need a top-up of some vitamin?
The latest trend is to take daily doses of antioxidants such as beta carotene, vitamin A and C or selenium to protect yourself against cancer, heart disease or signs of premature ageing. There is some scientific ‘proof’ that has found that people who have a high level of antioxidants in their diet have a lower risk of heart disease and certain cancers. That is why the nutritionists say we should eat at least five portions of fruit and vegetables a day. However, studies also seem to suggest that taking those same antioxidants in pill form may not have the same effect and may even be harmful. Horrors!
“There’s still conflicting evidence about whether taking certain vitamin supplements can affect a person’s risk of cancer,” says Dr Alison Ross, science information officer at Cancer Research UK. “These products don’t seem to give the same benefits as vitamins that naturally occur in our food.”
The British Heart Foundation agrees. A spokesman saying, “Research does not support the claim that taking extra antioxidants in the form of supplements will benefit the heart.”
But surely, if this were the case, why do so many people pop the multivitamin pills? We know we need vitamins, and many of us have poor diets. Replenishing the stores is then surely ‘good medicine’. I remember reading that a breakfast cereal had one third of your daily dietary vitamin requirements. Three plates and you can’t go wrong!
Let us begin to listen to some experts in the field, and not the back of the cereal box. Catherine Collins, chief dietitian at St George’s Hospital in London is reported as saying “The whole idea that you must meet some vitamin and mineral target every day of your life is a marketing myth. You can eat lots of fruit and veg one day and not much the next but over a week you will still get the right amount of nutrients. There is very little scientific evidence of any benefit whatsoever in taking a daily multivitamin - even in old people. You cannot exist on a poor diet then shore yourself up with a multivitamin. The idea that taking high quantities of vitamins will give you a health boost - like putting premium petrol in your car - is complete nonsense.”
Dr Toni Steer, nutritionist with the British Medical Research Council’s Human Nutrition Research in Cambridge, supplements cannot compete with real food because when we eat fruits and vegetables the vitamins and nutrients interact with other chemicals to produce positive effects on the body. “If these same vitamins are pulled out and isolated in pill form, there is no guarantee at all that they will have the same effect.”
Another nail in the multivitamin coffin came from the US journal of the National Cancer Institute which found that men with prostate cancer who took more than seven multivitamins a week were 30 percent more likely to get an advanced and fatal form of the disease. This came after a large, though hotly contested, review published in the journal of the American Medical Association in February which found that people who took antioxidant vitamin tablets (particularly vitamins A and E, and beta-carotene) were more likely to die earlier than those who did not. Oops! That isn’t something you will read on the back of the multivitamin bottle.
Let’s look at the megadose Vitamin C to ward off the common cold, as claimed by Linus Pauling. This has been disproved by the scientific community. Also, it does not slow cancer. In fact, Linus Pauling died from prostate cancer. Oops!

Heart to Heart with Hillary

Oh Hillary,
Your answer (11th July edition) to Unsure from USA when he posed his question; “Surely some of the bar girls are different?” was so sad. If it is OK to apply the British Standard (BS) Duck Test, “If a bird looks like a duck, swims like a duck and quacks like a duck, then it probably is a duck” to the Bar Girls, then it is probably just as pertinent to apply it to all women. If one was to ask the question; ‘Are all women the same, will my wife rip me off when our relationship ends?’ Ask Greg Norman ($103m), Paul McCartney ($48.7m), Prince Charles ($45.2m), etc., etc. I can only say thank god for the 0.01 percent and hope that your correspondent Unsure has found, or does find, a lady from amongst that small group. Bless you Hillary for trying to protect the uninitiated or naïve from the rapacious amongst the gentler sex. Do please qualify the advice though by saying, that a Thai Bar Girl is really no different from many other ladies, bar girls or not.
Your admirer and regular reader,
David, Western Australia
Dear David,
Why is it that I feel I should add the name “David” after Greg Norman ($103m), Paul McCartney ($48.7m) and Prince Charles ($45.2m)? How much did you get ripped off for? Unfortunately, while there is inequality between the sexes and the male is looked upon as the breadwinner and the female as homemaker, then in the split the male has the most to lose financially. If both contributed equally, the split would be much more (financially) equitable. And you should also remember the hardships that the wives go through. Polishing a golfer’s balls, stomping on beetles with one leg and polishing crowns is not easy for a young woman. Thank you for your kind words and keep drinking the Margaret River Verdelho!

Hi Hillary,
Why do I have a problem with the girls in the bars? Everyone seems to be able to get one except me. I can’t understand it. They do come over to speak with me but within one minute they have disappeared. They say to me in their broken English ‘Hello handsome man, are you alone?’ I ask them where they come from and often it is Isaan so I reply in Thai-Laos as I can speak this quite fluently. Using English text as I have no Thai keyboard, “Man U, Koi U poodio, bor me poosouw.” If they are from elsewhere in Thailand I respond in Thai, as I can also speak this. Maybe something like “Khrap pom, U kondio khrap, pom ben-sod.” All very polite but they just turn around and walk off, maybe my accent or tones are suspect except that I am told by other Thai people that I speak their language very clearly. Any ideas? I wonder what one should infer from all this?
‘I aint bovvered’
Dear ‘I aint bovvered’,
What a conundrum! But easily explained, my Petal. I get the more than sneaking feeling that you are just a little too full of yourself. Thai speaker with perfect intonation, fluent in Laos, and also just so modest about it. And this is while they speak what you denigratingly call “broken English” (never mind, it was a great song from Marianne Faithfull, remember it?). That’s where you are going wrong. You are showing off in the bar, just as you are showing off to me (and the readers). Thais are not impressed with self-promotion and that is one reason you are left holding your own as company. The second reason is that they want to be able to talk amongst themselves and don’t want the customers (you) understanding that they are really saying, “I’ll get 5,000 baht out of this idiot. Watch me.” The third reason might be that you forgot your deodorant? So the answer is to play dumb, enjoy their company and you can always show your linguistic prowess later (speaking in tongues, if you get my drift).

Dear Hillary,
I saw my neighbor’s husband cuddling some woman in a bar the other evening. I had stopped outside to answer the phone, and there he was. I did not get out of the car, but I think maybe I should have. Should I tell his wife, whom I get along very well with, or should I tell him not to do it? I really don’t know what to do, but feel I should be doing something. But what?
Dear Estelle,
Or is that “tell all”? It is extremely dangerous to become involved in the affairs of your neighbors. If he comes to ask you what he should do, then answer him with your opinion. If she comes to you requesting advice, then give it. Otherwise, stay well clear. Unsolicited advice is never appreciated, by either party, in a marriage relationship. There may be a perfectly innocent reason behind his behavior, but you are ready to believe the worst. Don’t be a tell tale and let your neighbors work out their problems (if indeed one exists) on their own.

Learn to Live to Learn: with Andrew Watson

I grew up in a Yellow country

Last week I touched on a delicate issue. It was 2004 when Britain’s race relations chief called for the abandonment of “the policy pursued by successive governments since the 1960s of building a ‘multicultural society’.” It might seem an age away, but the plot has only thickened since; and the waters have only become more muddied. As the BNP and other rightist parties in the UK experience surges in support, simultaneously Gordon Brown appears to have done his best to undo in a year whatever good Labour did in the previous ten. I still remember that glorious day, when the refreshing fragrance of the red rose swept the unctuous Tories from power, seemingly for good.
If a week is a lifetime, then ten years must be an eternity in politics. When I left the shores of the UK, Boris Johnson was the classic face of Tory farce, diving head first into shambles after shambles and becoming a parody of himself on national television. Now he’s the most powerful Tory in Britain, elected as Mayor of London; it’s a modern day Dick Whittington pantomime. But, bless him, Old Etonian that he is, Boris seems to make more sense than the widow twankies in the opposition. It appears that he’s having the last laugh and I’m the one with egg on my face.
Across the river at Tory HQ there is a fellow Old Etonian who is showing disturbing signs of being competent. Well, wasn’t it Wellington who (allegedly) proclaimed that “The Battle of Waterloo was won on the playing-fields of Eton?” Perhaps we’re heading for another battle, another war, notwithstanding the fact that we are currently engaged in two? Perhaps we’re engaged in another already, a silent war, a war at home?
When it comes to multiculturalism, Cameron is very, very clear: “I believe that state multiculturalism is a wrong-headed doctrine that has had disastrous results.” Disturbingly for someone who claims affinity with Marxist-humanism, I find myself agreeing with him. But, as the saying goes, “If you’re not a socialist at 20 then you haven’t got a heart, but if you’re still a socialist at 40 then you haven’t got a head.”
Cameron maintains that state multiculturalism has fostered difference between communities and has stopped the UK from strengthening its collective identity. Indeed, he maintains, it has done quite the reverse and has deliberately weakened it. The notion of expanding Sharia law is therefore regarded as the “logical endpoint of the now discredited doctrine of state multiculturalism, seeing people merely as followers of certain religions, rather than individuals in their own right within a common community.” Labour, perhaps too late, acknowledged much the same, witness the citizenship ceremonies introduced by the former Labour home secretary David Blunkett.
I’ve been beyond the beaches of the UK for ten years now, revelling in a state of international multiculturalism, where I’m the foreigner. I often wonder to what extent I’m peddling a brand of benign colonialism through education, spreading left of centre doctrine at every opportunity, often to population groups for whom the notion that “other people with their differences can also be right” is anathema.
For me, perhaps like any global nomad, any refugee, any migrant or immigrant, the question of “where is home?” has become an elusive concept. My sense of belonging sometimes seems to be to everywhere and nowhere. I’m like a “Third Culture Adult” to some extent experiencing at first hand the world of the well documented phenomenon of the “Third Culture Kid” (TCK).
For TCKs, there is a strange sense that making long-term commitments to people, places, schools, or school systems is more difficult than it should be; everything seems to be in a state of constant change. So, a sense of cultural identity becomes uncertain. A transitory lifestyle brings regular loss of relationships, a sense of loss of community - loss of their world. TCKs feel different from others and consequently might experience difficulty in forming peer relationships, a phenomenon that research indicates occurs more often at university level or when returning to the country of their passport, where disconcertingly, they are misunderstood by their fellow countrymen. With rootlessness comes restlessness and the frequent need to change countries and homes; the habit becomes ingrained.
Then there’s the sensation of being powerless, a feeling that they have no control over events and that these are often taken out of their hands anyway by the inevitability of another move. All of which brings a crisis of identity - “Who am I?” cry the TCKs.
My children are TCKs and I recognize the symptoms within them. The youngest calls England her home, even though she has spent less time there in her eight years than five other countries; not even six months in England.
So when I look at the UK now, from the outside in, I think of what it must be like to be “the other” in that country, the person for whom at least some of the TCK phenomena might apply. And I think that I would very much like to be invited to belong to something greater, or bigger than my small sect; that I would like to merge into whatever was already there, become part of a greater landscape, something more permanent. The following poem was written by a primary school student and sums it all up rather nicely.

I grew up in a Yellow country
But my parents are Blue.
I’m Blue.
Or at least, that is what they told me.
But I play with the Yellows.
I went to school with the Yellows.
I spoke the Yellow language.
I even dressed and appeared to be Yellow.
Then I moved to the Blue land.
Now I go to school with the Blues.
I speak the Blue language.
I even dress and look Blue.
But deep down, inside me, something’s Yellow.
I love the Blue country.
But my ways are tinted with Yellow.
When I am in the Blue land,
I want to be Yellow.
When I am in the Yellow land,
I want to be Blue.
Why can’t I be both?
A place where I can be me.
A place where I can be green.
I just want to be green.
Next week: The undeniable delights of Mantra

Let’s go to the movies: by Mark Gernpy

Now playing in Pattaya
Journey to the Center of the Earth: US Action/Adventure/Fantasy – Starring Brendan Fraser, Josh Hutcherson, and Anita Briem. During a scientific expedition in Iceland, visionary scientist Trevor Anderson, his 13-year-old nephew and their beautiful local guide, are unexpectedly trapped in a cave from which their only escape is to go deeper and deeper into the depths of the Earth. Traveling through never-before-seen worlds, the trio comes face-to-face with surreal and unimaginable creatures – including man-eating plants, giant flying piranha, glow birds, and terrifying dinosaurs from days past. The explorers soon realize that as volcanic activity increases around them, they must find a way back to the earth’s surface before it is too late. Mixed or average reviews for the 3D version, which we won’t see here.
The Strangers: US Thriller /Horror – A young suburban couple returning to their isolated vacation home after attending a wedding finds their lives suddenly thrown into chaos with the arrival of three malevolent, masked strangers in director Bryan Bertino’s tense tale of survival. Liv Tyler and Scott Speedman star as the couple forced to resort to violence they never thought themselves capable of as they struggle for their lives. Mixed or average reviews.
The Dark Knight: US Action/ Crime/ Drama/ Thriller – The first Batman movie without “Batman” in the title. I think it’s just a wonderful film; dark, complex, and unforgettable, it succeeds not just as an entertaining comic book film, but as a richly thrilling and disturbing crime drama. If you enjoy either type of film, don’t miss this one. And Heath Ledger gives a performance that is terrifying in its portrayal of an insane mind. I would suggest, however, that the film is not for kids – it’s way too dark for them to appreciate or even understand.
In this episode, set within a year after the events of Batman Begins, Batman, Lieutenant James Gordon, and new district attorney Harvey Dent successfully begin to round up the criminals that plague Gotham City until a mysterious and sadistic criminal mastermind known only as the Joker appears, creating a new wave of chaos. Batman’s struggle against the Joker becomes deeply personal, forcing him to “confront everything he believes.” And a love triangle develops between Bruce Wayne, Dent, and Rachel Dawes. Reviews: Universal acclaim.
Hellboy II: The Golden Army: US Action/Fantasy – Again directed by Guillermo del Toro and starring Ron Perlman as Hellboy, this again presents a dark and difficult fantasy world full of fantastical creatures that will leave you amazed and dazed. Almost too much of a good thing, but see it for sure. The imagination of this movie is unparalleled. Generally favorable reviews.
Red Cliff Part 1: China Action/Adventure – This $80-million film, directed by John Woo, is being shown here only in a Thai-dubbed version, and that is a real shame. This is a grand and glorious spectacle, and tells a story that is known by heart by probably billions of Chinese, and which they never tire of. It depicts the first setup episodes for one of the world’s greatest battles, the Battle of Red Cliff, in third century China, as the emperor of the Han Dynasty raises a million-man army against two kingdoms.
Hancock: US Action/Comedy – There’s no doubt about it: Will Smith has a lot of charisma for a majority of moviegoers, including me. Reviewers have widely diverse views on this one. I was only minimally amused. Smith here plays a different kind of superhero: edgy, conflicted, sarcastic, and misunderstood. He gets the job done and saves countless lives, but he also seems to leave an awful lot of collateral damage as well. The people of Los Angeles have had enough.
Wanted: US Action/Thriller – A violent and bloody action film that raises the bar to a whole new level. Visually it’s fascinating and I would say it’s about as exciting as a movie can get. A fast-paced thrill ride, with a dazzling mix of state-of-the-art visual effects, adrenaline-fuelled action sequences, and nail-biting terror.
A young man (the very versatile actor James McAvoy) discovers his father is an assassin, and when his father is murdered, the son is recruited into his father’s organization and trained by a strangely-hypnotic man (Morgan Freemen) to follow in his dad’s footsteps. Also starring Angelina Jolie and Terence Stamp. Rated R in the US (and richly deserved) for strong bloody violence throughout, pervasive language, and some sexuality. Generally favorable reviews.
Wor / Woh Mah Ba Maha Sanook: Thai Horror/Comedy – The usual comedians and an unusual (and mad) dog.
Scheduled for July 31
The Mummy:
Tomb of the Dragon Emperor: US/Germany/Canada Action /Adventure /Fantasy – In the Far East, trouble-seeking father-and-son duo Rick and Alex O’Connell unearth the mummy of the first Emperor of Qin – a shape-shifting entity who was cursed by a wizard centuries ago. Starring: Brendan Fraser, Jet Li, Maria Bello. Third in the Mummy series.