We're more than halfway through Women's History Month, so I decided to ask my women friends how they "historically" diversified their portfolios. Eventually, the answers turned into a "What's hot" list for ideas. The deal was this: They couldn't tell us about a specific stock, but they could tell us where we might search for products and services that would serve as investment opportunities. So, the ideas below are designed to help you think (or let the kids think - this practice is a great investment skill).

What's Hot: Despite televised appearances, few locals want to get caught up in Chicago's St. Patrick's Day Parade. However, a friend of mine forgot about the event (maybe it was the snow that threw her off?), and she and a friend sat for a few hours in trapped traffic. During that downtime, she saw a dog in a fur coat. "Now, that's hot, but it's SO wrong," she laughed. What's hotter? "Lots of specialty items, everything green, like money." Hats, flags, pins, signs, and banners?specialty item companies do well during holidays, special occasions, and events.

What's Hot: The Discovery Channel has some great programs, and a photographer friend was wowed recently by a show about bears. While bears are hot, the cameras that filmed them were hotter. Hidden behind mirrored boxes, in trash cans, and inside fabricated bamboos poles, these cameras were both flexible and heavy duty. While digital is searing, what makes these cameras volcanic? Who makes them? Where else are they used? What other innovations are in store in a "discovery" market?

What's Hot: "How's dad?" I asked. "He can't hear, because he sent his hearing aids off to have the volume repaired. I think he's going to fix them so he can't hear me." My mother can hear a pin drop from 100 yards, but dad has what we call "selective hearing." He can hear a fish swim downstream, but he can't hear a woman's pitch. While we tease him about this deficit, this hearing abnormality is fairly normal for those with hearing loss. Learn more about how hearing aids - and other health aids - are faring in a market where members of the baby boom generation will soon utilize their products.

What's Hot: My sister-in-law states that they've never seen the desert bloom like it's blooming now. Arizona and lower California residents experienced tons of rain over the past six months, and most areas that have been brown and leafless are now colorful and lush. This spectacle rivals any seen within the past thirty years. While this is hot, what's hotter is that many believe that this spectacle is one signifier of global warming. So, instead of jumping in that gas-guzzling car to visit the desert, view the photographs online (type in "desert bloom 2005"). After you view all the incredible pictures and information, head to New American Dream to learn how to make a difference - and to learn about products that savvy investors are eyeing.

What's Hot: "I'll tell you what's hot," a friend in New York stated. "Clothes are much more conservative. I don't know whether it's politics or the baby boom, but think about it - even Madonna grew up." Hmmm?That's the second time I've heard the term "baby boom," and when the word "conservative" is attached to that term I have to wonder where my friend is heading. "So, a good place to look for hot ideas is the retail industry." Phew, I thought she was going to head toward the cowboy hat and boot market? talk about novelty items?

What's Hot: "Dropping out and dropping in," said a friend in Atlanta. "It's a risk, but I've got to do it." This southern lady has turned from corporate mentality to local concern, and she gave me two ideas to pass on. While they don't concern portfolio investments, they do concern money and she considers the money "well earned." One spot is at Echoing Green, where a new fellowship program was designed to assist "emerging social innovators." This is not an academic scholarship, but a program focused on resolving seemingly insurmountable social problems. The other suggestion was this: "Don't buy a grant-writing book to learn how to write grants if you can do it online." Her favorite link is at non-profit Guides, and she also does the key-word search thing with "grant writing" in the search box.

Other friends had "hot" ideas, but there's no more room to tell you about them this week. However, when the last friend talked about her goals, we began to think about the problems we've encountered in our own town and wondered how we could help. While we talked with her about how she prepared herself to "drop out," she stated that she did it wisely. "I had a sound and diversified portfolio. So, even though the market was flaky over the past five years, I still made money, and - outside of a trip to Europe - I can't think of any other way to spend my life."

I think my friend has me beat on a reason to begin and maintain a healthy portfolio. Seldom - if ever - have I stated that the best reason to invest is so we can be different than the average 9-5'er, or so we can drop out to make a difference. If this becomes a goal for tons of folks, it may make a difference in the stock market?so we suggest that you stay alert and keep an eye on the trends?

Until Next Week,
Linda Goin

PS - Cora and I play with ideas at Yahoo.Finance.com's preset stock screener (the plug-in may not work with Macs). Cora and I like to bottom fish, so we play with the "Large, Growing, and Cheap" screens, but there are almost twenty categories to choose from to learn about new companies. Have fun!