One thing you can count on with waves: there's always another one right behind the one that just knocked you off your board. The trick is to make sure you're back up on your board when the next swell hits.    Starting at the end of fiscal 1998, we got knocked pretty silly in Asia Pacific. Revenues dropped by about one-third. Japan, which accounted for half of our Asia Pacific revenues, was awash with excess inventory. We spent much of fiscal 1999 in rehab, reducing our regional cost structure and putting in place a plan designed to capitalize on the abundant opportunities in the marketplace.    Over the past year, we began to harvest the first fruit from that reorganization. While revenues grew at 13 percent (or five percent in constant dollars), profitability improved quite dramatically. Gross margins saw marked improvement in fiscal 2000 and, although they did not reach the peak levels of a few years back, we are enthused about the potential to drive strong gross margin performance going forward. We also leveraged our lower cost structure significantly. The net result was a very sharp increase in our regional bottom line.    Japan remains the bellwether market for us in Asia Pacific and our recovery there in fiscal 2000 reflects our ability to adapt to rapidly shifting consumer tastes. Innovations have consistently drawn Japanese consumers to Nike products and cutting-edge introductions such as the Presto and Air Kukini have helped re-ignite demand.    Japan, however, is something of an aberration relative to most other markets in the region. In many emerging markets, the cost of a current Nike shoe can be too expensive for most young people who are passionate about sports. Our World Shoe Project provides regions like China and Southeast Asia with a line of affordable athletic shoes that meet specific sport needs, and are designed and manufactured with proven Nike technology. Shoe costs are kept low because there are fewer and less expensive components than the current more sophisticated models, lower transportation and shipping costs, and no import duties.    After the devastating earthquake in October, our offices in Taiwan were effectively shut down for a month. When we rang the bell at the end of the fiscal year in May, Nike Taiwan made their budget for the year with some change left over to spare. In turn, Asia Pacific contributed more than its fair share to our improved profit picture. And NIKE, Inc. earned 32 percent more per share than we did last year.    We enter the new fiscal year with the two most compelling weeks in sports about to unfold in Sydney. Cathy Freeman runs for all of Australia. Hicham El Guerrouj runs to make up for a misstep in Atlanta. Michael, Maurice and Marion — well, they just run really fast. Sometimes even the grown-ups get to play on the playground.    Will the Olympics inflame the passion of sports in every consumer in Thailand, Korea, and China? Not likely. Will people watch? Ask all the advertisers who wish to align themselves with the power of sports every four years or so. Will something happen that you've never seen before? Maybe. Frank Deford of Sports Illustrated says that the best thing about covering sports is that everyday, somebody wins.