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                                                                   EXHIBIT 10.03

                             [PROFUTURES LETTERHEAD]


                                August 31, 2000

VIA OVERNIGHT COURIER

Charles Mizrahi, President
Hampton Investors, Inc.
2519 Avenue U
Brooklyn, New York 11229

RE: HAMPTON INVESTORS INC. FIRST AMENDED AND RESTATED
    ADVISORY CONTRACT WITH PROFUTURES LONG/SHORT GROWTH FUND, L.P. (THE "FUND")

Dear Charles:

This letter will confirm that the August 31, 1998 First Amended and Restated
Advisory Contract between you and the Fund is hereby renewed until August 31,
2001.

Yours very truly,


PROFUTURES LONG/SHORT GROWTH FUND, L.P.
By: ProFutures, Inc., its General Partner


By: /s/ GARY D. HALBERT
    --------------------------
    Gary D. Halbert, President



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