I have a 1991 M38, w/ shoal draft. She is an excellent boat, althougt the keel is shoal it is longer so the speed and heeling abilities are not damaged she is fast I have win some regattas w/ her. It has an strong construction, the only disadvantage is the interior upholstery that cover the sides and parts of the celling that wasn't well glued and will come off. So you will need to keep it in place regularly. I have a full batten main and a 125 genoa, I have made 10knots upwind and 12k downwind, average speed is 6,5 - 7k upwind. She is ardent in strong winds, so keep in mind a good helm work and sail area wen out to sail. I crossed the Caribbean 3 times w her and work beautifully.