Abstract: Recent investigations of the exotic θ+ pentaquark, strangeness in the proton and 5-quark components in excited baryons are briefly reviewed. The latest experimental results with highly statistic data are casting serious doubts on the existence of the exotic s_uudd θ+(1540) pentaquark. On the other hand, electric-weak interference experiments are beginning to paint a cohesive picture of strange quarks in the proton. The empirical indications for a positive strangeness magnetic moment and a positive strangeness radius of the proton suggest that the s_suud components in the proton are mainly in a configuration similar to a diquark-model configuration proposed for the θ+ pentaquark instead of the more conventional meson cloud configurations. The latest study on the properties of the lowest negative parity nucleon excited state N*(1535) also supports the new picture for the 5-quark components in baryons.