Everything used to be complex about Thermo. But they experienced every problem in the book before the restructuring -- nothing is going to bother them now.

Any kind of restructuring like this is a very holistic kind of thing where nothing is really sacred.

We like Quantum. The company's got $350 a share in cash and no debt, and it's generating a lot of cash flow. Storage has gone through a long period of decline, but we're seeing tremendous new demand coming in for storage every day. We think that pricing is going to improve, and these are companies with huge revenue bases where a nominal tick-up in the margin structure leads to tremendous profitability. We've got them earning over $4 (a share) over the next two years; the stock is at $12 right now.

What they're doing is very smart. They're consolidating the high-yield bond industry at a cyclical low, when business is not so good now. Coming out of that they'll be the dominant player in the space.

Consumption is up considerably and that trend is not going to reverse itself. Higher oil prices are going to be with us for quite a while, and while I do think it will moderate from the current levels it is definitely going to have an impact, both on consumer spending and on the economy as a whole.

I think even the most skeptical people about the productivity enhancements due to technology have been totally shocked by how it's played out in our economy.