Fidelity has been slightly more conservative over the past couple of months.

Fidelity has 300 funds with different managers. As a company, they've lightened up on technology as technology has gone up, but there are a few exceptions.

The market is telling Fidelity it has to pay more.

It's really paid off to have active managers like Bob Stansky during the first six months of the year. Fidelity managers really took advantage of the market correction in April and May to add to their tech positions.

We think it's important that Fidelity slow down the exodus of top people. They could do that with more money or an equity stake.

We believe these estimates are conservative, ... Our internal estimates are far more aggressive. However, until we put better numbers on the board, we are not going to lead you to any higher estimates.