For instance, I think conglomerates such as Philip Morris (are) a cash cow, ... The stock is doing quite nicely, holding up around near the higher end of the trading level here.

We doubt that the markets are going to take off here. I think we will need more evidence that in fact things are starting to turn.

I had it going quite nicely. And then the wheels came off. And the wheels came off very, very quickly. But you know, I'm going to stand on the tee tomorrow three shots ahead.

Quite a few of them were holding,

We'll be the first in this instance and that in itself is a rarity. I think we can be quite proud if we do it.

We don't see any indication that the Fed would have caused to start talking more tolerantly about monetary policy. And we don't think the bond market has any particular reason to go down to lower yield levels.