I am not suggesting it is going to be even anytime soon, but if it gets down to about one-half, it's no longer a no-brainer.

There needs to be some balance. Nobody believes in globalization for globalization's sake.

The idea that engineering is dead [in the U.S.] is hype.

If we believe that competition is what makes the Silicon Valley and our economy great, we should welcome further competition from other parts of the world.

Our initial reaction is that the shares are likely to tread water during what is likely to be a difficult transition in its attempt to outsource 100 percent of its handset production and as its networks operator's division goes through temporary growing pains, which are likely to weigh on margins.

Clearly, the risk has increased, particularly with the current economic situation. However, we believe that Nokia's superior supply-chain management and its ability to reach the end market will keep it ahead of its peers.