I don't think that Qualcomm has the third-generation cellular market or the CDMA market that the analysts were expecting.

This is really a stock picker's market and not an index picker's market. I'm not buying stocks on a group's performance ever.

What we look at is basic fundamentals, looking at cash flow, looking at a franchise, so when a company has a solid business in a local marketplace, with a good customer base, we like that. It's very simple to understand. Consistent generation of cash flow is something that no matter what the interest rate environment does, no matter how volatile the market is, the company continues to build what we'd call, asset value in the form of cash.

I think the Fed still has no other choice but still to raise rates. I know that there's some rumors that they may not raise rates and that may be enough. There are several elements that go into this. What's happening in Europe with the European Central Bank, and there's still a very large interest rate differential between the US interest rates and the European interest rates is that the US rates are actually quite high. So the European rates have to come a bit higher. Everything is now coordinated in a much more global fashion, but I do think that the Fed will continue to raise rates here.

How do you make money? Spinoffs, split-ups, liquidations, mergers and acquisitions.

How can you allow the trading companies to locate computers closer to exchanges and flash millions of bids to give an unfair advantage?... Even professionals are losing faith in some aspects of the system.