I don't think the market will burst back. It will take its time in the first quarter. This won't be a repeat of last year.

When the IPO market tapers off, the more speculative types of issues tend to take a bigger beating than those more

People focus on the Nasdaq indices because in general they represent the kinds of companies that are coming out - younger companies,

Biotech is going to continue to be a good market.

This is a return to conventional premiums that historically are part of the IPO market. We are back to more normal premiums.

This is a return to conventional premiums that historically are part of the IPO market, ... We are back to more normal premiums.