If you look back at the last five years, from 2001 to 2005, it's pretty much been a disaster in large-cap growth.

Those are two of the benchmarks we have to meet, ... It has to a pretty big disaster.

The minute you think you've got it made, disaster is just around the corner.

This is the largest response to a single natural disaster in the 125 years of the American Red Cross, and there's no doubt it will set many records in terms of the length and expanse of the operation. This will test our skills and our resources to the extreme, but the American Red Cross will be just as strong as the will of the American people, and we all know that's a will that won't fail.

This is the largest response to a single natural disaster in the 125 years of the American Red Cross, and there's no doubt it will set many records in terms of the length and expanse of the operation.

Add in the fact that these five negative events started when large-cap growth was at historical highs put that together with the valuations, and you can start to explain why it's done so poorly. Multiples have compressed, growth is hard to come by, and people have been averse to risk. When will large-cap growth start to work? I think the answer is when we stop having a major negative event every year.