In the 1990s, Russian stocks traded at low valuations because everyone was worried about being robbed by the oligarchs. Now everyone is worried about being robbed by the government.

Everybody's worried that the stocks that have done so well have really overshot,

Earnings growth has been surprisingly low for drug stocks and there is more of that to come as we go through a cycle of patent expirations. But I think the stocks are close to being washed out and if you have patience they will do quite well over a longer period of time.

Earnings growth has been surprisingly low for drug stocks and there is more of that to come as we go through a cycle of patent expirations, ... But I think the stocks are close to being washed out and if you have patience they will do quite well over a longer period of time.

We continue to maintain a bullish stance towards European stocks for 2006. The combination of still low valuations and the prospects that earnings will continue to grow suggests a continued positive stance.

It's not difficult to separate it, ... When I'm here, I'm not worried about anything other than what's going on on the field.