Management may temper that outlook slightly given the ongoing difficulty in the PC environment.

Bill has operated in an environment with a high degree of difficulty and gotten the best out of what we have, ... We've had Super Bowls that have come off shining like a star, and you never know how hard it was. At the end of the day, Bill can look back and say, 'I did a hell of a job.' 

Uncertainty surrounding Oracle's model does not give us confidence that the company can continue to grow earnings at a rate that would drive 20 percent or better stock-price appreciation into 2002.

A continued focus on margins and little change in activity in database demand will likely keep many investors on the sidelines until some more convincing catalysts are in evidence.

Microsoft's vulnerability to the PC market reaffirms our belief that Microsoft's continued success depends on its ability to transition itself from a desktop software company to an enterprise solution vendor.

We remain cautiously optimistic on Microsoft as the company slowly transitions itself from its reliance on desktop software and continues to roll out its higher growth, server side software.