Merrill Lynch was down about $20 at one point. I'm sitting here with my hard hat on, watching things fall...This is not a market where you can do anything except pick up a few stocks that you think are going to do all right long-term.

Bill Fries

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It's a fair price only if you believe Citigroup is an average company. I think it's an above-average company. That's why they're everywhere.

It certainly is not a blessing for managed-care companies.

The December meeting and their plan is pretty important. If they don't show the requisite amount of creativity, the market is not going to treat them kindly.

It's not a very good story at the moment, but that's part of the art of buying things that are out of favor. We see five or six drugs in development that could be billion-dollar products down the road.

In the last year or so, investors have been oblivious to risk.