My sense is that January is going to be critical this year and I think you can see a good beginning to the month. I think you can see a positive January and my guess is that's how you're going to see money invested -- early and strongly.

If you look at our portfolio that we run here with a three-year track record, basically it's equal to the S&P the last three years. This year we're down about 1.8, 1.9 percent versus an S&P that's significantly more than that down.

They have the best of breed kinds of companies in two really good industries. They have a natural gas pipeline company. In addition, a fiber optic network which will be 33,000 miles. Each have the wind at their back and we think the combined businesses conservatively are worth 60. Right now the stock trades for around 45. The company just announced a way to unlock that value with a spin-off of their Williams Communications Group. So we think it's just a matter of time before that stock reaches 60.

I think if you're looking for immediate gratification, there's probably no place that's real safe to buy,

Even before Katrina, we were capacity constrained.

We've got to get through that and it's probably several months before we get a turnaround in any sectors,