November typically marks the beginning of the growth season in stocks. This is due in large part to pension fund buying patterns, which have produced an average gain of 5 percent from November 1 to January 31 over the last 50 years.

The manager could have made a large sector bet that flopped; he may have made a large commitment to the fund's top 10 holdings, which then underperformed; or the fund may simply have an unskilled manager, someone who can't pick well.

If you're still invested in these funds, you're no longer buying and holding, you're buying and hoping.

There's a false sense of security that large caps don't go down. I've got news for you -- they do.

Rapid demand growth has created capacity constraints that are supporting higher prices and expanding margins. Investments are beginning to add capacity, but at a rate that will likely be absorbed quickly by rising demand.

These numbers are still in line with our projections which already had growth beginning to slow in the second half of 2006.