Page volumes are migrating to printers. We get things via e-mail and we print them out. As much as Xerox is an American icon and a great brand presence, we don't use its machines as much as we used to.

I'm very cautious about companies that have too much exposure to copiers. We're trying to stay away from those who are not getting the printed pages and go with those that either sell software or the supplies to benefit this technology transition.

The bottom line is that the copier industry is transitioning faster than anyone anticipated. The disadvantages of a copier company heading into a networked, digital world are now being highlighted more than ever before.

With film pricing possibly becoming more competitive, it could become harder for Kodak's shares to break out of the mid $30 range, despite many positives.

I think Xerox has got a long way to go. The earnings performance and outlook are even worse than anticipated in the pre-release.

It looks like my fourth-quarter estimate will be substantially lower, and my estimate for 2000, which was below consensus, will also be reduced.