People focus on the Nasdaq indices because in general they represent the kinds of companies that are coming out - younger companies,

The key variable that people need to focus on is what happens in the U.S. economy. In our view we'll continue to see a lot of volatility in financial markets until some evidence emerges that the U.S. economy is slowing down.

When the IPO market tapers off, the more speculative types of issues tend to take a bigger beating than those more

Biotech is going to continue to be a good market.

This is a return to conventional premiums that historically are part of the IPO market. We are back to more normal premiums.

This is a return to conventional premiums that historically are part of the IPO market, ... We are back to more normal premiums.