Stocks are going to be under some pressure over the next six to nine months. Revenue growth is very modest, and that's going to dampen profit margins, as will the currency translation with the stronger dollar.

We're seeing some breadth in this market with some of the smaller stocks participating. We've had some big gains in some of the tech names. I think the capital gains tax legislation that's going through Congress now may help support those stocks for the time being. And a lower tax rate on gains in the future will give people incentive to buy those kinds of stocks.

The Fed is going to continue to tighten and what that's going to affect the most is the cyclical (stocks).

Our work, when we look out over the next five years, indicates to us that returns from fixed-income investments should be materially better than from U.S. stocks.

There are some immediate experiments to see if we can use the same cocktails of growth factors to expand cord blood cells or human stem cells.

We are confident of delivering further growth from our business in 2006.