Technology is now out of favor. People are rapidly concluding there is not a quick fix in store.

A single-digit percentage gain looks more likely this year. We had a great '03, a great '04 and a great '05. I think we're due for a pause at some point.

The potential for additional gains for stocks is limited given that we've had such a good run-up. We've been telling people to pare back a bit and reduce equity holdings.

This market needs a dose of good earnings expectations. It wants to hear, from companies, that prospects are improving because the fourth quarter is water under the bridge.

We're doing a little better then the U.S. indices, which is nice to see. I wouldn't view this market as highly directional today, though.

He knows technology, but what he's done over the years is grow subscribers. Even though we don't charge for users, we've asked all our managers to think of our users as subscribers.