We continue to be fully invested. Valuations remain reasonable. The number of bids shows investors that everybody has cash, everybody is rich.

Gains have been a bit quick. We have to take a pause. Investors' attention is on companies' outlooks.

The company benefited from a good market environment. It's another good set of earnings.

Industrial investment is taking off in Europe.

Industrial investment is taking off in Europe. Growth that was once in the U.S. and China now is becoming global. The feeling is positive for stocks.

The fourth quarter was a good quarter. We are optimistic given that the outlook for global economic growth is good.