We were asked to give a 20 percent group discount, so we had to reduce our budget and try to do more with less.

We still see IBM attractively valued at a 13 percent discount to S&P multiple.

Sprint is very inexpensive versus the WorldCom takeover. It's over a 25 percent discount. First, (there is) the $76 that WorldCom will be acquiring it for. And we think it's a very strong likelihood that merger will go through by the end of the year.

When I was a kid, I was afraid of large group of conforming people.

This budget is increasing by seven percent. That's outrageous.

I think Chase is a very good story, ... I mean, at (a) 45 percent discount to the market, (it's) a very good place to be.