We're independent of the Jewish Federation in terms of our decision-making. The money is flowing through a separate account but is housed in the federation.

We are very proud of what we have accomplished in only three years, and this is just the beginning. Our grants focus attention on important issues, not just for women, but for our Jewish community as a whole.

The goal was to attract women who were not currently engaged in philanthropic work, but liked the idea of a very democratic and business-like style of funding. There are no levels of giving, and every trustee has a vote in how the money is used.

The bond market is keenly aware that cash flows have improved and that the chances of investors getting back money they are owed is better. That's not at all irrelevant to stockholders,

Every so often there's some money left and there's a fight over the carcass. But it's a cost-benefit analysis. How much money do you want to spend chasing it if there's not that much left?

You've had a narrow group of tech companies that have been delivering positive and accelerating growth characteristics and money tends to get concentrated in those few companies that are doing that.