We've been seeing very strong activity in international markets, which should continue, driven by global economic growth.

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

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.

These bids are the expression of future growth for Germany companies. German groups are thinking about their future and about expanding.

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.