We've gone from feast to famine in this market. We began the year on a defensive tone (and moved to) a reversion back to tech and telecom.

We've gone from feast to famine in this market. We began the year on a defensive tone (and moved to) a reversion back to tech and telecom,

From feast to famine

The market is not going to be applauding this,

In the first half, defensive stocks like tobacco, managed care and personal products were at the forefront, ... Now it's more aggressive, riskier growth-type names. It's been an interesting year.

This is more a digestive phase. You have a market that's grasping and hoping to try and put a finger on the bottom.