When the IPO market tapers off, the more speculative types of issues tend to take a bigger beating than those more

Biotech is going to continue to be a good market.

We do tend to have more issues with the oaks.

The only problem comes when a hurricane moves in too close. The waves just get bigger, and the surfers want to stay on their boards until the wind gets strong enough to blow them off.

Anytime we have refinery issues, the market just takes off again. We're back in the uptrend.

It's a little chicken and egg. The flows tend to follow the market, but when you get a nice six months in a row, the momentum can begin to carry itself.