While roughly two-thirds of [U.S. diversified equity] portfolios are managed by more than one person, starting last February, they can no longer say 'team managed.' They have to name the people managing the fund.

We said it would be a stock-picker's year, and it was. Investors were particularly fickle and short-term driven.

Too many investors tend to be backward looking. You can't just say they declared the quarterly dividend for the last 10 years, I guess they're going to keep paying it. Think about what the business conditions are.

When investors worldwide looked for a new game that hadn't been played in a while, they latched onto Japan in a big way.

In 2005, investors began to pay attention to gradual improvement in the Japanese economy aided by some long overdue government-driven reforms.

If the market is going to go up next year, it's going to take some rotation of leadership. You can't have the same thing lead forever, people get tired of doing it and whatever it is, it gets overpriced. We see a rotation into tech names, just because it's been a laggard. The other things we see developing is that large will probably outrun small, and we think growth will begin to beat value.