Anybody with a long horizon has to be in the Internet one way or the other. The one they would pick which I would reiterate is America Online ( AOL ). It is a real company, It has real earnings, it sure ain't cheap, but I think that 21 million subscribers will pay off down the road.

With scandal-ridden capital markets, a mediocre recovery and still high valuations, a lengthy bottoming and healing period is needed before we get a substantial upturn in equities.

If you are a competitive investor, you've got to assume the Fed will succeed in re-igniting the economy.

We are finally starting to come to those stocks that haven't given up ground yet. This is the first time that these stocks that are priced for perfection have shown some imperfections.

We are in a healing process which will take a couple of months.

This is a very anemic recovery. It has a lot of problems with it, and we don't have dirt-cheap valuations. I firmly believe the bear market is over, but this is not going to be a roaring bull market, and I think we're going to see a lot of interruptions and halting and starting before we get a consistently better market.