If there's little trading, that would be quickly reflected in the shares.

My wealth is reflected in the price of Severstal, and the number of shares I have in my possession doesn't have any impact on the company.

BASF is a tough player. If BASF walks away, Engelhard would tank. Their track record is reflected in its shares and shows that they haven't been very convincing in a good market environment.

Trading at 12 times 2005 earnings, shares are reflecting a seemingly bearish view of Pfizer's growth prospects, in our opinion. With these low expectations built into the shares, we are encouraged that Pfizer's $4 billion cost restructuring will stabilize near-term earnings.

With Oracle shares currently trading at 34 times our revised [calendar year 2001] EPS estimate of 43 cents, which represents flat year-over-year EPS growth, we believe there is downside exposure on a valuation basis.

Tech stocks are boasting high multiples, Sony shares are trading at 44 times projected fiscal 2006 earnings and many others are exceeding the 21.8 average for all firms traded on the first section of the Tokyo Stock Exchange.