The challenge is finding the right opportunity within this huge universe of stocks. Investment mistakes are so costly in the micro-cap area it makes it even more of a challenge to be right.

I wanted to wait for the right opportunity. There's no shortcuts, and I responded to the challenge of working with someone like Morgan (Freeman).

It's getting the right person that's the challenge.

In the 1980s, we responded to what we were seeing in the market from an investment opportunity point of view. We really were developing this practice on our own. It was complementary to PNC's focus on the smaller end of the middle market, but in terms of our context, we were building sources for deals and deal referrals on our own.

We continue to believe these shares offer an attractive investment opportunity and reiterate our

We don't really see any merit to limiting our investment universe, so we'll hold large-caps and small-caps, as well as domestic and international stocks.