The currency is pretty steady, with markets remaining fairly thin with little economic data. We're awaiting deeper markets, plus the release of employment reports for both Canada and the U.S. next week.

Pressures are particularly evident in the West where housing prices in local markets such as Riverside-San Bernardino (outside of Los Angeles) and Las Vegas are rising rapidly with an attendant marked deterioration in affordability. Rising prices in those areas seem more the result of speculative pressures and thus indicative of local housing market bubbles. There is the definite risk in these markets that prices will eventually need to correct sharply lower.

The railroads were still pretty strained last year.

We played pretty much from the cuff,

I remember that I could look at whatever I wanted to look at and go pretty much where I wanted to go. I found the whole experience to be inviting and warm. Of course, you can take a mulligan at Winged Foot, but I would never think to do that at Augusta National.

Overall, the season went pretty well. We played the hardest we could every game. We didn't always win but we knew we had the toughness to win.