The key variable that people need to focus on is what happens in the U.S. economy. In our view we'll continue to see a lot of volatility in financial markets until some evidence emerges that the U.S. economy is slowing down.

We're going to have people consuming and people spending. That's good for the economy. And that can't be bad.

People focus on the Nasdaq indices because in general they represent the kinds of companies that are coming out - younger companies,

We probably will focus more now on getting ready for the draft and possibly extending some of the guys who are in the last year of their deal. We don't have many of those guys. I think for the most part we're done, although we wouldn't eliminate discussion on anybody or anything.

We're all continuing to focus like a laser beam on the economy. And that means not sitting around and patting yourself on the back because unemployment and inflation rates are low.

I think what you want to do is also focus on companies that are making the transition from old economy to new economy because they have 'old-economy' valuations, but are really joining the new economy and should have 'new economy' valuations.