The positive impact of an FTA is tremendous, ... Prospects for the Philippine Economy.

Since China moved on the currency last July, the economy has been charging along. China should feel comfortable and confident in driving through reforms. There has been no economic or financial turbulence.

We now have a new snapshot of the Chinese economy. This is not slightly bigger, it's a significantly bigger economy.

Besides earning returns, we're making a positive impact on the economy of formerly bypassed California markets. We have identified three key benchmarks of underserved markets: companies that have limited access to capital, companies that employ workers who reside in economically disadvantaged areas, and companies that have female and/or minority management.

The fundamentals for European shares are good. A strong economy, good earnings and positive outlooks all combine to make them attractive.

Investors are still looking for the economy to begin to pick up toward the end of this year with positive earnings comparisons occurring starting in the first or second-quarter of next year (2002). Trying to trade the market on the basis of whether the Fed is going to cut by 50 or 25 basis points, in a long-term portfolio, is not a prudent approach to investing.