There's a misconception about growth stocks. A lot of companies that have traditionally been classed as growth simply aren't growing any more. You have to look beyond the label.

Earnings growth has been surprisingly low for drug stocks and there is more of that to come as we go through a cycle of patent expirations. But I think the stocks are close to being washed out and if you have patience they will do quite well over a longer period of time.

Earnings growth has been surprisingly low for drug stocks and there is more of that to come as we go through a cycle of patent expirations, ... But I think the stocks are close to being washed out and if you have patience they will do quite well over a longer period of time.

Companies are going to deliver good numbers. Aside from the usual company-specific disappointments, we are going to get further confirmation that things are moving in the right direction.

And we don't see that the industrialization of China is about to slow anytime soon.

We're very pleased they have been so rapid in their integration and that they have turned around brands. That really shows they have excellent management.