We appear to be turning to a conservative cycle in the major countries. President Bush's administration will find they have more allies, and this will be a big plus for them.

It was just a real conservative game. We played well enough to win.

Given that we are still in early 2006, the 2007 guidance is likely to be conservative with higher-than-2006 airplane deliveries, better margins at both [Boeing Commercial Airplanes] and [Integrated Defense Systems], strong cash flow, but low single-digit top line growth for its defense business.

It may not be fair to the public if [the fund's investment strategy] is too conservative. Perhaps part of it could be invested in other more aggressive, higher-risk and lower- liquidity products.

We expect commentary regarding the third quarter to be conservative - we could see revenue growth targeted for the low single digits (in percentage) and continued weakness in gross margin as the company works to bring inventory levels down.

Leadership experts and the public alike extol the virtues of transformational leaders - those who set out bold objectives and take risks to change the world. We tend to downplay 'transactional' leaders, whose goals are more modest, as mere managers.