We do not think these strong gains have been irrational or speculative, they are based in fundamentals.

I think it could last as the gains abroad are strong.

[Meanwhile, the financial froth of speculative bubbles--and their dangers--are another enduring legacy of the Greenspan era.] Irrational exuberance really is still with us, ... risk that in 2010 or even 2015, the stock market will be lower still in real, inflation-corrected terms, than it was in 2005.

I think it (the sell-off) was very overdone. For some of these companies, the fundamentals remain very strong.

I think it all comes down to fundamentals. This is not a time to start forgetting things. It will be a matter of inches and seconds that will win the championship. You work hard all year to get to this point, and you have to be able to sustain. You can only escape for so long.

Tyco is not Enron. The fundamentals at the company were what they should be.