We remain cautiously optimistic on Microsoft as the company slowly transitions itself from its reliance on desktop software and continues to roll out its higher growth, server side software.

Microsoft's vulnerability to the PC market reaffirms our belief that Microsoft's continued success depends on its ability to transition itself from a desktop software company to an enterprise solution vendor.

Uncertainty surrounding Oracle's model does not give us confidence that the company can continue to grow earnings at a rate that would drive 20 percent or better stock-price appreciation into 2002.

I would say we're cautiously optimistic on the delivery of the undertakings.

Generally investors remain cautiously optimistic and certainly aren't looking to abandon equities quite yet.

We are guardedly optimistic if the weather continues to cooperate.