We're in the midst of the U.S. reporting season, which looks pretty good. Companies in Europe seem to have been publishing good numbers, so I think the fundamentals are still pretty positive.

Companies have been subject to pressures to look after shareholders by increasing dividends and doing share buybacks and also having to put money into their own pension funds.

Games like this seem to be our trademark. We were down by double digits three other times this season, but the kids just keep playing. It drives me nuts, but it doesn't seem to bother them.

It's definitely the case that pension funds have been reducing their allocation to equities and that's been driven mostly by legislative pressures to reduce their deficits and to match more closely their assets with projected liabilities.

There's a little bit more caution coming into the investment outlook mostly because of fears of higher interest rates in the U.S. and Europe and now Japan.

How do we get better publicity? Aesthetics? How does San Marcos looks? When companies are looking for some place to locate we need them to know San Marcos is the best place.