Tyco is really correct here. They did make the required disclosure in their cash flow statement as far as how much money they spend net of the cash they received of those companies, so I can see Tyco's point.

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We think the days of buy-and-hold are over. It's been an 18-year, uninterrupted secular bull market. And when that ends, you get a secular bear market.

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We do not see this V-shaped recovery in corporate profits.

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It's the rationale of not putting all of your eggs in one basket, for not betting that (Fed Chairman) Alan Greenspan can save the economy.

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