Tax cuts would probably flow directly into corporate profits. Companies are lean and mean today, compared with where they were ten years ago and if the economy is going to be stimulated by either tax cuts or new spending, I would prefer tax cuts. I would prefer the approach that is more profit friendly so I guess that means I don't prefer Al Gore's approach.

The uncertain outcome of the U.S. presidential race may delay a fourth-quarter recovery in share prices but should not eliminate it. We believe that potential buyers are waiting for a resolution before implementing their 2001 investment plans.

We doubt that the markets are going to take off here. I think we will need more evidence that in fact things are starting to turn.

The election is a minor uncertainty that the market would like to get out of the way. Over the next couple of months I do expect stock prices will be better. I think corporate profits will turn out to be OK and the market will view some of the tensions and anxieties of the third and fourth quarter as a bit of overkill.

Bad news can be good news for equities if the bad news causes the Fed to cut aggressively.

The equity market typically positions itself for economic recovery at the approximate mid-point of recession.

It very often doesn't take off right away.

For instance, I think conglomerates such as Philip Morris (are) a cash cow, ... The stock is doing quite nicely, holding up around near the higher end of the trading level here.

In Nasdaq, we've been in a confused bear market for a while. The background environment, particularly in the economy, is not as bad as people think.