Earnings will be a lot more resilient than everybody thought. Companies are much better prepared. I'm quite happy.
There's no cuddle corner anymore, and Germany is adapting to what's already common in Anglo-Saxon regions. It's surprising how quickly this has been happening.
We're hoping that new management will be able to improve things but it won't happen overnight. DaimlerChrysler is a tanker that can't be turned around immediately.
We've long held to the theory that the valuation gap between the U.S. and Europe would pay off for investors. But the very good times are over.