I can't figure out why people want to own unprofitable companies with no prospect of making money in the near future. That's just trading paper,
Some of the worst companies have been the best performers. But a lot of the recovery in the poorer-quality companies was just relief that they survived. We're finally starting to see some better action in the higher-quality names.
We are not heavily invested in tech and are not likely to be so until we see fundamental progress. We've always selected companies with strong earnings growth and most technology companies don't have that at this point.
The real strength in the market in 2003 was from small-cap and mostly busted companies. It was a huge sigh of relief that many unprofitable companies did not go out of business.
We own L-3 because it's a good solid stock as opposed to being part of an industry theme play, ... The defense industry has the wind at its back now but most companies don't have the earnings consistency we're looking for.
The two companies are similar, but Symantec has been a more consistent performer. I just do not have a high degree of confidence in Network Associates.
You've got companies that are going to continue to be volatile for quite a while because most of them are being bought on expectations of an improvement in the future, rather than solid current earnings.