in the investment business, what's the general mood at this point? ML: In the small- and mid-cap market, the mood has been mixed. Some people are negative about the commodities sector in the short run, and some even think the whole commodity cycle is over. Others are more neutral. Then you have a smaller group of people who tend to support my view and are much more positive in the very short run. TER: How does this affect your view of the oil and gas markets? ML: I'm actually quite positive. After getting down below $80/barrel (bbl), West Texas Intermediate (WTI) is now back up over $96/bbl. The Brent price is at $115/bbl. Recent inventory numbers, particularly in the U.S., are down, so there's no overhang in the near term. Demand has hung in reasonably well, considering all the European problems, and there's still decent demand coming from the emerging markets. WTI will likely trade between $100/bbl and $105/bbl next year, with Brent between $115/bbl and $120/bbl. Natural gas has been somewhat weaker, but it bounced off the $2/thousand cubic feet (Mcf) price a few months ago up to the $2.85?3/Mcf range in North America. With more industrial demand coming back, particularly in the auto sector, and stronger demand from electric utilities, gas should move back up closer to $3.25?3.30/Mcf in the next year. By way of comparison, prices in Europe can be anywhere from $4?8/Mcf, and in China they're as high as $15/Mcf. TER: What interesting oil and gas