I think people know that the economic picture's going to be sort of grim for the next six months, and with that will come bad earnings numbers. But I think most people are looking over the hump. My guess is the smart money is going to be more selective. Despite the correction, there are still a lot of sectors valued pretty highly historically. I think the market will always be years ahead of everybody.
Investors are always a step ahead of, certainly, economists.
I think people are more willing to come back into, for example, the high-yield sector and where credit spreads are at levels you see in a recession. I have a feeling it will take one positive report from the high-tech or telecom sector and suddenly everyone will be sensing the worst is over. The mood could change fast. This is the stuff needed to build out third-generation wireless communications. Ordinarily, you'd say it takes them a while to work through the economy.