Because of the length of time of this decline, we ve gone past the pain of 1987, which was terrifying but quick. But I think the same basic principles still pertain, and that is that the world usually doesn t come to an end. People are born, get married, have children, and pass away. We are all still eating. Some of us non-Californians have lights.
Markets move in cycles.
I think the big thing is that you need to constantly review what the appropriate balance between risk and return is in their situation. And you really have to pay attention to risk in an environment like this. Don t use borrowed money. The hope would be that by summer, give or take, the markets will be looking to a better economy and much better earnings comparisons in first quarter of 2002 versus the miserable results that we re going to be reporting for the first quarter of 2001 and that things will do better. But nobody knows for sure.