The largest part is specialty chemicals. It's an area that is robust and exciting and dynamic, but it's also changeable and risky. One is never sure who will be the ultimate winners. Most of the clear leaders are already fully valued. I have some informal opinions, but they are not part of our research efforts.
Many value investors see the extraordinary high multiples of Internet stocks.
It's a sign of market excess and a sign of the market environment we're in. I don't think investors should be deterred, because with a little homework they can find the information they need. Similar to the commentary that I made on technology in general, we feel the same way about your typical biotech stock. Although we're starting to see the maturation of biotech stocks, in general we're not willing to put too much faith in looking out too far in projecting earnings. We prefer in our investment style not to invest in companies that require us to look out many years for profit.