My opinion is we’re seeing market liquidations of many of the former high-flying Internet stocks, … A lot of the stocks are down. Margin calls happen when stocks decline by more than 35 percent. And...

The weakest part of the market is the portfolio managers, … (They) stopped buying and started selling.

Historically, every year that companies were net buyers of shares, as far back as we have data, the market has gone up. This year the market has gone up much less than it should have.

Sometimes it doesn’t work as spot on as we would like, … Nothing has worked all the time, and if it did, it wouldn’t, because everyone would be doing it.