The Importance of Breadth in the Market

I see on your conviction list is Microsoft, McDonald's and Intuitive, Surgical. I think at this point in time, we do view the risks as being quite balanced. The importance of breadth in the market may not be so important for the index numbers themselves because if the megacaps settle back a little bit, then the numbers may come down. It would indicate, the only reason people would be buying cyclicals in numbers would be that they see the economy coming back. That would be a kind of indication perhaps that you get a soft landing and not some sort of stag flation or recession.