Market Outlook He sees extreme oversold indicators in the market right now. The market has discounted a deep recession for next year, which is good, he thinks. Now the market looks forward and there is great opportunity. Looking at corporate earnings and GDP growth he is not too pessimistic; rather thinking that a lot of the issues concerning the market are transient. You need to take on a non-emotional view of the market. His balanced portfolio is about 6% above his benchmark -- he is pleased with his performance this year.

Market Outlook - These are very unhappy markets. Everything suggests that we are in a bear market. Oil is falling, this sort of volatility, rallies that won't hold, this looks like a bear market. It looks like a bear market, smells like a bear market, most of the rest of the world is probably in a bear market; the question is when stocks have corrected to this degree as long as there is no recession coming you have to start buying. You want to de-risk if there is a recession coming. The thing that is still inexplicable is the coming off the quantitative easing. He doesn't think there is a recession coming. You have to be at your long term asset allocation. Some of the best stocks in the world have gone on sale. He may be selling the Fortises of the world and some REITs that swelled. Buying stocks that are increasing their dividends at one level but 5 or 3 or 1 year from now the value is back where it should be, it is a powerful formula