ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

What are investors thinking here? Are they getting ahead of themselves? Are stocks getting ahead of themselves? Are they simply less attractive given what's happened in the last couple of weeks?

BARRY JAMES, PRESIDENT, JAMES INVESTMENT RESEARCH (ENGLISH) SAYING:

Well, I would say it's probably all of the above... as we look at the market, we try to look at risk levels, we don't really know one day or the next whether market is going to be up or down. But what we've seen is, the market has had about a 9-10% run off of its lows. And what we've seen is a lot of people were really worried about the fiscal cliff, and as that has passed we seen a lot more enthusiasm towards the market, and when we start to see that sort of enthusiasm that tends to pull us back a little bit in terms of our enthusiasm.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Now you on the equity side of your fund have several kinds of stocks. You've got consumers kind of stocks, cyclical, non-cyclical, finance, tech, of those groups what are you most likely to add to in terms of your weighting this year?

BARRY JAMES, PRESIDENT, JAMES INVESTMENT RESEARCH (ENGLISH) SAYING:

Well, right now we see a couple areas we like. We like the automotive sector for one. Cars are really old on the road and automotive sales are going up. And if you look at the debt servicing, that has been falling, people have gotten their balance sheets in order and they're anxious to spend a little bit more money, so that's positive. We like homebuilders. We see that we're moving out of this phase of lower prices and lower sales. We're now on the uptrend in both of those. And one of things we like to look at is the traffic numbers that come from the National Association of Homebuilders. It's a very good tell of future home sales and prices and that's on the way up. So those are two positive areas.