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"There are a record number of bank loans out there and some of the covenants aren't as disciplined as they should be. In 2006, we had a record issuance of high yield debt and 2007 YTD is on pace to break that record. You add in the subprime loan problems and the hedge fund derivative problems...THERE IS GOING TO BE SOME DOWNSIDE!"

"The bailout of Fannie Mae and Freddie Mac was not an all-clear. Reality is setting in that it's not only the U.S. Europe is even in worse shape; you've got a slowdown in China."

"The Party's Over on Wall Street. All of the things that were propelling us higher kind of evaporated."

"The financial sector comprises over 20% of the S&P 500 and any further fall-out in the sub-prime arena will definitely have a dramatic and immediate impact in the financials as well as the overall market."

"High flyers in technology do not make sense - we would still avoid them as there is too much risk in the Apples and Research in Motions. We would still avoid financials - sometime in 2008 we will gradually get involved, but there is too much uncertainty for us right now."

"G.E.'s results offered new evidence that forecasts for corporate profits in general remained too rosy. They're facing a lot of headwinds that I don't think a lot of analysts have put into their numbers. The Federal Reserve's moves last month to head off the collapse of Bear Stearns might have led some investors to become complacent about the scope of the troubles still facing the economy."

"The recent troubles at Merrill Lynch give an idea. At first, the U.S.'s largest brokerage said it expected $5.5 billion in losses in the quarter from losses in mortgage-backed debt and other credit troubles. Less than a month later, that number was up to almost $8 billion. When there's that much change in a few weeks, it just shows the complexity of these instruments, and that they were getting involved in areas they didn't understand."

"We went into 2008 avoiding emerging markets - China, Russia, and India - as well as the financials, and would rather concentrate on high quality global leaders with solid dividends."

"I think we're going to see another shoe to drop, probably overseas as far as with the financial institutions."

"Unfortunately this failure to act will extend and broaden the ripple effects from this credit crisis, which means that investors should continue to maintain a very selective, cautious approach. Rising energy and food costs, the negative wealth effect and plunging consumer confidence all will provide difficult headwinds for equities."

"The glory days of being up every month are going to be over."

"It's smart to start taking some profits and not chase stocks indiscriminately here."

"You really have to watch out as far as the downside in anything housing because I don't think we are halfway done with the problems with housing yet."

"When Circuit City's stock moved up on Best Buy's surprising earnings last week, it turned out to be an excellent "short" opportunity because it is definitely one of the have-nots."

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