Investors should avoid the whole PC chain. Apple as well as the cloud are changing fundamentally the way we gather data. We're not long Apple. Interestingly we're long Microsoft and Oracle against our HP short ... You want to be sure the actual PC hardware, you want to be short printers, you want to be short ink.
We believe in the concept of the deleveraging credit python and if you think about the three little pigs in the python, the US is the pig at the end of the credit python, Europe is the pig in the middle of the python and our friends in China are the pig going into the python. In any case I think the US is coming out of this ... We're long JP Morgan, we're long Citi actually.
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