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[Cirrus]

Bill Miller still says own the underperformers. He says the 52 week low list is where it's at and avoid global growth and resource oriented plays. He owns no energy plays and has never embraced the commodity/energy bull market--he has continually shunned it and spoken against it. He is a solid institutional money manager and I use him as a proxy for asset allocation in the mutual fund industry. They say wave one of a secular bull is smart money, wave two is institutional money and wave three is retail money. I think we're somewhere between the end of wave one and the first third of wave two for the energy/material/global growth bull.