no 20090521 Ken Naehu the San Francisco Chronicle http://www.sfchronicle.us/cgi-bin/article.cgi?f=/c/a/2009/05/21/BUN117O60Q.DTL hw=reeds sn=122 sc=295 [Retail investors, more so than institutions,]...read the paper, read that the state of California is bankrupt. They perceive the risk of default to be elevated. no 199942 1501 20090520 1 3 3 Todd Morgan CNNMoney.com """The fear factor is diminished..The economy is still sick, but things are starting to look better.""" no 199905 1545 20090515 7 3 3 Gary Flam article CNBC.com http://www.cnbc.com//id/30763692 "The breadth (of the rally) is a little misleading. The leadership of the rally off the lows is more the low-quality names...Now as we look forward we think you're looking at more modest risk-reward ratios. The leadership is going to come from quality...The recovery from this economic downturn and this recession will be muted. In a tough economic environment it's going to be the strong getting stronger...Companies that are leaders in their businesses, franchises that are self-funding with good balance sheets, that are going to invest in their businesses, that are going to acquire some of the missing pieces in their businesses to strengthen their competitive positions, those are the ones that are going to do well in the next year-plus." no 199957 1528 20090514 5 3 3 Ken Naehu Bloomberg http://www.bloomberg.com/apps/news?sid=aXXth4eR0k6g pid=20601103 """California's creditworthiness reflects the states ability to manage its budget, not its ability to repay debts.Debt payments are given priority, under the states constitution, above everything but spending on schools. There's going to be tough decisions made--programs will be cut, taxes may be raised...But at the end of the day, the debt service gets paid because ot gets a higher priority than just bout anything else""" no 199958 1528 20090507 5 3 3 Ken Naehu Dow Jones Newswire """The marketplace doesn't undersant that municipalities are not rated on their ability to pay, but on their abiility to manage their budget"".""there have been a lot of money managers and individuals concerned about the State of California.those who have done their work and understand the risk component should be comfortable""" no 199906 1545 20090430 7 3 3 Gary Flam article The Wall Street Journal http://online.wsj.com/article/SB124106133923372079.html "We've moved from a max defensive position to a little less of one...That said, we're not going out into the deep end, just moving out of the kiddie pool." no 199907 1545 20090429 7 3 3 Gary Flam article The Wall Street Journal http://online.wsj.com/article/BT-CO-20090429-721792.html "We've moved from a max defensive position to a little less of one...That said, we're not going out into the deep end, just moving out of the kiddie pool." no 199908 1545 20090420 7 3 3 Gary Flam article CNBC.com http://www.cnbc.com/id/30308117 "We have been and remain cautious on financials and banks in particular. That's our stance for well over a year...This rally not withstanding, we continue to hold that negative stance and it's because of those credit concerns...I don't think we've really reached a point where investors know how those portfolios are going to act over the next four to six quarters...Where will be peak losses, at what level? How does that curve look? I still don't think we've gotten clarity from that aspect...From a broader perspective we are constructive on the market. We think the market ends higher than the current levels...It's just going to be a volatile year. Investors have to be cognizant of that--use weakness to their advantage and be disciplined." no 199909 1545 20090413 7 3 3 Gary Flam article CNNMoney.com http://money.cnn.com/2009/04/13/markets/markets_newyork/index.htm "[Wall Streeters are anticipating poor first-quarter results...But they are also expecting a better outlook, particularly after many companies failed to provide any outlook last quarter]...The fourth quarter was expected to be poor, but management also said 'we have no visibility, things are too uncertain'...This quarter, visibility and stabilization will be the keywords that people listen for on the conference calls." no 199910 1545 20090331 7 3 3 Gary Flam article CNBC.com http://www.cnbc.com/id/29914085/ This rally so far seems to be pinned on the banking system having some sort of stabilization ... that things did not get worse than management expected...That's the first leg of it. That gives investors some comfort of what it's going to look like. no 199938 1504 20090325 3 3 3 Darell Krasnoff CNBC / Power Plays Video no 199902 1537 20090325 6 3 3 Craig Brothers article Reuters http://www.reuters.com/article/companyNewsAndPR/idUSN2557549120090325 "[Lockyer may be pressed to pull off another large GO sale next month, ...California's infrastructure needs are such that it could easily use proceeds from a GO deal of more than $5 billion, but a deal in April of that size would test the market's capacity]...I think there is still going to be an appetite for more ... but there is a limit...Another deal of that size may not go over so well ... I would think that if they do the next deal, it will have to be smaller to get the same kind of interest." no 199959 1528 20090324 5 3 3 Ken Naehu CNNMoney.com """The market is making the assumption that the fed is either going to buy back long bonds or is willing to do so at some point.""" no 199960 1528 20090318 5 3 3 Ken Naehu Reuters """We're a buyer, even if you took the state's revenue and ct it in half you would stillhave substancial debt service coverage""" no 199913 1545 20090314 7 3 3 Gary Flam article CNNMoney.com http://money.cnn.com/2009/03/14/markets/markets_weekahead/index.htm "I think it's going to take a lot more time for the economy to work through all the issues, but the valuations on certain companies are appealing." no 199914 1545 20090311 7 3 3 Gary Flam article CNNMoney.com http://mutual-funds.biz/2009/03/11/markets/markets_newyork/index.htm?postversion=2009031116 "Until proven otherwise, we're in a bear market and this is a rally in a bear market and not something more...[Typically the biggest rallies occur in bear markets. He also said that he doesn't buy the argument that since Citigroup said it might be profitable, and the uptick rule might be reinstated, that the market is now on better footing]...Financials need to bottom first because they are important in terms of driving the market, but also because the sector plays a big role in the economy...The fact that the banking institutions have not been stabilized is the reason the economy has not been stabilized." no 199961 1528 20090306 5 3 3 Ken Naehu Reuters """Longer term there are concerns about the recessionary front forcing rates lower, but there is also the concern about the tremendous issuance of debt we are facing and whether foreign participation will be there.""" no 199915 1545 20090306 7 3 3 Gary Flam article CNBC.com http://classic.cnbc.com/id/29550282// "The economy has continued deteriorating, whereas most people, myself included, had expected it to start stabilizing by now...Given there's no stabilization in the economy, people don't know where earnings are going to go. It's a huge moving target as to what you are using to stay stocks are cheap...If things stop getting worse in the economy and the economy stabilizes a bit, stocks will stabilize...To a certain extent that's got to be led by financials. Given the importance of the banking system to the economy, as long as the banks continue to deteriorate I think it's going to be hard for the market and economy to stabilize." no 199943 1501 20090302 1 3 3 Todd Morgan Money Management Executive "There is tremendous uncertainty and a lack of confidence in the markets right now. People don't want to be pushed to do anything. Even though they miss a great buying opportunity, it's important to be sensitive. Nobody can piick a bottom. This is the great opportunity to start investing, right now all aou new business is in bonds, which is probably wrong. People are steering themselves toward high quality bonds but this might be a good time to be a contrarian. Asset allocation is the most important thing. I ask people to remember what they felt like when the market was twice as high. WOuld you rather buy on sale or when its fully priced? I tell people to sell 'till you sleep well, In the end the market will do everything iot can do to proove the most people wrong." no 199944 1501 20090301 1 3 3 Todd Morgan Investment Adviser "We don't tell our employees they have to do this charitable giving, notes Morgan. ""These are just the kind of people we've attracted.""" yes 199937 1548 20090301 9 3 3 Tyler Kelley Investment Advisor "Its an area of probably the greatest need for high schools and high school support. These charter schools are a mix of public and private funding, so the private funding and volunteering that helps with the things they can't use public funding for is very helpful to them. Since the firm started, it has always had a really strong focus on cummunity. This holiday program has been going on for 3 years now - the first year we gave to an organization called the INternational Medical Corps. Members of our fim went down there abd helped by giving some consulting advise on how to build an organization, and we actually introduced them to a few of the foundations that our firm manages money for. As for City of Hope, a few partners sit on the board - that was the impetus for giving there. We've worked at food banks and built houses with Habitat for Humanity - thers always something going on, whether or not its our official designee that year. I think if you look at everyone in the firm, each does some sort of philanthropy. And at a partners level theres representation at tall the prominent nonprofit boards in Los Angeles - everything from art insitutions to homeless organizations and hospitals." no 199916 1545 20090301 7 3 3 Gary Flam article Investment News http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090301/REG/303019971 "I think the ultimate lows in the stock market will be this year, but from a practical standpoint, you need to see some stabilization in the economy...The big-picture issue right now is that just as a few years ago, people thought the good times would go on forever, right now, people think the bad times will go on forever." no 199962 1528 20090224 5 3 3 Ken Naehu The Guardian - UK """First % Foremost you're talking about China. With $2 trillion in reserves they need to develop their own domestic demand. Using their reserves for that is a negative for (demand for) future Treasury issuance,""" no 199917 1545 20090223 7 3 3 Gary Flam blog WSJ Marketbeat http://blogs.wsj.com/marketbeat/2009/02/23/the-slimmed-down-dow/ "We're in the middle of this tornado and what you do in a tornado is go to the safest place to hide. This loss of market cap is the result, but going forward we have to look at those companies with solid balance sheets where they generate strong cash flow."