There is a willingness on the part of investors to buy premium names in anticipation of a recovery, but I really think there isn't a lot of conviction on the part of buyers or sellers.

This is the greatest time to buy these stocks: when nobody wants them.

You buy the market when the fundamentals are the weakest. I think the fundamentals are turning and I don't think people realize it yet.

We're looking at a company that's going to grow, I think, at about 14 percent over the next several years with, I might add, a lot of predictability and I think a lot of visibility and a high level of confidence, ... So with Merck at 31 times earnings now and down about 20 percent from its high, I think we're getting into an opportunity where it's a lot better than trying to buy a cyclical that's selling at 27 times earnings and where the visibility is a lot more questionable.