No last word

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No “last word”

S&P Stability Ratings* 1985 2006 Low Risk 41% 13% Average Risk 24% 14% High Risk 35% 73% *Likelihood of stable longterm earnings growth Source: Fortune (2 October 2006)

No “Last word” models. Period.

U.S. Steel Ford GM IBM Macy’s Sears Microsoft? Dell? Wal*Mart?

“ Seeking Growth in Urban Areas, Wal*Mart Gets Cold Shoulder” —WSJ (09.25.06)

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No last word

1. No “last word”

2. S&P Stability Ratings* 1985 2006 Low Risk 41% 13% Average Risk 24% 14% High Risk 35% 73% *Likelihood of stable longterm earnings growth Source: Fortune (2 October 2006)

3. No “Last word” models. Period.

4. U.S. Steel Ford GM IBM Macy’s Sears Microsoft? Dell? Wal*Mart?

5. “ Seeking Growth in Urban Areas, Wal*Mart Gets Cold Shoulder” —WSJ (09.25.06)