While we believe IT spending will be more challenging in 2009, due to the difficult macroeconomic environment and tough compares from years of strong growth, we believe those with strong intellectual property content and defendable positions will likely fare better than most. One way some key vendors have demonstrated a sustainable competitive advantage is through vertical integration and their ability to offer a highly integrated of hardware, software, and services.

Going forward, we believe the larger growth opportunity lies in consumer as opposed to enterprise, thus we are seeing larger, established technology companies very focused on this. The 1980's through the early 2000's were driven by office automation and digitalizing the enterpise and improving worker productivity. We believe in 2009 and beyond, digitalization of the home and entertainment are the next big frontiers in technology where today, arguably only music has moved to the digital realm. We also believe mobility will continue to be a key theme and focus where notebooks, laptops, netbooks, smart phones, and other mobile devices will likely enjoy better than market growth rates.