It's deja vu all over again - we hope….
    Hawkins: It's also interesting to note that as we make this call today, it's very much identical to the call that we made October of 1998. We'd had a market that really declined very significantly in 1998. And we were able to take our cash reserves and put them to work in very discounted individual businesses.
    And the subsequent returns were substantial. I think the 12-month return third quarter to third quarter 1999 versus 1998 were 22% or so for Longleaf Partners Fund and about 20% for Longleaf Small Cap Fund. Of course, we had a great year with Longleaf International Fund. And even the 12-month return on Longleaf Realty Fund was quite acceptable - up 2% during a time when the NAREIT and the other realty index were down pretty substantially.
    So we view this environment that we're in today as one that is very, very interesting.

As far as we're concerned, all our stars are in alignment….
    Hawkins: So we'd like to just say in summary that we own a lot of investments that are [trading] at half of our appraisals. And those corporate values are growing nicely through the retention of free cash flow.
    Those values are also growing very nicely on a per share basis because corporate managements across the board are aggressively retiring shares in the companies that we own. So the denominators of these intrinsic values are going south. That's building our value per share and our free cash flow per share and it's building our percentage ownership in these very competitively entrenched businesses. So all of that works to build on our compounding long term.
    And to highlight everything that we've said, as we told you, we've been aggressive buyers of all four of our funds in the last three months since we visited with you last….

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