On infrastructure stocks...
JJC:   A lot of people feel that, because of municipal bond problems...  because of overruns for a lot of our cities...  maybe you have to have less domestic, of which I like ABB Ltd. (ABB), a big European infrastructure company.  They get their fair share of nuclear orders.  They do a lot more business over in Europe and Asia...  I think that could be another way to go, without worrying about, oh, another municipality's paying too much...  That's why I was trying to come up with something that you could ex out the United States, because it's obvious the United States has a lot of weakness.

Don't overrule the fact that Honeywell (HON) has a good business there too.  It's not as big... it's not as big.  And they obviously have much more aerospace, but I like that.  Also, I liked the guest about Egypt, and there I felt that this SPDR S&P Emerging Middle East & Africa (GAF) ETF could encompass a lot of that.  I don't like to ever recommend the stocks.  They're way too narrow... you know, if you want to go buy Egypt here.  And Egypt's also a big defense contract.  They buy a lot of defense stuff, of which I've always felt that General Dynamics (GD) is the best way to play it...  That's really one of our greatest exports we tend not to realize.  Yeah, China exports of stuff...  We're unbelievable at exporting military to both sides, or to everybody's that's involved...   What I like about (GAF) is that it's down 7% for the year, and it's also at its net asset value.  A lot of times, when you have these really difficult countries to invest in, the net asset value is too low, versus what you're paying for the stock.  This one works out very well.  

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On emerging markets...
JJC:   For me, I don't really want to consider Brazil anymore as emerging, but the rest of the world does...  We've got characteristics of some countries that remind me of what our nation used to be...  They don't like to spend it if they don't have it... They raise taxes if there are shortfalls... They invest for the long term... They invest in infrastructure...  They're very dynamic in the sense that they want to get away from OPEC oil, but they also want to grow their own energy...  Brazil fits that.  I feel that there's a new discipline to emerging markets that I see, where they tend not to fluctuate as much.  So, you've got to take advantage when they get hit, because it's not like the old days, when they're getting pneumonia when we have a cold.  That story's over...  

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On the markets and selloffs we are witnessing...
JJC:   We are seeing a major selloff in retail.  We're seeing a major selloff in the banks.  We've got a bunch of downgrades there...  I don't know if I want to buy the banks, until we get the Ambac (ABK) plan hammered out, or something like that, although I think the banks are going to bounce back.  But retail shouldn't be shelled nearly as hard as it's being shelled right now...  It's interesting, Nordstrom Inc. (JWN) got upgraded...  I don't want to buy that.  You've got to let that come in...  You know I think J. C. Penney (JCP) is dirt cheap...  TJX (TJX), if it comes down a couple more points, would be terrific... VF Corp. (VFC), if it got back to $70, would be great...  This group is not going to go away, because of the $600 stimulus plan.  A lot of ways to win, plus I don't see my gasoline going up at the pump anymore. 

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