What was one of the worst calls to make in your sector over the past year that you avoided?
A. We have not seen any real blow-ups so far of European names in the retail, consumer products or tobacco sectors. However, if you had been overweight hotel operators ahead of September 11, you would have lost a lot of money. We upgraded our recommendation on the Hilton sterling 2008s on November 16. Although 65% of Hilton’s profits are generated from hotels, the group also benefits from the d