S. Hughes Expense Quotations

We are committed to continued expense management and strategies to improve productivity in 2006. Execution in these two important areas should contribute to the achievement of our goal of improving operating margins by 50 to 150 basis points for the year.

You pay the first 15 days in advance, plus the fuel and the cost of stopping in a port. That expense is on our credit cards for a week, then, we get that back, plus our profits, if all goes well and the weather stays good.

If you want to invest in emerging markets, invest in a good manager. Although emerging market funds are expensive, the disparity between returns at the top and bottom of emerging markets funds makes the expense worthwhile.