HUDSON: As you're expecting something, I know that you're also putting some new money to work in the market, including Monsanto, the agri- chemical giant. We spoke about the earnings call earlier in the program, share price down by about 2.5 percent, close to a 52-week low.
FARR: It's perfect isn't it? You buy them when people hate them, buy them on the bad news. Monsanto had their Round-up go off of patent. Monsanto spends a whole lot of time doing genetically engineered seed. The world's population is going to double by 2050. We've got to feed that world's population, Monsanto is trading at 15, 16 times next year's earnings. Earnings growth still in the double digits, 1.5 percent kind of a dividend. We think that this is a very interesting way to participate in a global growing demographic that's still going to be dependent on food.
HUDSON: Our final 45 seconds, Monsanto is your 11th pick. You did have your top 10 stock picks for 2010 that you delivered back in late December. Let's take a look at how they've been doing versus the S&P 500. Clear out performance, better than 1 percent better than the overall market with some leaders including Nokia, CVS and Paterson Dental. What to account for this better performance, Michael?
FARR: I think that we've had a fairly defensive posture throughout this particular rally and we remain defensive. I talked last time we said that CVS and Nokia were a little bit more aggressive. They are paying off. Right now it's fortunate to be ahead in a one-quarter period. We hope that that lasts through the year. It did pretty well last year, but we're crossing our fingers.