Suffice to say I consider a little of the macro and some of the micro which I view in terms of their interdependence. For example NOT may move with the market under more normal circumstances or contrary to it if it is perceived to be a hedge in unstable times because it has a gold mine potential.

As to my, perhaps overstated, praise for IBK/JPM, simply put, I am assuming they understood the present and anticipated depth of the fallout from the subprime. While we retailers watched the SP dive wondering why it wasn't at $20 they were directing NOT to move sooner than later to shore up funds. In light of the havoc in banking systems all over the world with Germany involved in bailing out Spain, in order to conceal some shortcomings and France having it's fun too, there is much that is unknown and therefore uncertain/untrustworthy. Thus it was expedient for NOT to play it safe. It is simply lack of trust/fear that brings systems down and it is the truth that institutions wish desperately to conceal as long as possible in order to maintain trust. Now isn't that a hoot?