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Downsizing itself is an inevitable part of any creatively destructive economy.

A lot of companies have chosen to downsize, and maybe that was the right thing for them. We chose a different path. Our belief was that if we kept putting great products in front of customers, they would continue to open their wallets.

In the days when corporate downsizing was all the rage, Wall Street took a lot of flak for judging companies too harshly and setting the bar for corporate performance so high that executives felt their only option was to slash payrolls.

The down market favours the small two-, three-, four-person company, not the huge company with 100 people losing half a million dollars a month.

Much of what is called investment is actually nothing more than mergers and acquisitions, and of course mergers and acquisitions are generally accompanied by downsizing.

Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.

Shareholders share in the downside and not necessarily in the upside; that's the whole story.

Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.

There's accountability in the mutual fund industry. And they've been tremendous engines of wealth for people and they're going to continue to be so.

Investors should be cautiously positioned as the global economy and markets face major uncertainties. The downgrade will be a further headwind to growth and job creation in the U.S.