M. Wolfe Management Quotations

If after the report on Wednesday investors believe that FedEx will be able to post double-digit (earnings per share) growth during the first half of the fiscal year 2001, we believe the stock should begin to act a bit better. If FedEx management guides the street downward, we believe the stock will be dead money for some time.

(Forward) continues to operate its business flawlessly and each quarter management seems to improve upon its previous record quarter for profitability. Still, given what feels like increased competitive headwinds... we believe caution is warranted.

We don't anticipate any impact on the stock. While Kelly has been both an important and strong leader as well as a terrific man, UPS is a large company with great management depth run by committee.

As analysts we are paid to make anticipatory calls on things, and if all we do is repeat what management says to us, we are not doing our jobs. So I don't spend that much time listening to the companies.

It is your personal decision when you are establishing management goals. It depends on how safe or how close to the edge you want to be. You can hit it hard, but you are not going to see many critters or you play it close to the edge, close to carrying capacity.