I've been doing a lot more business development and one thing is clear. Hiring is going to pick up in 2004. I spoke with two heads of infrastructure with hedge funds, one human resources person with a pharmaceutical firm and a head of risk with a bond house today. Each told me of few opportunities this year but new hiring expected to be approved for 2004.

What was even nicer was that two of them returned calls I made. This may not sound like much but in 2002 and early 2003, this just didn't happen very often.