I recently had the pleasure of addressing 80 software CEOs and CFOs in Toronto, Montreal and Ottawa. There seems to be a feeling that most are going to hunker down and wait out the markets. I really fear that many good companies are going to be surprised by how bad it is going to get. In Canada, we are in pretty good shape financially, but we dont sell much to Canadians. I think the smarter companies are going to be active early in seriously investigating their strategic options, including M&A. When things start going badly, they can go badly quickly and this is the worst time to look for an exit. Companies need to get ahead of the curve.