ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

In terms of the significance of 2,000 (on S&P 500), what, as a strategist, does it mean to you?

BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS

Believe it or not, as a strategist, these numbers don't really mean all that much on their own. What really matters is: what is the number relative to something like earnings or sales, and our outlook for those. That's where I think that when we hit 2,000, it's about time because I actually thought that with record high corporate profits, there's really no reason why we shouldn't be at 2,000 on the S&P.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

In other words, the market is not overvalued at this level.

BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS

I don't think that the market is overvalued. You might have pockets of overvaluation. You have pockets of undervaluation. But that's the sign of a normal market. And that's really what the last five years have been all about - is this gradual return to normal? So I would actually say that, yes, it's been a fun ride up to this point but you shouldn't necessarily expect things to roll over because now we're just back to where we should be.

BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS

I'm actually looking for more of a- what I would call a bifurcated market. So you're going to have I think leadership from two different areas where they might be jockeying for position. I think that investors are going to be looking for yield, so those companies that are able to generate dividends and also dividend growth. So that could be an area of interest. Utilities and telecom have already done quite well. And that momentum might continue. But as you point out, information technology and healthcare, those classic growth areas, are actually where I am looking for more leadership. So as we go from, say 2,000 to 4,000 on the S&P which might take another 7 to 10 years - who knows how long that could take - but for the next leg of this bull market, which I think we're in, I would be looking at information technology, healthcare, and also industrials. Industrials, earnings there- or valuations I should say might be a little bit more stretched relative to other areas but it's still some opportunity.

BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS

I think that with industrials, the key thing is the global cycle, not just the US economic cycle. But a lot of the industrials companies, the earnings expectations have continued to rise on expectations of more rapid growth from some of the end markets. If you think about Europe, they've been still I think mired in a recession for the last few years, so they're beginning to recovery. They've shown signs of life but nothing really sustained. And I think industrials in the US can benefit from stronger growth coming out of Europe.

BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS

I think a lot of the easy money has been made because we have had this return to normal. And then when you're at a normal level, then the risks are a little bit more balanced. So over the last five years, we always thought that the risks were more to the upside than the downside. Now, they're a little bit more evenly balanced but still biased towards the upside, so it will be harder. The Fed is still going to be accommodative. Even when they begin increasing the interest rates in the beginning- maybe the middle of 2015, the rate that they're going to set it at is probably still at a rate that is going to be accommodative for the overall economy. So I'm not too worried about the Fed trying to upset this applecart.

BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO ADVANTAGE FUNDS

My biggest concern is that when we get into September and October that the European Central Bank's efforts to stimulate the Eurozone economies and it's toward to combat some of these deflationary pressures that it won't be successful. I think that it will be. But the biggest risk I think is that the banks aren't really going to want that cheap money that the ECB is going to offer through their targeted long-term refinancing operation. If we have a good auction in September when they first have this money available, I think that we're going to get a clear indicator of sentiment shifting in the Eurozone.