If you invested in FDS since it became public in June 1996, your total return as of the end of April 2009 would have been 1118% vs. a return of 63% on the S&P 500 and 55% on the NASDAQ composite. Since this bear market started on October 10 2007, the S&P declined 41% but FDS declined only 21%. What should one expect going forward? I believe more of the same. The key to the company's success is its subscription model. Like Bloomberg LP(Unfortunately not a public company) FDS enjoys very high renewal rates and revenue is recurring. The business model is similar to a money management company - recurring revenue, high return on equity, and huge cash flow (They have just increased dividends by 11%). However, FDS model is better because unlike money managers their revenue does not go up and down with the stock market. Money managers are used to FDS systems and do not tend to cancel their subscription when the market is down. Revenues in the most recent quarter were actually up 11%. The shorts (21% of the float) still expect FDS to stumble, but they keep getting squeezed. Many shorts are giving up - the short position is down 37% since the end of February. I own the stock.