For example, the longer a chief executive's time on the job, the lower his company's profit growth in the final two years.

But the company's long string of profit growth has come to an end.

"Our profit growth has come back, and we expect that to continue," he said.

"The rate of profit growth will slow more than expected," he said.

Also, profit growth has only recently begun to slow for some companies.

His forecast for 2001 profit growth is 20 percent, he said.

So the company's profit growth can be expected to translate into a higher stock price.

Big business managers believe they can keep profit growth going on forever.

Shares fell after the company said profit growth would slow in the second half.

"In 2004, we will get the profit growth from acquisitions."