Now that the annual results season is in full swing, chairmen of small companies are choosing their words with the utmost care. They want to be honest. And they have to be.

Fourth quarter earnings for the S&P 500 Index companies are mostly in the books now. A total of 98% of companies have reported as of February 29th, and the results were downright dismal.

Not many employees of small UK software companies get to work for businesses that are rampaging through the US market.

The worst sector in America has a lot of problems…