All told, we think that this is a great franchise and its valuation continues to be very compelling for investors.

The investors must stop and think, ... Say you want to buy an apartment but you are told this apartment is the subject of a court case. Will you risk buying this apartment? I don't think so.

It's a very loud distraction for the markets.

We continue to be long-term believers in the productivity enhancing benefits that technology brings to corporations and consumers and we've seen a tremendous adoption of technology over the last few years.

In the first half of the year, investors really needed to be somewhat divorced from reality. It was not dissimilar to the first half of 2000, where investors ignored valuations. Now, investors have shifted their focus towards the latter half of the year and the idea that we've paid our price; that we'll benefit from monetary and fiscal stimuli working their way into the system. And I think they're right.

I'm very glad to see it close. We've been cautioning investors not to expect as much from it because its asset base has significantly limited its flexibility. At a certain level, it's going to lose its ability to distinguish itself from an index fund.