Every so often there's some money left and there's a fight over the carcass. But it's a cost-benefit analysis. How much money do you want to spend chasing it if there's not that much left?

The bond market is keenly aware that cash flows have improved and that the chances of investors getting back money they are owed is better. That's not at all irrelevant to stockholders,

We're independent of the Jewish Federation in terms of our decision-making. The money is flowing through a separate account but is housed in the federation.

You've had a narrow group of tech companies that have been delivering positive and accelerating growth characteristics and money tends to get concentrated in those few companies that are doing that.

Consolidation activity is actually a signal that service providers are scared and will start spending money again. Equipment companies are long-term beneficiaries of this and frankly, I think that's what the bond market is smelling out,

It has a wonderful reputations, a wonderful following -- a staff-guest ratio of over two to one, ... It's really one of the best spas in the world.