I think comments [from companies] going forward will be much better than they were in the past. The big uncertainty going forward is the slope of the ramp up.

I think it's going to show up in some comments. I think you will get some comments that (earnings) would have been better if it hadn't been for the euro.

There has been turnover of more than a third of the companies in the past few years. I don't think there is any pressing need to make more changes right now.

The good news is that the recovery's in sight. The bad news is that there's a lot of uncertainty about what the slope of the recovery's going to look like and worries that it'll be somewhat disappointing.

No matter how you slice it, it's a big increase and a positive.

In the longer term, we are more optimistic. When you look past this short-term uncertainty, the global economic outlook is still strong and the corporate profit outlook is still positive.