I think it's worth noting, but our initial take is that it's more about fine tuning than about a major change in opinion. He's known as a long-term value investor.

Discounting is not working. They are sacrificing profitability and not getting volumes.

Peeling the onion, we are uninspired by the region results and particularly concerned about Japan.

We remain concerned about the company's long-term outlook and management's preparedness to address the challenges. Still, built-in expectations or valuation appear to be low, and 2006 should benefit from the structural elimination of Brazil and a year of disappointing results in 2005.

We're seeing revenue stabilization in most key markets. We're looking for evidence that that stabilization can turn into improving profit trends.

We are beginning to see early signs of an execution-focused turnaround that is working.