It is critical that media companies gain a greater understanding of technology and the impact it may have on their businesses. No company understands technology and the consumer better than Apple.

In our view, no company understands both technology and the consumer better than Apple.

Time Warner Cable should again experience a strong growth quarter. Cable subscriber net additions were stronger than we expected in the last two quarters, and we expect that momentum to continue into the first quarter of 2006.

Given the recent run-up in DirecTV's share price, this news was not completely unexpected.

We view this announcement as a slight positive as it may lessen some overhang on the DTV shares. However, we believe investors have already priced in $3 billion of buybacks, and GM's shares do not represent incremental repurchases of equity.

These industries are interdependent but very separate. It's very tough for technology companies to become media companies, even though they aspire to become so. And media companies are not about technology. They are at the two ends of the spectrum--they are coming together on one side but are still very separate.