It's easy to be caught up in the frenetic day-to-day issues and neglect the strategic part of management. That's why it's important to have a strategic portfolio management process that forces managers to pick their heads up from time to time and look at the big picture. Over time, they'll find they're affected by these disruptive technologies less and less.

My wife and my daughter had been asking me to cooperate from the first day. I didn't do it.

It was such a quiet day and there was nothing going on to move this market.

While we don't expect management to partake in major near-term restructuring, we believe the idea provides support for the stock.

While management will likely continue to guide conservatively, we expect 2006 outlook will be at least in-line with (analysts' consensus estimate of) $4.18. JC Penney's stepped up branding campaign, which kicks off March 2 and includes a temporary NY store, should drive some sales and more importantly position them for market share gains as industry rationalization frees up share.

The very management structure is set up with different departments to blow chimney smoke up, and not focus on working with each other so the company winds up making a good car.