One of the most underappreciated aspects of the Dell story is that its recurring revenue stream is growing,

You can't just roll back a fee without a substitute revenue stream.

Our revenue streams are going to become more complex. We can also see a much more vital revenue stream from in-game advertising.

In the face of sustained and growing competition, cinema has ceded its predominant revenue position to other media,

We also know that our revenue stream is probably going to have a $750 million to perhaps $1 billion deficit because the southeast region produced an extraordinary amount of our revenue stream and that is in hard state dollars,

Dell is a company that I think may have some value here but as its earnings growth comes down I think investors are looking at a multiple closer to where earnings growth rate is starting to show signs of bottoming out.