Our businesses performed well overall in the fourth quarter, although trading results were disappointing.

Disappointing gross margins muted fourth-quarter results.

Scale can create value for shareholders; for consumers, who are beneficiaries of better products, delivered more quickly and at less cost; for the businesses that are our customers; and for the economy as a whole.

We'll know in the fourth quarter that it's been 555 times 4.

It takes awhile. Until you've gone through a lot of different situations, like when you need a fourth quarter-stop, the goal line [stand] ... I mean, you really don't know how people are going to react. So to really be a good defense it's going to take a year or two.

Overall, it is disappointing for February.