Quality is the result of a carefully constructed cultural environment. It has to be the fabric of the organization, not part of the fabric.

Quality has to be caused, not controlled.

Be willing to make decisions. That's the most important quality in a good leader. Don't fall victim to what I call the ready-aim-aim-aim-aim syndrome. You must be willing to fire.

Quality is the result of a carefully constructed cultural environment. It has to be the fabric of the organization, not part of the fabric.

Near-term, in a market environment in which investors are fleeing to quality, its stock could continue to do well. Our analysis, however, suggests that the company's long-term earnings growth is likely to be slower than the 15 percent to 20 percent consensus.

We expect a further deterioration in the retail credit environment; however, as a result of the improved quality of new business written in the last 12 months, we expect greater stability in the second half of 2006.