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.

Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.

No one can forecast the economy with certainty.

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

Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.

The real story in housing will be a recovery in the economy that will drive a recovery in housing, When people are working, when there are more jobs, more households forming and people go back to buying cars, they're going to want their apartments and homes. And that's when you'll start to see a recovery in home prices.