The consumer segment is a cash-cow business. The cable companies threaten that cash cow. If the Bells did nothing, in all likelihood that cow would be slaughtered.

The empire-building continues. He has a track record of gobbling competitors at premium prices.

Nothing we heard at yesterday's meeting undermines our conviction that the new AT&T will outperform its smaller peers and the market in 2006.

So much of business is done by the seat of the pants. So much is done by accident.

Target's business has evolved to a point where I believe their core customer is as comfortable buying an outfit as they are a basic necessity like soap and toothpaste, and that is really the ultimate goal of everyone in that industry. It certainly appears to be an even sharper focus of Wal-Mart at this point, given how Target has outperformed Wal-Mart over the past two years.

We knew the business when it was part of Casual Male, and it had been our view that there was a place in the world for a category-killer selling work wear. This isn't fashion, so there's no fashion risk.