We are still in the early innings of a turnaround or transition at Sears. Now there is a little bit of harder work that has to be done. There are plenty of opportunities.

In the near term, we believe Juniper is in the early stages of a transition from a secular to a cyclical growth company, which keeps our rating equal-weight despite an attractive valuation relative to historical multiples. Over the next several years, we think Juniper is well positioned for a spending cycle driven by bandwidth demand, security, and the convergence of services onto IP networks.

We do not believe that the fourth-quarter represents a turnaround in Sears Canada's business prospects.

I think Burger King hit bottom around two years ago and they are improving off of that bottom but to equate them to McDonald's or even think that they are going to be a force to be reckoned with ... is a mistake.

It's great that Amazon has positive cash flow, but why should I pay a premium for that. At one time Amazon had a technology advantage, but that technology is easily duplicated.

Earnings still grew, sales are growing ... and you know what? They haven't even begun to penetrate China yet.