We believe that this richer product mix is where the profit growth is for Dell.

Our growth rate is still a multiple of any major competitor in our space, and we should continue to pull away from the industry over the next several years. Our operating expenses are declining as a percentage of sales, and we are generating cash at a rate of $4 billion annually, which adds to our investment income.

The principal conclusion is that we expect profit growth to continue through our new forecast horizon.

[This year's profit] growth would mainly come from the full-year contribution of the new malls and the opening of its largest mall -- the Mall of Asia.

Evidence is accumulating that growth in the fourth quarter slowed in the euro zone. Two-year bonds should profit from this development.

Our profit growth was a bit stronger than we expected.