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.

If I can just keep playing steady and build on the momentum, anything can happen. I'm hitting enough quality shots. I feel confident.

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.

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

Good fundamentals in terms of location, views and the immediate environment, quality of the design and construction, funding of the project, branding and management of the properties are crucial in securing quick sales.

The issues of environmental science and the quality of the environment may be some of the most important ones of the 21st century.