We're seeing alliances, not mergers, among leaders, which reflects clearer thinking about what is good.

We understand it's an inconvenience. But it's much better that we found this out now.

The earnings demonstrate how well they're executing, ... That's the key. In this environment you want companies that do well in a really tough, you know, crummy environment because it gives you confidence that when things turn, or when and if they turn, that they're well positioned.

Business near-term will get worse, forcing companies to combine to save money.

Guidance was more cautious

Never say never. I don't think we will know until we know.