When it comes to consumer electronics, the longer you wait, it's always going to be smaller, faster, cheaper.

There isn't an industry where product prices come down faster than consumer electronics.

With electronics, they just get smaller and smaller.

There's a basic principle about consumer electronics: it gets more powerful all the time and it gets cheaper all the time. that's true of all types of consumer electronics.

I view this as putting smaller portfolios into incubators to wait for them to be hatched into higher revenue accounts, ... But lost accounts is precisely the risk that Merrill Lynch runs with this strategy.

I'm ready to go again. When you pitch like that, you can't wait to make another start.