I don't look for any major improvement until the day after Christmas. The next time temperatures will be above freezing will be Saturday.

If you prayed for a white Christmas, you should have been more specific.

It is a good time if you're willing to accept slow growth and slow improvement. We do not anticipate at this time that the foreseeable future will bring a real strong massive upturn in consumer spending.

It certainly will not be a Rampage day nor a Swing By day. With the late improvement of some of the runners it could well be one of the most competitive Guineas races we've seen in a long time.

At the end of the day, you've got to make long-term bets in this space. This Christmas will be important in terms of distinguishing winners and losers, but from a market standpoint, it hasn't even started yet.

Yeah, he gets to talk for another year. But I'll tell you what, he's getting coal for Christmas.