I expect the transaction to enhance growth opportunities and enable the combined company to benefit from improved efficiencies and economies of scale.

With revenue growth slowing, Ballmer has tried to squeeze more down to the bottom line to make the company more appealing to investors, ... Even the cuts that seem trivial have dampened morale. Just whisper the word 'towels' to any Microsoft employee, and eyes roll. Last year, Microsoft stopped providing a towel service for workers who used company locker rooms after bike rides or workouts. Employees who helped the company build its huge cash stockpile were furious. And don't even mention stock options. Employees long counted on them to bolster their salaries. Microsoft minted thousands of employee millionaires as the stock climbed 61,000% from its 1986 public offering to its peak in 2001. Now shares are trading exactly were they were seven years ago. Microsoft has doubled its payroll in that time, adding more than 30,000 new employees, not including attrition. That means more than half of Microsoft's employees have received virtually no benefit from their stock holdings.

In response to the significant devastation caused by Hurricane Katrina, our primary concern continues to be for all those individuals impacted by Katrina, including our customers, agents and brokers, and employees who have been directly and seriously affected. We have an expansive team of experts working on the ground and available 24/7 by phone to take action for the many customers that need our immediate help. Our thoughts are with those who have lost so much and continue to be affected by Katrina's aftermath.

The damage and destruction left in the wake of Hurricane Katrina is heart-wrenching, ... We have responded with a contribution to show our support, care and concern for the people and the communities in those areas. At the same time, our catastrophe claim responders are seeking out and responding to our personal and commercial policyholders.

He's not getting the kind of diversification he thinks because they're all in large company growth, ... If he held small company funds or value funds or foreign, he'd have wider diversification, and far lower risk.

The only company which is a clear growth vehicle in our view is Schering-Plough.