It was a year when there were some challenges to deal with and we were particularly pleased with productivity in Europe and growth in emerging markets.

I think China will open up progressively, it will be measured, and we will participate as fully as we are able both in our own way and through our partners in whom we've made investments. We see China as a huge opportunity for the next two decades and beyond.

Last year prices made buying other people's infrastructure, in our view, expensive. As we go into 2006 there's still lots of capital in the system and very few opportunities, and therefore on balance (growth) is more likely to be organic.

Hofstadter's Law: It always takes longer than you expect, even when you take into account Hofstadter's Law

Because of the lack of interoperability, we can lose billions of dollars in productivity,

When we truly need to do is often what we most feel like avoiding.