Microsoft is very good at momentum marketing. It can turn reports of strong growth in revenues, software licenses shipments, or clients being supported into a message that Windows NT is becoming the de facto standard.

Based on IBM's overall strong market position in services, software and components, and the outlook for more favorable growth, we believe the shares deserve at least a market multiple and possibly a slight premium.

Ten-percent growth in software is a very good number. That's the kind of thing we want to see. That's where [Gerstner is] getting leverage. That's where he's cementing the future of the company.

The software market remains highly competitive and our fourth quarter results were mixed by geography. We saw double-digit growth in the Americas, where we believe we gained market share in both the fourth quarter and full year. This was partially offset by weaker results in Europe.

I look at it as smart growth. Smart marketing. Is there a case to be made that we're too many places and we're too many places too fast? There probably is. But at the same time, there's not a seat to be had in the house, and people are tuning in all over the country. So you can't argue against it, either.

We have seen the mass marketing of these loans and the growth of these loans and determined it was appropriate for us to take a closer look.