Sentiment amongst institutional investors is very poor. There's a lot of uncertainty surrounding the new management's strategy.

Mobile phone prices are only going one direction, and that's down. Telstra faces a lot more competition in the wireless market, so the margins are nowhere near as impressive as those for fixed-line.

I don't think they will be pressured into re-thinking, by Telstra trying to talk down their earnings.

It just wasn't fun. The pending sale was a fairly long, drawn-out process. There was a lot of uncertainty as to, frankly, who was going to buy the team for some time and what the structure would be. So the first part of the winter was challenging and then once the new ownership group came in, we were really going at it full-steam.

Uncertainty is not an indication of poor leadership; it underscores the need for leadership.

Uncertainty is a sign of humility, and humility is just the ability or the willingness to learn.