The marketing and sales of hedge funds to individual investors has been an ongoing focus of the NASD.

The marketing and sales of hedge funds to individual investors has been an ongoing focus of the NASD,

Last year was our best year since the 1990's in the overseas market and with aggressive marketing and sales efforts we can seize even more of these growing markets.

You have a happier buyer. From a sales and marketing standpoint, it's been a real winner.

The greatest marketing tool there is is victories. I think [the team's merchandise sales] are going to finish strong.

The tone of the conference call was quite cautious. Coupled with a revised outlook on sales and marketing expenditures, it suggests that a re-acceleration of revenue growth will only come at the cost of earnings.