The more advanced we get with him and the more advanced the defensive schemes are, the slower [the progress is] going to be. The progress will come.

We'll be able implement a few more wrinkles in our offensive and defensive schemes because we have that foundation now. We have a nice sized line and we're going to ride their coattails and see where it gets us.

We had some defensive breakdowns.

We're making progress on K Street because the times they are a-changing.

We have made incredible progress in lowering our operational costs for over two years now. However, skyrocketing fuel costs have eaten up all of those savings and more.

Schwab is making significant progress, however, we do not believe Schwab shares deserve such a large premium to both their broker and asset management peers.