The success of Four Seasons rests on a strong financial foundation. Doug Ludwig has been a significant contributor in establishing that foundation, and in building the team who will take it forward. We thank him for his years of service, and wish him well.

With China, India, Russia and other developing countries growing in market importance, recognition and appreciation of a brand name will not only help gain market share but also open up many, many opportunities for development.

If you look at our history even over the last 15 years and our growth rate over that period of time, I think the investors are recognizing the underlying value of the company and our potential. We just see a continuation of what we've done and already accomplished.

The tsunami forced our Resort to close, putting hundreds out of work at the moment when they needed income most as they started to rebuild their lives and communities. We couldn't let that happen. Instead, we sent them to our other properties around the world - including properties in the United States, in Dallas, Palm Beach, Jackson Hole, Los Angeles, Maui and Washington. In true Four Seasons fashion, they have become a dynamic part of the teams at these hotels, embracing our guests with their caring service.

A company culture cannot be imposed or mandated. It must grow from within over a long period.

The power of a global brand name is more important and valuable today than ever before.