There was certainly shopper excitement early on, but it wasn't sustained. Clearly their Black Friday strategy worked. But their holiday was modestly disappointing as they went on.

I love the music, the excitement, the people. It's one very joyous holiday.

With cool spring weather retailers were unable to sell much seasonable merchandise in March. Easter is coming at the tail end this year. That means April will make or break their fiscal first quarter.

Employment's good and they traffic in consumables, so you can't postpone that forever.

Something along these lines will happen over the next 12 months, but it will be at the timing and discretion of McDonald's management team. No one likes to be dictated to.

Investors know this year will not be a great litmus test. The acquisition is a wealth of opportunity for Federated and it is something that will be executed diligently over time.