We're very pleased they have been so rapid in their integration and that they have turned around brands. That really shows they have excellent management.

There's a misconception about growth stocks. A lot of companies that have traditionally been classed as growth simply aren't growing any more. You have to look beyond the label.

Companies are going to deliver good numbers. Aside from the usual company-specific disappointments, we are going to get further confirmation that things are moving in the right direction.

And we don't see that the industrialization of China is about to slow anytime soon.

We don't see that the industrialization of China is about to slow anytime soon. Even coal as a commodity is starting to become interesting again. So BHP has another leg in the market.

Anyone who worked with Michael knows what a great room-jarring laugh he had. He was your best audience for anything remotely funny.