The Benefits of Multiple Expansion

If you look at the 2013 PE's here and you take out the semiconductors or what you would consider to be cyclical, most of them were trading higher than a market multiple in 2013. I mean, over by a healthy amount, 21 times for ABGO. What else we got here? FICO, 21 times. MSCI, 23 times. Netflix,. Well, we could take Netflix out. Apple was the only one that was trading at a discount on a multiple basis, on a PE basis to the S to be 500  and Microsoft as well, Microsoft 13 times old Dominion. We've had gross margins go from about 23 percent to 36 percent today. Over