The Cost of Growth in the Internet Industry

Valuations is sort of a linchpin here in my mind where you've got some companies growing at a reasonable price. At least with Microsoft, you're getting much better growth over that period of time. But if you look at the latest share data, it's showing that they actually lost share against Google. So there's going to be a lot of very interesting things going on with how much money you're spending versus what benefits are you actually seeing.