It's very clear that people had higher expectations for the next couple of years than are likely to be realized. But it's also very clear in my opinion that people have much lower expectations than are likely to be realized over the next 10 years. The fundamentals here are very compelling. Look at e-retailing. The key trade that we make is that we trade real estate for technology.
Real estate is the key cost of physical retailers.
Real estate gets more expensive every year, and technology gets cheaper every year. And it gets cheaper fast . Amazon needs a lot of real estate, too, though. Actually, we don't. If you look at the amount of real estate we have, it's teensy tiny compared to a retailer of our size.