anand srinivasan how has the investor base evolves? anand srinivasan --anand: there is a significant portion of investors who wanted the dividend component, the stewardship of capital, particularly with apple where cash and free cash flow generation is a big portion for them. historically, from a buyback perspective, empirical evidence suggests that in tech land, companies are not great at buying back stocks. scarlet: whether it is timing or anything else? timing, how much they are committing -- historically, there has been mixed evidence. it is great that companies are buying back stocks. there is capital return in place, but the empirical results on the return is pretty mixed. scarlet: google posted blockbuster earnings this last week, but otherwise results we have seen this week have been lackluster. are we at an inflection point when it comes to tech earnings and the growth they can function --they can generate? dan: you see growth split, non-enterprise, consumer and social, but even with enterprising consumers, you saw microsoft,