Areas of concern are more numerous. Most important, continuing deterioration of the financial health of U.S. automakers is a major risk to ad spending, already visible in the third quarter of 2005, and notwithstanding General Motors Corp.'s recent shift back to incentives. |
On the credit perspective, there is a benefit from portfolio diversification. If one of your cylinders is not firing, the others may be. |
They have been in a startup mode for a very long time, and have been in a negative cash flow mode for a very long time. If the capital markets became less receptive, you could envision the music stopping and not enough chairs being there. |