Stehisit,
IMO, the explanation is:
1) Things are moving forward so fast that it is hard to keep the projections in step with new events.
2) PJ, as always, is giving precedence and priority to the big picture. If, for example, as many as 3 or 4 or 5 majors have signed for full release by the end of the year, the total figures for CD protection in Q1 2005 will be far better than those for Q4 2004. I hope you get the point!
P.S. The correct spelling is "accurate".
Cheers!
alj14
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