So I think the argument that he could cut the budget by 10% and not dilute and achieve 10% less in profits is likely fallacious. IF he could cut the capex budget by 10%, he would would increase eps by a lot more than 10%, what with math being math. Bear's point is that he cannot. For 2103, I agree that most revenues and profits are committed to reinvestment, but am not so sure by any means that there is no discretion.