Look at the success of J. Crew or L.L. Bean, ... Catalog companies have to show their items with pictures. J. Crew is a good example of a company that's done a good job of replicating the feel of their catalog online.
The quarter was phenomenal. It was another in a long line of outstanding quarters by a company that really in almost every way is separated from its Internet peers.
We continue to view eBay as a core Internet holding. However, we are still struggling to find a meaningful near-term catalyst and believe that the company is entering a more mature phase of its growth cycle that could limit potential upside in future quarters.
The company is focused on becoming the e-commerce hub -- the destination people come to buy just about everything.
The company is clearly operating in a really attractive market right now, but the valuation fully recognizes that,