Comcast, when you take out excess depreciation, is trading at an earning return of about 10 percent. Even if everything goes to hell in a basket, the one thing we'll do is transact over the Internet. They and the phone companies have an incredibly valuable monopoly unless they screw it up. The one encouraging thing that hasn't appeared in cable company [share] prices is price wars among some companies seem to be moderating.
Microsoft, if you take out $20-30 billion in cash, is trading at about a 10 percent earnings return or so. It's a business that doesn't require any incremental capital and will grow at least as fast as global GDP.