Merger deal flow is going to reflect an economic recovery and stock market recovery. They go hand in hand.
I don't know if there's any rational way to measure what this is worth on earnings. There's a lot of speculation and a lot of enthusiasm among investors for owning a piece of the NYSE. But reality does eventually set in, and I think that all stocks eventually trade on fundamentals.
We're beginning to see greater levels of mergers as the economy improves and as executives that have been reticent get more comfortable with their own business.
We're going to see the same thing happen in technology and telecom. Balance sheet constraints and problems are going to drive a lot of consolidation.