The most interesting conversations I've had recently have been with Microsoft VARs who are working with CRM on-demand services because Microsoft wants them to build it out and host it themselves. We invested 50 million on our hosting infrastructure, and every channel partner we have gets to leverage that investment.
Small-cap stocks have continued to do well relative to large caps and higher valuations result in fewer compelling investment opportunities. Although the first increase did slow cash flows, we believe that further inflow reductions are appropriate. We may need to reinvest dollars from some winners into stocks we think are more attractive. Reduced inflows will create more flexibility to do that.