Great thoughts here, and funny story on Cap IQ. Speaking of which, Cap IQ is exactly an example of positioning away from the Bloomberg terminal (with a core initial focus on investment banking as opposed to trading). Unclear whether there's a big juicy opportunity out there like this, like there was when Neal Goldman and his co-founders started Cap IQ in 1999. And great points on #4 and #5, although there's a whole subsegment (underbelly?) of financial services companies which are more cost conscious and where $20k per year for one user is a real investment. Bloomberg is not going after those as aggressively as far as I know.