When you raise prices, you've got to make sure you get it to the bottom line. You can fritter it away because of the way you're running the business, with maybe not a totally disciplined approach.

Some of the analysts were saying, Now you're a cash cow, there's no growth at all, pay it all out in dividends, give me it all, you can't invest wisely.

But, on balance, we seized the marketplace. We've got a great infrastructure. And yes it's struggling in some areas because of some external factors and some internal factors.

As I said, I haven't spent a lot of time thinking about partner brands.

McDonald's is almost 50 years old. For 47 years we had a pretty consistent track record of being able to deliver admirable sales.

I think this year we'll open up 900 gross, we're closing some, so the net count is lower, but the 900 are spread all over the place. Some of the closures are relocations, where you're moving it to another place in the marketplace.

So Europe's a big driver. And at one point, if the euro hadn't devalued, they would have been making as much money as the US with half the stores. Returns were higher.