There's a lot of health information available on your smart phone. There's financial information. There's your conversations, there's business secrets. There's an enormous long list of things that there's probably more information about you on here than exists in your home, right. Which makes it a lot more valuable to all the bad guys out there.

We believe in saying no to thousands of projects so that we can really focus on the few that are truly important and meaningful to us.

That brings us to iPad. We think the iPad is the poster-child of the post-PC world.

The future of television is what our competitors have been doing for years.

We make the best phone, we don't make the most phones.

Gaming has kind of evolved a bit. More people play on portable devices. Where we might go in the future, we'll see. Customers love games. I'm not interested in being in the console business in what is thought of as traditional gaming. But Apple is a big player today and things in the future will only make that bigger.

I'd rather Apple cannibalize Apple than somebody else cannibalize Apple.