Well, every time we have a movie that doesn't work, I feel that I've learned a lesson. But the lesson isn't not to do those movies.
What we have done is balance our slate; we have a portfolio approach to our business. Mr. Icahn recently talked about one of our films that was more expensive, but he didn't notice that, as we put out in our shareholder presentation, our average exposure on production risk after international sales, for our entire slate of pictures, is around $13 million. It's probably a third of that of the major studios.
I feel as though I learn something every single day in all of our businesses. But it's a little outrageous to hear that our overhead is high, when our overhead on a percentage basis is the lowest in the business.
We certainly see that in order to weather certain economic downturns we have to be smart: smart about spending, smart about overhead. As I say, any time a film or television project doesn't work, I feel that I've learned something, and I try to apply it with our entire staff and board the next time.
But I think the key thing I've learned is that we need to keep growing our business, and when you start cutting back and trying just to show financial metrics, as opposed to growing your core business—and our business is a cultural business, the film and television business, supporting great writers and great directors: I've learned that at the end of the day that leads to making money. But the most important thing is to actually be true to what your business is, and in our case, it's an artistic and cultural business.