"The median family income in the U.S. is lower than it was a quarter-century ago, and if people don't have income, they can't consume, and you can't have a strong economy. There's significant risk - actually it's no longer a risk - a significant likelihood of a marked slowdown not only in China, but also in a lot of other countries like Brazil, which is in recession. All of the other countries that depend on commodities, including Canada, are facing difficulties. So it's hard to see a story of a strong U.S. economy."

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High fidelity is a rich experience, and you'll put up with terrible convenience to get it - maybe it's high cost, waiting in line, jumping through hoops. High convenience is the opposite - it's a commodity, but it's cheap and easy and ubiquitous. A great exclusive boutique shop is high fidelity; Wal-Mart is high convenience. Both are hard to establish in their own way. The thing to remember about sustaining either is that you can't sit still. Some other entity will always find a way to challenge your fidelity position or your convenience position.

— Kevin Maney