The company has guided that marketing expenses in the long run will remain at 20% of revenues, and our valuation of the stock modeled a decline in marketing expenses as a percentage of revenue to a high single digit value previously as we anticipated greater operating leverage as the company grew.
The balance of the impairment charge is linked to the recent trading value of HP stock and headwinds against anticipated synergies and marketplace performance.
There's value in pausing and reflecting on the anticipated catastrophes that we were spared through a combination of foresight, military skill, and the kind of luck that tends to favor forces that plan and work hard and wisely.
Leading Europe through a debt crisis that threatens the very value of the euro zone currency was not something that any of its current leaders had anticipated.