Higher fuel prices were offset by cost control efforts, an increase in capacity and revenue yields that turned positive for the first time since late 2008, Arison commented.

FORBES: Earnings Season

What is needed is fiscal austerity (slowly) before debt spirals out of control, offset by easy money or real QE for as long as it takes.

FORBES: The Fed Pushes On A String As It Ponders How To Create Inflation

Such expense control will help the company offset the impact of rising programming costs.

FORBES: DirecTV's LatAm Party Continues As U.S. Business Gets Back On Track

The fall in energy prices offset higher production as the company struggled to control costs.

BBC: Royal Dutch Shell profits hit by oil price volatility

Doing this provides greater control over your final tax bill as you can harvest losses to offset any realized gains.

FORBES: Second Quarter, 2012 Market Review & Outlook

By owning a whole market fund, losses will offset gains each year as positions are rebalanced, and so the issue may only be one where you may control the capturing of the loss, versus one where it is taken care of for you.

FORBES: How Many Mutual Funds Should You Own?