Disney (DIS) reported mixed 4Q05 results, slightly worse than analyst estimates on a segment basis. Analysts didn’t seem too concerned about the quarter on the conference call, however, as there were very few questions about the details. Rather the focus was on long-term issues and the forecast for 2006. I think the questions on long-term issues may have been heightened by the fact that this was Bob Iger’s first call where he was the whole show. On that front, I think he did quite well. He came across as very sincere and accepted the challenges facing traditional media companies. But he was equally strong in discussing how DIS is not afraid to confront the new environment and has lots of significant projects going in wireless and broadband distribution….

Regarding 2006, management stuck to its forecast for double digit growth although noted that it would be a back end loaded due to the timing of theatrical releases. In particular, the release of the next Pixar film, Cars next June, followed by the Pirates of the Caribbean next July will have a big impact. Management seemed confident in near