PresentationDara MohsenianMorgan Stanley, Research Division All right. Good morning, everyone. I'm Dara Mohsenian, Morgan Stanley's household products and beverage analyst. I'm very pleased to open Morgan Stanley's Global Consumer and Retail Conference by welcoming back Estee Lauder here. Before we get started, I do have to note a quick disclosure. Please see the Morgan Stanley research website at www.morganstanley.com for important research disclosures, and feel free to reach out to your Morgan Stanley rep ...