PresentationSimeon GutmanMorgan Stanley, Research Division Hello, everyone. Welcome to day 1 of the Global Consumer and Retail Conference. I am Simeon Gutman, Morgan Stanley's hardline, broadline and food retail analyst. And it is our pleasure to welcome Wayfair here, Niraj Shah, CEO, Co-Founder, Co-Chairman; and Kate Gulliver, CFO and CAO. I'm going to read a quick disclosure, make a quick intro, ask the first question and sit down. For important disclosures, please see the Morgan Stanley research disclos ...