It will be interesting to see if that DVC member speaks again during the Q&A session. I hope so. DVC usually doesn't get much mention in the annual reports or at the annual meetings of Disney.
Interesting how those of us in attendance this morning have different interpretations . The man's name was Carl & he said something about DVC "slowly chiseling down." I thought he was referring to DVC member perks being taken away/changing over the years. He went onto say something about how Roy & Stanley saved the company by getting Michael Eisner & Frank Wells on board years ago.