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The company has embarked on an acquisition spree over the last decade, buying phone lines from Verizon and others.
Spanish cities went through a spending spree over the past few years, financed by a bubble of cheap and ample credit.
Mr. Karmazin would lead a recruiting and buying spree over the next 15 years that included the fiery radio personality Howard Stern.
Indeed, if 2004 starts off with an exuberant buying spree over all, he said, he probably would recommend that investors reduce their exposure to the stock market.
The restaurant industry has gone on a hiring spree over the last four months, suggesting that broader gains in the job market could be on the way.
The firm has gone on an acquisition spree over the last year to diversify its business beyond its core private equity funds and make itself more attractive to its investors and public shareholders.
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"The spending spree is over," Mr. Ryan said.
"Washington's spending spree is over," he said in a statement.
The Emir, Sheikh Tamim bin Hamad al-Thani, ascended to power last year after his father, who oversaw the World Cup bid and set in train the huge spending spree, handed over power.
If the company is as strong as he says — and the hiring spree, year-over-year growth and the recent multiple big rounds suggest it is — this company is going to do just fine, as long as it can continue to manage that growth.
The killings in Connecticut appear to be bringing about a change in mood that was not evident after shooting sprees over the last decade.
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