Savio,

Thank you for sharing your perspective and for your thoughtful comments.

I’m all for profits too and I agree that activist investors can be effective corporate watchdogs. At the same time, I think CEOs of public firms have an obligation to build sustainable enterprises, which requires looking beyond the next quarter. It’s hard to do that without investing in innovation and employees. I question the motivation and decision-making of management teams that choose to borrow money to fund share repurchases with their stock prices near all-time highs.

Regards,

Dave