Hello Isabelle,

What thoughtful and kind comments; thank you!

Yes, there are all kinds of nasty little manipulations of financial statements that take place. Thank you for highlighting two additional ones. Thankfully with the decline of the defined benefit pension plan, the mussing around with rate of return assumptions, smoothing, and other such stuff, affects a smaller proportion of the equity universe. Deferred tax assets...don't even get me started : )

Glad that you enjoyed the piece...I hope we can win your continued advocacy.

Yours, in service,

Jason