Hello Raj,

Thank you, as always, for your considerate points of view. My own preferred analogy here might be to sugar or to fat, rather than to heroin. Sugar and fat are part of the nutrients each of us eats, but must be part of a well-balanced diet. When taken to extremes the imbalance leads to addiction, and to health problems. To my mind, earnings are fine as an ingredient into the research equation. But when there is over-reliance on them there are health effects such as those I outlined above.

I would be interested in your thoughts - since you are on the frontlines of many an important investment conversation - as to what progress you feel has been made in the last 3-5 years on some of the issues I raise here, and that I know you care about, too.

Yours, in service,

Jason