Hello Savio,

Thank you, as always, for your thoughtful comments. Part of the reason that corporate raiders and activist investors get a bum rap is that there is a shocking lack of appreciation for the fact that the term 'shareholders' creates an expectation of homogeneity. In reality, there are many different shareholders investing in a company and all with different investment problems they are trying to solve. This is why the concept of 'shareholder value' is bizarre. Great idea, but for which shareholders are you creating value? The HFT millisecond shareholder? The day trader? The dividend investor? The deep value investor? The growth investor?

Separately, I only ever knew of one company here in the U.S. that did not have a single anti-takeover measure in place. Sad. The company then was Sealed Air. I am not sure if they still are in that state. But it was courageous of them to go so strongly against the grain.

Will I be meeting you in Montreal at the CFA Institute Annual Conference?

Yours, in service,

Jason