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Hello Mr. Heiserman...

I can't thank you enough for sharing this presentation. I finally got a chance to sit down and read it, and I have to say this is really good stuff.

I did have one basic question for you... on slide 104 you give a snapshot of an IV calculation. It looks, based on the numbers, that your seed for the 3 scenarios is something like per share GAAP earnings - interest earned on cash + net cash/share... something along those lines... regardless, without digging too deep, it at least looks like the valuation is based on GAAP earnings in some form and not defensive or enterprising earnings, which are much lower and would yield IVs considerably lower than $36/$41/$47 for the three growth scenarios. Considering the subject matter of the entire presentation is the structural weakness of the income statement and GAAP earnings, I'm curious why they're used in the valuation... or have I completely misconstrued the whole thing.

Thanks again for sharing, and for you presence here on this board.

kevin
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