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Wouldn't FDC get booted due to the negative tangible BV? Also, you were not overly excited about ARO back in mid-2003 (but, I realize there are "no one decision stock"). I haven't run the numbers, but does valuation look better? Also, is long-term competitive advantage questionable w/ trendy retailers? Maybe they have something special, as growth continues to be very strong.

Just trying to get a better idea of how you look at the world. I'd appreciate any thoughts you have on the two cos.

Thanks in advance.
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