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I really prefer that they not raise the dividend. It doubles the taxes, and the money is better spent, in my view, in either growth, paying down debt, or buying back shares. The shorts may be able to stay for awhile, but they can't stay forever. As long as EBIX continues to execute, growing by 30% each year--as they have for quite a while now--the market will eventually price it closer to intrinsic value. While we wait, what a great opportunity to have the company buy back shares; that's a *huge* benefit to shareholders that stay the course.

The one way this approach could turn ugly is if EBIX didn't have access to funding its growth opportunities. This doesn't seem to have happened, and I don't see any signs of it on the near horizon.

In sum, I think there are huge benefits to waiting this out if we shareholders can. And the recent elections in India were, on balance, a positive for EBIX I think.
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