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<Right now the biggest question that I have is whether or not I still have respect for management. As you'll see if you read the annual report, it looks as if management is being a bit too generous with stock options. Plus, I know from some other reading that I've done that many fund directors are paid way too much in relation to their responsibilities. In reading through the proxy I was compelled to vote against all directors (something that I can't recall doing before).

I also didn't like the fact that the proxy didn't include any other issues specifically, just a request that shareholders agree to let their shares be voted as the company saw fit on all other issues that might come up. AND, you could only abstain or vote for that. A blanket no was not allowed. I've never seen that on a proxy before. I'm left with a bad taste in my mouth.>

Dear Phil,

Like the name change and adjusted my favorites fools.
Concerning T. Rowe Price I would go so far as call the management criminals. The options set up on page 30 of the annual report is unbelievable. You can read my post on it so that I don't have to rewrite it here. In my 25 years of analyzing stocks I have never seen a management grant itself options in this way. It reminds me of old Ron Perelman of Revlon, giving himself 95% of the companys voting stock, I hear Gabelli just did the same thing. I can see why Tom dislikes him so much.

Here is my post from AMA;

http://boards.fool.com/registered/Message.asp?id=1331118000443000&sort=postdate

Sorry if I made you upset with my comments but I would hate to see you hurt with this investment.

Your Friend

MYCROFT
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