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Thanks Bill,

Perhaps a lesson on the appropriate use of warrants would be ... wait for it... warranted. Ben Graham taught me that warrants = evil and in fact, the warrants were what scared me off of this pick. Perhaps justifiably so, given that their recent exercise seems to correlate with the 20% haircut. Not that a 20% haircut is a huge deal in the long run...

Anyway, I'd love to hear more thoughts on that. You're the master so your assurances are comforting but I'd love to understand enough to do my own analysis in the future (typically warrants go on my 'too hard' pile unless they are a very small fraction of the float).

-TK
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