1,2,3 all no issues with me, Vern must be seen as important and the options are piddle as far as Colin goes, better than a big brown paper bag behind the bike sheds, it's all open. No 4 is perhaps of more significance IMO. Odd as it may seem to many I do not think 4 necessarily comes from management. I speculate that in years gone by the cow was slaughtered (changed, sold or modified in some way to realise a return on capital) these days the trend (with some) is more towards leaving the cow in a healthy state, well fed and watered in the hope that the regular supply of milk will suffice in changed times.
No matter what, it is very difficult for me to see the holdings as they are now in a few years, will these entities have competing desires over time, even today I see different motivations for some of them and it's only really just got underway.
