Ann: Chairman's Address and CEO's Address to Annual Meeting, page-6

Hi Just a guy,

Agree with you. Whenever a management openly and transparently shares their expected future difficulties (real estate) it suggests that they are honest and confident enough to call it out.

Then if they are proven right it suggests that they know their business and their industry.

When they also work hard in other areas of the business to deliver the expected (or better) results anyway it shows accountability, a solid plan and the ability to execute it. (Don't we all hate the usual victim statements we hear when management teams do not do the above? - ISD talking to you!)

For me at least, with TME it seems that they have a balance of long term strategic thinking, short term execution, honesty, humility and no complaints about their capital management.

Since they are trading at a lovely discount to what I imagine their intrinsic value is - bought more shares today.