Hi Thunderhead1I am unsure how old Indy is but i think you raise...

Hi Thunderhead1

I am unsure how old Indy is but i think you raise a valid point. As Executive Chairman he is key in the governance and management and obviously also the largest shareholder.

If he's 75 maybe he's like Buffet and we have 18 more good years I think good governance is very important and demonstrating a diverse independent and capable board increases the value of a good business.

The other way of looking at it is that this is a problem for Indy more than anyone else. I would think the majority of his personal wealth is tied up in Fiducian so how he intends to take a path to liquidity and at what point is probably in his mind.

In the meantime all you can do is weight the holding accordingly based on what certainly appears to be key person risk.