Ann: Change of Director's Interest Notice , page-21

I concur with early,
BENJAMIN GRAHAM – WE KNOW FROM EXPERIENCE THAT EVENTUALLY THE MARKET CATCHES UP WITH ITS INTRINSIC VALUE. IN THE SHORT-TERM, THE MARKET IS A VOTING MACHINE, IN THE LONG-RUN, HOWEVER, IT IS A WEIGHING MACHINE, AND OVER TIME PRICES WILL REFLECT THE TRUE VALUE OF THE UNDERLYING BUSINESS.
And
WARREN BUFFETT – A COMPANY WITH HISTORIC AND PROSPECTIVE HIGH RETURNS ON EQUITY SHOULD RETAIN MUCH OR ALL OF ITS EARNINGS SO THAT SHAREHOLDERS CAN EARN PREMIUM RETURNS ON ENHANCED CAPITAL. CONVERSELY, LOW RETURNS ON CORPORATE EQUITY WOULD SUGGEST A VERY HIGH DIVIDEND PAYOUT RATIO SO THAT OWNERS COULD DIRECT CAPITAL TO MORE ATTRACTIVE AREAS.