The Impact of Equity Cap on Return on Equity

It's higher than I anticipated when I wrote that article. And there's been a lot of big bath accounting where there have been write-offs so that counting that, I don't think it has gotten to 20%. Now, you have had situations like a Coke, for example, where 25 years ago they would not have repurchased stock. And so they'd have piled up more equity in the business. But if it had been following the policies of 1970 or 75, its return on equity would be far less than it is now.