Are We Creating Long Term Shareholder Value?

We've looked at hundreds of these over the last 20, 25 years in a report earlier this year that we up dated. And on average, it's about a coin flip, about 50 50 chance. So not much there for those playing the odds. I think at the end of the day, it really comes down to executions relative to expectations. For companies with very low valuations, where growth expectations are very low and where expected profitability is very low, the likelihood that the company exceeds those expectations is pretty high. Those tend to be the companies that do best after these kinds of transactions.