We think it is a great plan and we're very supportive of the company and management and look forward to the execution of their program.

If the company has had good returns, voting with management is easier to explain to investors.

If they vote with management of a company that is not performing, I think that will require some explaining, given that individual investors are more attuned to issues.

I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.

I think it's a good company with a very strong management and it's priced very attractively relative to the market and its peers like T. Rowe Price and Franklin Resources.

We believe this represents a fundamental shift for the company and, at a minimum, indicates management is serious about considering all options for profitable growth.