No, on a personal basis, I can't say as I have, but I've been on receiving end of more than my fair share of losing propositions (to the tune of 80% of my modest portfolio), thanx to lowly R/S's. So you'll have to forgive me if I consider the words; R/S, fighting words. But conversely, I've taken note of a number of 'reputable' firms through the years , taking a more investor-friendly approach to boosting their PPS by way of alternate tools like buybacks & cancellation of shares. I vote for the later...but like you say, it doesn't much matter what 'we' think, the decisions ultimately lay with QMC mngmt alone. Next subject.........