David, all good points , but I have to argue about the statement "dilution is not always bad". By the true definition of dilution, it is always bad. The definition of dilution is a reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. What you speak of is growth. JMCP gets more out their aquisitions and mergers than the value of the stock they are trading for it. This is why Taylor keeps saying he would rather make a bigger JMCP than spend money buying back shares. I agree with that philosophy 100%.
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