That's interesting, being that there are no 78 year olds serving on the board of 3M...
Harvard MBA?
I find it hard to believe that someone educated at a top 5 business school doesn't understand that a dividend is calculated from the O/S and not the Float.
Personally, I attend NYU Business School with a co-major in finance & management. I am more than willing to prove it if you'd like...
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