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DewDiligence

07/18/14 4:41 PM

#8660 RE: jbog #8659

PCL—I’m more interested in the investment return (including reinvested dividends) from now on than I am in how the stock has performed previously. In the past few years, PCL has traded a lot like a “bond proxy,” but I expect this to change as the increasing cash flow triggers sizable dividend increases.