Mr. dealraker-

You've held an equity position in this company for nearly 40 years. It has delivered you 40x your original investment. You've made the decision to cash out.

As a side observation, that comes with whopper tax consequences. Congratulations.

After four decades, can you explain why you bought (did you buy or inherit these shares)? What has changed so much to cause you to bailout 100%? In my observation, there are far more reasons investors sell shares versus the singular reason they buy ('i'm going to make money').

I've held MKL for 15 years. Admittedly, its no BRK but my experience has been of a (imperfect) company that has delivered me a satisfactory return over the long haul with a comfortable risk level. I'm happy and sleep well. It's my #2 position behind a very outsized BRK position (since 1998). It's been lumpy, but less so when viewing from 1.5 decades. The only investment 'results' measurement for me is am I meeting my individual goals. So far so good with MKL.

There is no doubt Tom Gaynor is a 'rah, rah MKL' kind of guy, but respectfully...to call him childish is an interesting choice. My opinion is the guy thinks/acts of me first. A high bar and important quality I demand. He also walks his talk as a MKL shareholder, that goes so far as to acquire shares from his own wallet.

Ole' dealraker, please understand I'm not flaming you...I actually enjoy your commentary and experience.

As to the Jana squeaky wheel situation. Tom has to listen to them. It is in his job description. They are shareholders and I get that. The heartburn i'm have is spending cash on outside 'advisors'. As I've said before...the kind of decision that would make Mr. Munger roll over.

I'm hoping the activist shareholder strategy is to politely listen, stay rational and then let the MKL shareholder culture tell them to piss off. Don't know if that's possible but i'm inclined to think MKL owners are similar to BRK in such matters. The board also.

I don't see the 'business review' as an advertisement to sell. A long look in the mirror isn't necessarily a bad thing. Plus, I really appreciate the buyback decision.

Head down, keep digging. That's my crystal ball view.

Cheers.

m