Famous Quotes from 1995 Annual Meeting

1. "We have people from Australia, Israel, Sweden, France, the U.K., 40-some from Canada. So, a lot of people have come a long way."

2. "The format today is going to be just slightly different... We have one item to discuss on the preferred stock that I could tell caused some confusion with people."

3. "The businesses are performing well. We're growing."

4. "Float is growing. We're well positioned."

5. "When we acquire businesses... sometimes the seller of the business wants cash. Sometimes they would like common stock... If the value of the consideration that we give equates, we really don't care what form of consideration we use."

6. "Only if we receive less in value than we give. That's the key to it... If we issue $200 million worth of preferred and we receive a business that's only worth $150 million, there's no question you're worse off than before."

7. "We can issue a straight preferred with a coupon that made it worth par at the time we issued it... We could issue them an adjustable-rate preferred... that may be more important to one seller or another."

8. "A number of companies... have issued common stock, particularly, which has a value greater than what they receive. And when they do that, they are running what I call a 'chain letter in reverse.'"

9. "Imagine hiring a manager who thinks that way and paying them money to behave like Judas in your very midst."

10. "You may well see us issue, at some point... a convertible preferred. You may see us issue a straight preferred. You may see us issue an adjustable-rate preferred."

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Source: 1995_Annual_Meeting.md