Although Marsh McLennan stock has declined since our initial purchase, we believe that the company’s capable management team is making long-term decisions that should result in future free cash flow exceeding $2.00 per share. At the present time, there are no indications that our future expectations are not achievable. Marsh McLennan is already achieving free cash flow and the balance sheet has begun to improve. Our valuation remains above current prices. We have continued to add to our position, despite the short-term negativity surrounding the stock that has resulted in the stock declining below our initial purchase price. Our discipline dictates that we usually add to positions as stock prices fall further from our valuation as long as our future free cash flow expectations are continuing to support our valuation. Thus, as the probabilities of success increase (market price falls further from our estimate of private market value), we increase our positions. As the spreads narrow, we decrease our position.
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