Hi GWR!

Actually I think you and I are in complete agreement. I never doubted that Sentient would be getting more shares and that it would be priced in a range that made it a great deal for them. This is no different from Warren Buffet loading up on BAC at what amounts to a bargain price. We can break it down and point out pros and cons to raising money now but the question is do we have confidence that AUM will eventually recover and perhaps to new highs in the months ahead? For me the answer is yes.

My disappointment stems from the fact that I believe we missed an opportunity to make a positive statement with this deal. It could have been priced higher and still been a huge bargain for Sentient, and it could have put even more cash in the treasury. Management has given away the entire shop to a connected fund, and dumped a bucket of cold water on the shareholders that were supporting this company.

Now all is forgiven if they move on and achieve their objectives and build a strong company that gains a higher market value. It was my choice to buy more shares last month. It is also my choice to sell out if I wish. No point in complaining about the market and the fact that the insiders will always get a better deal than the retail guys. I have stated my piece and will drop it from here on.

cheers!

mike