<So I don't expect to see anything specific about M&A for a while yet...>

Yes I agree entirely with that. Think about it. Why is RG even mentioning that another letter is coming this month? If it is really just to provide more details of M&A, why the advance notice? IMHO he's telling us some good news is on the way. The only subject he can tie the additional letter to is M&A. All the other subjects covered in the letter are closed out. M&A is the only subject that is still open-ended. He needs to tie the mention of a second letter to something. Good vibrations. Opty