Let me start by saying what a pleasure it is to read your posts on this board. Thoughtful, knowledgeable is diffuclt to come by these days. You have obvisouly done your homework in regards to this stock and I can tell that from expirence. I have worked for Walgreens for 13 years and been a shareholder for the last 9 years, thru two splits and continued upward movement. You are right on the money in your characterization of the employee/shareholder. I know very few people who have ever sold any of the shares and barring emergency's they never will. This is the #1 company in a market that because of the "graying" of America will grow by leaps and bounds in the next generation. Record earnings every quarter, no limits to growth, stock price has appreciated an average of 23% the last 11 years. WAG ranks with Gillette as one of the ultimate buy and hold stocks.