pjc bought 800000 shares last quarter at around $32, about 5% of share base. that's a lot until you consider that it issues about 8% in restricted stock per year. so basically the stock treads water between book plus/minus $10 while mgmt recycles 10% of share base per year. but co is shrinking share base, and with the overhang of restricted stock from ari deal burning off, may actually start to get serious about it. not surprised if co is big buyer at these levels, in fact may have sandbagged last q. ari is probably worth $15, that's a good business, which means that market is discounted tangible book by $15. now all that needs to be done is fire Duff. He is useless.