to uhlerf: thanks for the kind words. I just liked the "owned" term because of the experience I had in 1999 with the shares I owned in Fairfield Communities(timeshares). Fairfield purchased a large south Florida Timeshare resort owner and included with it was a travel agency operation. Fairfield gave alot of their shares to that south Florida company to make the purchase. Then those new share owners started slowly selling their shares in order to cash out to get the proceeds for the sale. The Fairfield shareowners and the board became concerned about the lower valuation being given to the company. So the board put out feelers for the sale of the company to somebody much bigger. Fairfield was only being valued at about $250 million, yet was making consistent and growing profits of around $50. Carnival Cruise offered I remember $14 per share for Fairfield, a small premium to the price at the time. But then those "over-owned people" from south Florida kept selling their shares everyday. They still just wanted their cash. Finally Carnival Cruise, seeing all this selling, cut their buy offer in half, to about $7 per share. The board of Fairfield rejected their new offer. Then Mr. Silverman, the majority owner of Cendant, offered to buy Fairfield at the $14 price. After looking over the financial books on the company, Silverman actually decided to pay cash for it and to increase the price $2! So you see all those previous sellers did not care about the valuation. They just made the company "over-owned." Just to conclude the story, Silverman combined Fairfield with the vast array of franchises that he already owned, Wyndham hotels, Resorts Condo. Intl.(RCI), Super8, Travelodge, Days Inns, Microtel, and many other brands. He also owned the franchise rights for Avis rentacar and then Budget rentals. He also became involved in one of the top on-line travel websites. It was then so huge and growing that Cendant and Silverman decided to split the company up into 4 separate publicly traded companies. Fairfield went with the Hotel company and was renamed Wyndham Worldwide: combining the Hotels, Motels, timeshare resorts, and RCI booking system into a single company, WYN stock symbol. WYN was priced at $3 at the market low in 2009 and is now at $51, a $6 billion valuation and best upward performance by any company in the S&P 500. The really interesting thing is that the profits for Wyndham are the same today as they were in 2008 before the market selloff: $400 million per year. In other words, in 2009 Wyndham was sold clear down to a pe of one! You could have bought the company and got all your purchase price back with just one year's profits.