As I've said before, to me, when a company buys back its own stock, it essentially means two things: (1) the price of the stock is depressed and (2) the company does not have any decent growth opportunities in which to invest. And even more questionable, when the stock buybacks take place instead of using the money to repay indebtedness, a company weakens its balance sheet and exposes itself to the cost of higher interest expense if the debt is variable rate-based. Lastly, stock buybacks offer the promise of a gain if the price of the stock rises above the cost of the buybacks, but the reverse is also true - and SEI at the moment has lost money on the $30 million of stock it repurchased in the Second Quarter for $30 million at an average price of about $21.57 per share. All of which is to say, again, why I believe SEI should discontinue buying back its stock, repay its borrowings, and let the market place set the value of the business. I wish the analysts who follow SEI would challenge management about this.