It went from a terrific value investment to a terrific arbitrage.

They (operating companies) are better financed, better able to grow, and they don't need to continually access external capital to complete acquisition plans.

A lot of value-type stocks are finally getting recognized. Maybe there's some profit-taking in the high-tech sector, and investors are looking for safe bargains.

These are all companies with excellent long-term prospects. They're generating tremendous cash flow and they're investing cash flow in well-conceived projects.