With the recent acquisition of Paladin (after a long wait for Knight to make a larger purchase) , do you see future growth for Knight and would this be a stock for accumulating at 5 percent position? Much appreciate it.
Paladin will still likely be a work in progress. Because the seller was in financial trouble, we imagine there will be some spending and clean up needed. But it is a good move for GUD, certainly. That being said, we think there is no rush, and buyers will have some time. GUD's a small company with no dividend in a tough market and not a whole lot of excitement until now. We do not comment on position sizes but WE would consider 5% much too much at this stage, and we would wait to see execution of expected growth. We would be OK with a starter small position.