Investment Q&A

CPG has been performing better, but we would not consider it a better company overall. Essentially, it is going to move with the price of oil/gas, so its fortunes are somewhat beyond its control. Operationally, it has improved, but historically it has not created much shareholder value (whereas BN has). GSY is certainly outperforming, but is significantly smaller and we would consider its business riskier overall. BN is more than 30X bigger, so we would not really compare these two. BN has disappointed some, as its return this year (+3.8%) has lagged its strong performance in prior years. But, while not even considering its spin out companies nor dividends, the stock is up 4-fold in the past decade. In a straight-up contest, we would still view it as the better company of this group of three.