E, not 1 investor in 1000 could adequatly define "fudiciary responsibility!" without going to some recognised text on the subject. Nor could we adequatly define "management responsibility." From my limited expierence in the market they are "all over the board!" Some would say in reference to some co's these terms would comfortably fit the definition of "oxymoron!"

Thanx for your input.

I was reaching back into Peter Munk's autobiography, a man whose training was in electrical engineering, and whose expierience prior to ABX was street-fighting in the marketplaces of the world in furniture manufacturing, property development, hotel management and oil exploration. Not all successful. From the outset in the gold business, he reiterated continually that the SH was his primary concern. (It has obviously worked for the SH and Peter!) One of my primary concerns with SAN is I have never heard the word SH mentioned in context with the company from management or the board! Peter and I believe the SH and Co are/should be equally exclusive/inclusive.

One for all, all for one!!

Me!! (after all the primary driver of capitalism is "greed," an individual philosophy with no doubt as many definitions as there are SH's!) One of my favorites being, "Greed is full expression of an individual's drive to survive!"

In the marketplace, SP somewhat enters the equation! Of course Warren may have a much different perspective!

RUF

RUF