Ann: Becoming a substantial holder, page-19

Hi JAG - all good here, last few months has been very busy personally and with work hence my lack of posting around here.

HSN vs GTK I think is a difficult call to make - for starters there's a big difference in valuation. They also have different strategies - HSN is almost a roll-up, GTK is more organic (but have been increasingly looking to acquisitions). Given similar valuations I'd take GTK over HSN, but HSN trades at something like a 5-6x EBITDA discount to GTK so you have to handicap and there's no easy way to do that.