Ann: Chairman's Address to Shareholders, page-7

Thanks for this. The body language & tone of delivery can say a great deal and it sounds like it was a very positive experience.

Late news (after close) in Fin. Rev. says directors of TNE are set to sell $33m of stock. Fair enough -- everyone is entitled to cash in at some point and I am sure this is not the first time for them -- they have consistently delivered outstanding returns for shareholders. Still, it just might be time to trade some TNE for more HSN. They are both wonderful growth stories. But its a bit like selling a Lamborghini to buy a Ferrari. In a perfect world I would me buying a lot more of both.