What would happen in years gone by before Microsoft spreadsheets lol , some of the larger institutional buyers would buy a few more to lift the valuation of their longer term holdings for valuation date if the SP had dropped since paying more. There would appear to be long term holders who have paid more because there was no other way to accumulate than slowly otherwise that would cause sp to rise too high. It's still a good stock to hold even if sp drops in between results. So I agree with all your comments Leasx.