Defibrillators

In fact, back in 2000, Medtronic traded at $62 per share, over 50 times projected earnings.

As expected, earnings have more than doubled since 2000, but despite that, the stock price has declined.

Medtronic stock now trades at less than 20 times projected earnings, only a small premium to inferior businesses.

Like many of our more recent purchases, we believe Medtronic will continue to achieve superior growth and expect it to again be accorded a superior multiple.

WESTERN UNION (WU) We believe Western Union is an unusually high quality business.

It is the dominant leader in international money transfers.

The growing number of people working in countries away from their families has dramatically increased the demand for that service.

We believe the stock price does not fully reflect Western Union’s growth prospects.

During the quarter we added to our Western Union position and sold our remaining First Data shares.

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