The arbitrage in buybacks is dying, it seems. Jagran's buyback - where we though we would see a near 100% buyback for small shareholders - seems to have gotten only a 40% level in their final offer. Meaning if you owned a 100 shares you get a letter that guarantees you a buyback of 40 (but you can submit more, of course). Note: We suggested an exit at around a 4% return even before the buyback. Even as the arb slows, we have one in . . .