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Other than a few-pages-long diatribe on Herbalife (BTW, we don't recommend going short or going long Herbalife for reasons articulated in our prior posts. We think on either side the investment carries enormous uncertainty and risks), an admission of mistake on JCPenney, we don't see much in this letter. He barely mentions APD which is disappointing. Market would have loved to see what his APD thesis was. It does appear he thinks it APD fairly valued considering the present price. He says: "In other words, we believe that we are paying a fair price for the Company as-operated, and a bargain price if we can successfully effectuate change". He does not specifically state what changes he is talking.