Dear Investment Team,

Hello again gentlemen. I have given Paypal some thought and based on their dominance in their market, their cash on hand of 10 billion and their levered free cash flow of 1 billion as well as their solid returns that Paypal is a position we should get into. However, their debt is creaping (60% debt to equity) and they have experienced share dilution in the past 4 years which makes me hesitant to invest but if we keep a solid eye on their debt and stear clear if it exceeds 75% to 80% of equity we should be ok. From what I have read they have a forward PE of 11.8 which puts us well in the mix to earn 30% in the coming year. I hope you're all doing well. Please contact me at JIMDEDWARD88@GMAIL.COM, I am waiting to hear from you.

Sincerely,

King Henry George of Britain