I purchased more shares today in tobacco processor Alliance One International. The company sells at a book value of 0.75 and generates steady free cash flow. It’s not often you can buy a company with a defensive revenue stream in tobacco that generates significant free cash flow. Current headwinds in a lawsuit and the changing tobacco environment has currently depressed shares in AOI but over the long term we see the company continuing to generate free cash flow, paying down debt, and buying back shares. Strong long term buy at these levels.