Vitaliy Katsenelson

Time Arbitrage and Quest Diagnostics: Stepping Away From the Rat Race

Alan, thank you for your comments. Let me try address your points one at a time:

1. UNH is the reason why the stock dropped - just look at the date of the announcement and price of DGX. If the industry structure was an issue LH (DGX’s biggest competitor) would not trade at substantial premium to DGX
2. Ameripath is a high quality, faster growing business
3. Today's valuation doesn't price in much growth, if at all.
4. They've been there forever; I see it more as an opportunity.
5. Wall Street doesn't have confidence in CEO until it does.

Best,

Vitaliy