Grazing provided some control by stock trampling but this has almost ceased since foot and mouth over ten years ago.

And stock by stock, his fund has built handsome returns.

By holding stock in a company, they expect to win the business of insuring its employees.

By exercising options and selling stock, it said, they violated insider trading laws.

Earlier this year, Citicorp raised $1.25 billion by issuing new preferred stock.

"Rather, when they are too limited in choice by too little stock, many will postpone their decisions."

But in this case, the market really isn't recognizing hidden value by rewarding stock splits.

"Sometimes you can solve a conflict of interest by selling stock, which is easy," he said.

Overgrazing by stock had denuded the country of its vegetation, leaving little feed for wildlife.

Although financed by corporate stock, Hochschild-Kohn was still run as a partnership.