He didn’t say exactly what his end goal was. I have taken the tea leaves to mean they just want to get back to a certain mean level to where things are manageable. They got reckless with the Carr deal and had to dial it back a bit. I don’t think getting back to a traditional cap management format is necessarily the goal.
You have to have a 4+ year outlook with the cap and they saw a situation coming that needed to be amended a bit…at least that’s what I got out of it.