Thanks for the wonderful post. I ask this question as a *general* question, as I don't want you to feel the pressure to prescribe specific buy/sell advice on a company like Worthington: when you find an interesting spinoff at an attractive valuation, how do you think about when to buy? For example, in this case -- you're more attracted to the RemainCo than LegacyCo, so do you wait until the spinoff to concentrate your investment into RemainCo, or do you start a position now considering that more folks may fine Worthington and eliminate the discount?

In Greenblatt's book, it seems he often would wait for the split as splits can generate a depression in price for a variety of reasons, but of course there's no one hard rule and these things should be taken on a case by case basis. I'd just be curious how you think about that question!

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