Subject: Re: BRO & AJG
I've heard good things about AJG as a long term investment, but I don't know the firm well.

Why does the share count rise so much over the years? Typically over 5%/year in the last ~15 years. The usual interpretation is that management is too quick to "spend" equity, but is there an exception here? Continuous small acquisitions using equity, something defensible?

Looking at the last 13 figures for rolling-three-year share count growth, median share count growth figure is +5.7%/year, lowest +1.8%/year.

Jim