takeover target likely short term, page-30

Maybe when we stop making farcical takeover offers for companies that should on fundamentals be looking at taking us over instead!

I've pointed out several times before that SXY carries a decent amount of blue-sky valuation already built into the SP. It's good in that it shows confidence in the stock by the market, but the downside is that it's hard for the SP to grow much until the fundamental valuation catches up to that blue sky.

The oil business alone is unlikely to do it because the volumes we're talking about are just too small, so that means gas. We need a deal on Hornet to get this back up to $1 IMO.