Ann: Appendix 4C - quarterly, page-73

It certainly is a competitive market, but I don't think their competitors have access to this amount of capital. Yes Fidelity and the rest of the market appear to have invested on the basis of information not grounded in reality, but looking at where GSW are right now it is not a bad place to be (minus all the lawsuits).

Of course with the current management in place I can't see them getting much traction, but who know. I wouldn't put a cent into the business while Joel and Bane are in charge, but I can understand why some are now choosing to hold.