days late and many dollars short, page-5

If there was enough IO around by the big players then the price of IO would not be as high as it is today. Long term trend is to reduce from these highs but not substantially. The global growth suggests we need the smaller IO companies as well as the big one to fill our requirements. Fortunately, TRF/IFE have a short production time frame and good quality DSO but a lot depends upon your investment criteria (time frame, expected returns and risk). Obviously TRF/IFE is not for everyone otherwise we would already be trading well above where we are today.