re: emperors hedging ... for ac G'day Ac,
Sorry - I didn't see your post and didn't mean to ignore it.
When I say cost, I mean opportunity cost.
You believe that cash flow is the all important decider for investors.
While acknowledging your argument, I prefer believe that return on capital and return on equity (particularly for a company in SBM's position of debt) will have much more bearing.
I guess time will tell, eh.
bye.dub
emp, page-9
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