merrill lynch recco, page-5

I value Huntleys fundamental analysis but like everyone, they get some wrong. They took a fundamental stance on highly geared infrastructure plays quite some time ago and it included an aversion to MAP, MIG and the like.

They have stated honestly that they have always had trouble valuing infratrsuture assets accurately and therfore took the stance to avoid analysis + recommendation. This was back during the boom times of 2005 forward.

BBI was an exception to that and they remained supporters up until late last year.