quarterly production report, page-26

"I don't know why everyone's getting all excited; it's not like the ann revealed a surprise we didn't know about - it just confirmed the mining targets we all expected to be achieved."

No, a lot of people in the financial community definitely did not expect FMG to deliver. To understand that, you would have to go back to the beginning, 2003, and see how the press and almost all brokers treated FMG. As a bit of a joke. Its a long story.

FMG has always been and always will be a quality stock, but it hasn't delivered anything that we didn't expect it to deliver.

No again, sorry. A few years into its life, BHP called its resource, "rusty nails". Again, a long story. You and I might have expected it to deliver, but many journalists have been salivating at the thought of FMG announcing a cost blow-out or some funding shortfall. Some of their sarcastic comments of a few years ago, must now be a haunting embarrassment to them, not to mention BHP's 'nails' comment.

Bell Potter rated FMG as $9+ when it was $5+. Didn't stop it from plunging to the low 4's. I'll take those broker reports with a grain of salt.

I take them with a bag of salt, useless. BUT, while I take no notice of the reports, I take a LOT of notice of the reactions they cause among big funds and broking houses.

I admire your enthusiasm, - which is why I am writing this. I recognise a similar enthusiasm I had many years ago, and still have of course. Studying market psychology is a most fascinating and rewarding business.

FMG's press secretary told me today that the atmosphere in the press room at the quarterly announcement was very supportive, - which is a major change from previous.

My feeling is that a new era FMG has started. Of course it will go up and down, shares do that, but the major trend is definitely on the up.