Ann: BYE: Lease Sale 250 Results and SM71 Update, page-54

True, but one ought to have the expectation that investors in the market are rational, utility (i.e more than just profit to allow for say "ethical investors") maximizing investors.

Often also said that markets can be irrational longer than an investor remains solvent (especially in some arbitrage investments). Hence the relative comment. If everything is irrational (like the tech boom/bust of late 90s & 2000) then if you have to be on the market the least dirty shirt is the better bet.

The efficient markets quip was more a comment for the technical chartists ... if the past can predict patterns for the future then everyone would be in the trade ... right? Someone saw 10 year high breakout and most wanted to believe it (me too). Ergo buy (not BYE) under a half position and take the contra view that chart also could be showing a pull back to test bottoms. Put in another buy in case it happens and remain patient. Sometimes it works and sometimes it doesn't. Luck, timing & then skill???

Some uncertainty removed (VR232). Now what are the next steps (beyond BP & VR) and capital commitments.

Time to talk Matt and follow through. Presumably a bump up today?