Ann: FBR and Caterpillar discontinue MOU, page-114

Okay copperheads. Tomorrow will look like a bathroom floor after a Tarantino film shoot. No doubt.

But. FBR have been playing a very strategic game and playing it carefully. If we remember the margins that were on play for CAT manufacturing the Hadrian X, it was very tight margins and cashflow being returned to FBR. CAT would also have open slather to sell Hadrian X to anyone and everyone - that is CATs business model, in some ways undermining FBR brand and control.

However. With the new Wall-as-a-service (machine as a service model) which was analysed earlier by another copperhead (apologies) there is a much higher cash flow and rate of return to FBR. FBR retain brand and control and make money per Weinberger brick laid, it also allows more widespread market penetration as builders are paying per M2 not outplaying $2m per Hadrian X - less risk for them = greater uptake for us.

In short I agree

Medicate and Hold or Drink hard and Buy.

Good luck to all tomorrow.