Ann: On-Market Share Buy-Back, page-139

Bear markets last 12 -18 months when bankers stay out of the way.

I expect the one we are in to get a lot worse before it gets better, with rallies along the way to either release more cash or get sucked in to a deeper hole.

Plenty of dry powder is what every investor needs, in my view.

PTM remains far better placed than MFG from an investment perspective but MFG has far more upside from a business point of view.

We are moving into some interesting times, in all facets of life. This 20's decade wont quite have the party atmosphere of that in the 1900's. That much I am pretty sure of. The 21st century so far has been an investor's party basking on ever declining interest rates and ever increasing debt.

Those times are now well and and truly over.

GLTASH