Ann: S&P DJ Indices Announces March Quarterly Rebalance, page-67

Oldtimer2 I think two things you raise are interesting:

1. I think Moelis have pulled back because of the lack of clarity. I don't see it quite as bad as they do - or we have been sold something that isn't what I think it can be.
2. I cannot agree with you on value add of chemicals as they are starting to state Margin percentages. I think they ignored the trial chemicals and lumped that into margin. Personally I think its R&D. Now that they have stated margin they could easily unbundle ongoing sales and margin and then have a separate line for R&D sales or trial sales and cost of sales. That I think would go a long way to supporting the share price - right now there are a lot of people saying - Wow turnover went up but gross margin is virtually nil. No gross margin no value in business.

Secrecy often is a two edged sword. If I dont know what you are earning can I truly give you a fair price.