mnjp,Not sure where you have been for the last two years. These...

mnjp,

Not sure where you have been for the last two years. These are no new revelations from me. I have been saying these things for a long time:

'the underbidder is the one who forces the price up '

'one bidder equals a modest price, and multiple bidders equals a large price'.

'the market for ESG is the majors, and it is the majors, in competition with each other, who set the price, not the retail 'market'.

Any of these lines ring a bell? They should, because I have said them often enough.

But if you would you like me to go and find me saying them from the HC archive, I am happy to...

Yaq