do not disturb - i'm eating my hat!!, page-25

re: do not disturb - 618 These last 6 months are remarkably similar to late 2003 when great exploration success was met with complete indifferenece from the market. Again, Maquarie has warrants expiring.

HDR is the worst performing stock in my portfolio over the last 12 months. It is also my largest, not because I invested so much money at the time but because they have appreciated so much over prior years.

Nick