No I hadn't seen that, great find and thanks for taking the...

No I hadn't seen that, great find and thanks for taking the effort to post.

The title of your post is quite accurate I think. From what I can see from reading FET's announcements over the last 6 or so months is that they are certainly in acquisition mode.

Indeed, I am not sure if you listened in on their conference call a few months back, but it was rather clear that they don't want to simply rest of their laurels and earn income for their existing portfolio .. but want to actively seek out growth opportunities to growth the portfolio.

I think this is good news as all us holders will want this company to be around for a long time and pay increasing dividends, but to achieve this it will need to grow its portfolio. The only trick, however, is that management need to be on their game and not overpay for assets that as you quite rightly say, could look expensive if/when the cycle turns.

This is where the true value of quality management shows itself. I feel confident in the current FET management team, but nevertheless, it would be wise to watch how things evolve with FET over time.