fundamentals and production, page-17

Irynka,

I honestly believe I could be wrong with SAE, but not about my sentiment, which is based on "my" intrinsic uncertainty about SAE's fortunes - my experience, my expertise, my assess to information etc.

IPM is so illiquid, current volume so low, I probably couldn't get out in a month if I wanted to. In that sort of situation you need to rely on fundamentals and patience - you become a potential price maker, rather than price taker. You need to accumulate in advance of chart trends and market sentiment.

SAE is illiquid, but not that so, and you have the buyback enhancing it quite a bit. I could trade in and out of SAE in the sort of volumes I do - if I wanted to.

Good luck with SAE.
EL