Peter,I agree. ECE's strong holding does seem to be a negative...

Peter,

I agree. ECE's strong holding does seem to be a negative in the minds of the market.

The market loves blue-sky stories. The market loves a company has all the options in the world, not necessarily any cash, and not necessarily any development path, but lots of blue sky and an open register...

But when a certain path is chosen, when a partner buys in, and when a company buckles in for the long run... well, reality bites. The cash is there, the backing is there, marketing the end product won't be a problem ... but the excitment is gone. A bit like getting married. ; )

I don't mind. GBE-type investments suit me. The upside is very likely for the patient, and the downside risk is so minimal due to the cash backing and the value of their projects. They are a good risk/reward.

The Chinese were happy to pay over 40 cents per share. I am happy to pay 17 ...

And a good marriage isn't such a bad thing, even if that does make you less appealing to other buyers. ; )

Yaq