investment themes for 2011, page-4

Cam

You raise good points and i guess your experience and time watching the cycles gives confidence.

I tend to feel that you are correct in your analysis, after reading your reply.

I guess I am somewhat tainted by my own experience in the retail sector currently, it is ultra competitive and challenging.

No I never received your response to my WHG query. I have advanced my model to some extent but yes still have a query regarding the amortistion as reported. I certainly find modeling an invaluable tool and appreciated the help to date.