nice little letter, page-6

Hello RICM

I think that Iron Mountains bid is opportunistic and I will certainly not accept the current offer. There are two basic problems:

1. Demand for iron ore has dropped with the Chinese being the only major consumer. It is the BHP's and the RIO's who will win this game as they have billions invested in infrastructure, not the IRM, the BRM's or whatever who have sterile (in my view) depsoits at the present time;

2. The indepependant valution of TRM's assests are way ahdead of the Iron Mountain Bid. I think that the independant valuations are right.

The problem is is that neither compnay has much liquidty.

I invesstedin TMX to make money, like pretty well all the other investors.

I think the danger of the current placement is that is gives too much opportunity to certain interests to accentuate their position at detriment to the minority shareholders.

Personally I would like to quit TMX and put the funds into BHP. Woodside, Westpac as these are solid companies. But how do I sell a million shares in TMX when there is minimal liquidity?

I hope this helps, but this post is for amusment purposes only.