"So, if we are talking about 'when' japan restarts, 'when' the U market recovers, 'when' utilities start to contract...and not 'if' to all of those questions...then the difference between 2015 and 2016 matters not"
Gav - you are missing an important dimension. It is not just a matter of whether its 'if' or 'when'. Its also a matter of 'how much'. You seem to be assuming that U market recovery involves some sort of discontinuity...a major spike or surge when everyone comes to their senses. That may be the case, but it is just as likely to be a slow incrementalism. Sort of like we've had for the past year but moving gently to slightly higher plateaux. How high those plateaux are and at what speed we get to them are the great unknowns.
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