tomorrow, page-8

I disagree about the US -- I think we're just seeing the beginning of a major (and fully anticipated) unravelling here, with so much leverage in play courtesy of the giant hedge funds that have been flourishing in recent years on the back of cheap credit. News that more and more hedge funds are going to the wall is just the beginning. I think this could take many months of messiness and lost shirts to settle down. Never underestimate the ability of highly leveraged investors to panic!

Having said that I have no intention of selling a single ADY share and will just sit tight. At times like this one needs to focus on the company itself, which will continue to operate and continue to supply iron to desperate Chinese buyers for quite a while yet. Then we have the Li side which will be huge too. Phil is cooking up some interesting ideas which we will all benefit from in the long run.