Very good BRR, page-18

Here here.

Look, this may be a dig at HS from motorcs and just waiting to see if he (hs) takes the bait but I think it's unfair to him/ her.

I don't think it's rocket science to see that pen hasn't underperformed in the u space compared to its peers. But, clearly it has dissapointed some who held it in high regard from said glory days because of managements great performance then. (amazing how your own success can be your enemy??!)

But let me ask you this. Who is wiser; HS, who has publicly stated his perceptions of hq's failings yet is still circumspect enough to separate his perceptions of (some of) managements failings from that of the value of pens assets OR, those who can't see that there is merit in the asset even without consideration of hq. To me, that is the proverbial 'throwing the baby out with the bath water' syndrome.
That is to not even mention the obvious - Fukushima...which clearly decimated Gus's (yet every other uranium CEO) plans for the medium term. Think about John borshoff's (pdn) brain explosion NOT to contract heavily on term market in past years and largely be overexposed to spot prices now (they are selling most their stuff at under $40!!)

So man...people can keep up this line if they like, but eventually the tide will turn and I for one will respect those (including vintage, but not excluding HS) who believed in something and stuck by the courage of their convictions. Troll like behavior is 'so yesterday'! So is talk about management. I think the jury is slowly coming in on that one. That this 'ramp up reconfig' is an elegant solution for a tough market..,with all upside ahead.

Cheers