RE:RE:RE:Stating the obvious about a rising cost of new acquisitionsI vote for option B, mat: "don't have a clue".
What will happen when the cost of acquisitons no longer supports buying new properties is exactly what Keith Neumeyer said will happen: The company will shift toward increasing the value of its existing properties and monetizing them through joint ventures, royalty agreements, etc.
This was going to start happening soon in any case as the resource base is nearing critical mass, along with (some would say) the share count. Neumeyer recently suggested that there might be a few more acquisitons but that the end (of the beginning) was probably not too far off.
It wouldn't have hurt for the bear market to have gone on just a bit longer, of course, but I think that - all things considered - the Neumeyer's aggressive strategy has paid off handsomely and the company's timing has been dam near perfect.