Some Random Thoughts!It is important to understand the reality of SCN’s competitive position. While they are a low cost producer at the operating level, and at certain cobalt credit prices can be one of the lowest cost producers in the world, at the overall corporate level they are not. Therefore, their cash flow swings dramatically at different nickel prices. They are heavily torqued to Ni prices and the cash flow delta between even say $8 Ni and $9 Ni is significant. At an annual average of $8 nickel the stock is fairly priced. At an annual average $9 nickel it could reasonably trade up to $2.00 (at $15 Ni more like $8/shr). If you believe there will be a substantive nickel cycle SCN is a great way to play it. George Soros always said that for a given commodity price move one wanted to own the low cost producer AND the swing cost producer. Cash flow and not necessarily earnings is the right way to measure the attractiveness of this Company as some of the accountants on this Board have pointed out. As I previously stated, I didn’t expect a big buyback of bonds this Q with one CEO departing, another starting, and new budgets being prepared. I do expect more significant buybacks in the quarters ahead if Ni prices remain flat to higher. I also think the technology thing is not to be discounted and offers a low risk “growth” aspect to the story, the absence of which some posters complained in the past.