TOT Slides

[Getitrt2]

Puts is correct but that all changes next year . A payment next year of @ $2 Billion changes everything . UBS's work shows a stock price in the $90 with that size payment .

A lot of very positive things need to happen to get to some of those lofty valuations at certification. People just aren't buying resource stocks; especially those with no cash flow or dividends. The bigs are trying to defend their pps with cost cutting and preserving dividends. Oil prices need to start a sustained move back up before there is much interest from the market. Mgmt knows this and is talking primarily to hedge fund people it appears as it's hard for the others to find interested clients to buy right now.

As always, we wait.

Mutual fund managers can also buy without finding interested clients to buy themselves.  Personally, I can find clients to do so, and other such people should do so also.