You've made a very good point here JJ. There are other assets or intangibles that can and do have value above and beyond just the fundamental value of a company. As you mentioned here how much is it worth to retain expert talent like ES? ( Companies often pay millions for talent. ) How much is it worth Teck to acquire a large deposit in a safe jurisdiction where more and more countries today are nationalizing their resources or outright increasing taxes on mining companies? What about our shipping port of Stewart which is one of the closest ports in NA to China? ( This could be a big factor if fuel prices go up and could make a big difference in costs as when compared to buying from countries like Chile or Peru ). We have alot of intangibles here that, imho, are worth a good premium.