Hello Fossil.

You say, “Resource market is beaten down without mercy. Hopefully that is coming to an end soon.” Others express similar sentiments. It’s hard to disagree. But let’s not carry it any farther than that.

So far as FNC’s selling price, just because the industry averages are way down is hardly an excuse for the order-of-magnitude of our misfortune, because of the irreducible nature of our hard assets. Just because the industry averages are way down does nothing to equalize the company-by-company values represented within the indiscriminate good-and-bad of everything in the market taken as a whole.

Had management been awake-at-the-wheel, instead of comatose, there would still be cries of lament. By the logic of comparative bargain-shoppers within the market, the complaint would be levels-of-magnitude different than our present conversation. The well-grounded and well-justified complaint would be the outrage of a terrible market, mindlessly, slamming the price of our shares from—an already undervalued three dollars—all the way down to an insane thirty cents.