Polaris Renewables (PIF.TO)

Geothermal. Has been a particularly painful speculation for him. They have had some management issues. Brought its phase 1 plant on time and on budget. Suspects if they get through this calendar year, on time and on budget with phase 2, that they will be taken out next year.

To put it into perspective, the stock was $2 and change and is now less than $0.50. Doesn't see any good news in this. There is a lot of selling indicating people are trying to get out of it fast. Volume has dropped off. It is very sporadic right now. Any contracts that have been announced are not having any major impact.

Doesn’t know if they will get the approvals they need. By September you are into tax loss selling, so move on now.

Likes the US geothermal space. They get very generous subsidies. Focus is not to find geothermal but to finance, build and operate geothermal plants. This company has the best range of experience in this space. $150 million cash.