Valuation is too high at 40 X this year's earnings and 15 X next year's earnings. You could buy Enbraer at 13 X this year's and 10 X next year's.

Inventory levels continue to be low and demand is strong. No significant new nickel deposits coming on other than Voisey Bay. Prefers Sheritt because of the better valuation.

Cheap. Compared to some of its peers, the payout ratio is low so they can increase their dividend. A very good franchise.

Once every six months they announce something awful and the stock falls 15/20%. A great opportunity to buy. A world-class company. Feels that uranium will move higher.

(Past top pick Apr 6/04. Up 7%) Pays 6% dividend yield. They buy it on bad news. An absolute cash flow machine.

A high-class company. $18/20 cash flow per share estimates. Inexpensive.

Prefers Petrocan a lot more because of its valuation. Trading at a premium.