IVN and the new CEO have to raise the billion dollars needed for the project in Mongolia in such a way that it doesn’t give away the company to Rio Tinto. This plays into the new CEO’s strengths.

The offer is probably a fully priced offer, but is fair to the BHP shareholders also. It is the single most important nutrient company on the planet. He doesn’t see a competing bid coming in for POT. He would not be disappointed if the deal did not go through.

The knock against them is that they are a me-too company. They are moving into gas shales when the public believes the gas stocks are heavy. Talisman will do well in the 3-5 year time horizon. It will be stuck in the 12-month time horizon. Gas will be stuck in a North American bear market for 1-2 years, but he is bullish about the entire energy sector.

High degree of respect for the management team. It is an attractive preliminary assessment. You can trust the management team more than others. He will look at it carefully in the future.

High regard for management. Lots of potential in south islands. They will overcome technical operations over the next couple of years. The company will grow in the years to come.

On his watch list. Trading at a premium to what it is worth at present. Exploration results suggest it is something he might own it in the future.

Over 10% shareholder in this one. Likes the exploration project and management team. The mine should be developed in the next cycle. Thinks they will be taken over. It’s a high-risk stock, like the others today.