We bought come coal miners, Arch Coal, more Alpha Natural, Hess and Chevron. ANR reached a low of $16.80 in March of 2009. We closed at $19.91 today down from $65 at the beginning of the year. Arch Coal reached a 2009 low of $15.20. It’s there again now. Hess got as low as $41.56. We already own a painful amount of Exco Resources which we expect to eventually get bought out by BG or someone else. Call us polyannish but we hope politicians will wake up to swapping out domestic energy for foreign oil. That could be a lot of plays on that but they all ultimately revolve around using our natural gas and coal reserves. Do you realize the U.S. may have the largest proven reserves of gas and coal in the world? Certainly we are the most stable place in which to invest the capital needed to extract them.
I don’t think the place to invest now for alpha is the NASDAQ. That’s the only major market that didn’t flash green today although if the market turns, undoubtedly it will turn with it. But if you are brave or foolish enough to follow us down the down staircase, time shows you will be rewarded.