We are seeing much more competition in this industry than we've ever seen before. I think that gradually portfolio managers will start to realize this is not a safe haven. These stocks are expensive.

A good manager is a man who isn't worried about his own career but rather the careers of those who work for him.

You have to look at the recent rash of mergers in the refining industry. They are not aggressive, but defensive moves to try and somehow form a larger position in the market. But when everyone does the same thing, the effects are soon competed away.

This is like eating your seed corn, if you pay out more than you earn.

The system has basically been rigged to protect incumbents and discourage competition.

For Murphy and Moss, there is no specific adjustment that we are looking for. More ABs against good competition will hasten their development. For Delgado, this is an opportunity to have him pitch in a more controlled environment than he would with a team in Venezuela, and gets him under our supervision.