Its valuation is too high for someone with a value bent. As well, we are concerned that management's time and attention will be devoted to fighting the split-up and this could take years. We would be inclined to look at less expensive ways to be exposed to the high-growth Internet market. We're very keen on the oil and gas sector. As you point out, both the oil and natural gas prices are up substantially.
Inventories are generally down in North America, and demand remains strong.
The oil and gas companies have all been reporting enormous growth in cash flow, but we believe that the multiples do not reflect the ongoing strong fundamentals for this industry. Interestingly, we have seen numerous American companies come into Canada over the last year, and buy Canadian energy companies. We think this will continue as long as the market does not fully reflect the positive factors at work in this sector. Our cash position is currently around 12 per cent. It's come down over the last month or so, because we bought into the market correction.