A question I asked myself some time ago and I was glad I managed to get back to parity before I sold. I am not an expert at financials or how a company should be run, however I could never work out the hedging (Gas and Refinery) strategy. Especially today with gas prices so low and refinery margins in the gutter. This had been bothering me for some time. Seems to me it's like buying opposing pairs which will always balance out in the end. Problem with that is I can never see huge upside in the equation. After all when you speculate (not invest) in a company which is what this is all about, you are supposed to be hugely rewarded if it is successful. Todays price at $1.63 is not sufficiently low enough for me to risk a bet. The potential upside is just not there. Actually I appear to be a prophet of gloom and doom but I just fear the worst has not been seen yet in the world economy and none here can say that a further downside in the markets would not affect CLL. Actually CLL management have done a remarkable job so far but they have been fighting fires for a long time to try to keep ahead due to an unfortunate turn of events. Sorry to say it but the old saying is unfortunately true in this case, you can put lipstick on a pig but it's still a pig. I will of course monitor this site as I like the discussions that take place here. I have also learned a lot from my visits and look forward to more gems of wisdom from you guys.

Den