Agree with all you say. They are at different stages. What all the McF investors need to focus and refocus on when deploying new money, rebalancing, or shorting is the dynamics of relative market capitalizations, net of non McF assets, and allowing for costs/dilution to drill to the point of a 43-101. However, the discounting factors remain extremely high for all plays except NOT which actually has resource that supports its market cap. There is no doubt FNC will be a much higher beta stock for the foreseeable future.