Traders are giving the size, the number, and the valuation of the company’s resources zero thought. What the market and many on this Message Board can’t let go of is how FNC communicates with the outside world and how management appears to the outside world. Apparently, the main things that matter are the non-rugged-looking appearance of the officers of the company added to their too bookish and too scholarly demeanors.

The job they’re doing accumulating and measuring and developing great resources doesn’t count for much. Every expenditure and every purchase is mercilessly ridiculed. I wonder, being guilty of every misdeed under the sun, how FNC wound up with the portfolio of riches it has at such low cost?