Mr. Chandra: I cover the pure upstream exploration companies with market caps ranging between 100 million to 3 billion. They are just at the pure upstream end of the business.
TWST: What is the particular strategy that you and Morgan Keegan adopt when approaching this sector?
Mr. Chandra: Our place in the world is to identify up and comers and take them from a stage where they are not well recognized by the overall market and then to grow with them. By definition, they will be the mid-cap to small cap company range and we will focus most of our energies in that sub 1 billion market cap range. It has been an evolving emphasis. I think the market that we saw for the last two years and in this last run was rather indiscriminate about which stocks it took along for the ride. In fact, the higher leveraged, higher fixed cost companies tended to do better, but in the market that we have evolved to, more of the focus will be on growth. So our coverage is evolving to the higher growth names in the E&P sector.
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