Those institutional holders are almost all under water. Given the current macro environment, many of them perhaps most wish they had their money elsewhere. There is little they can do other than play it out like the rest of us. They too are hoping for a better risk environment for the majors to embark on major new mines. Canada is a relatively high cost country for a major capital development, and right now nickel is not high on the prioity list. Precious metals, rare earths, and potash seem to be the flavor of the day with little evidence the world needs another nickel mine in a hurry. We need to have a long term perspective while hoping the drills stumble on an even more exciting resource. Yes, we have a great resource, but not for the current market.