Well, I just read the transcript and it was a great read if you're long this company. If you go to the QA it is funny how the analysts broke Ray down to basically telling them that FWLT does have multiple mega projects that are 'likely' to be booked in 2010. Ray made it seem like there will be one announced over the next few weeks and the others in the first third of 2010, he started by saying the 1st Q but then overstated 'or the first third of the year'. Other encouraging take aways are take FW has used this down period to strengthen internally at the mang. level so as to be in better position to quickly take advantage of the uptick in projects when the market picks up which they expect will start during the 2nd half of 2010. They've managed costs well and upped margins to 16-18%. Really, the whole call seemed to revolve around the analysts trying to pry info about the upcoming project awards and Ray isn't allowed to disclose them...it was funny because those analysts seemed giddy. Also, they are looking to do more M&A so to increase the breadth of scope that they can take on with there projects. Ray also made it a point to say that 2009 was the best year they have had with regard to winning project awards...given the market was down so their number of awards was down...but the quality of projects and the percentage that they captured, Ray said it was the best year of his tenure.

I am glad I am long! If you are long, read it. It starts off a bit slow but it leaves you wishing it were longer. I am going to continue accumulating share on dips...and perhaps if it runs out ahead of itself again will sell only as a quick trade to aquire the same shares lower...but this strategy may get dangerous in the next couple quarters as I would expect this to run by next summer to as much as 45-50. Of course, that is provided things continue as they are currently. Would love to hear others thoughts on the call. B