Interesting observation Max - I totally agree that MSR is very undervalued - question is why? The fundamentals look good and the prospects bullish. I think licence delays and competition could be holding the share price back, although I also think the market is undervaluing Morello and its potential - hopefully the results will demonstrate this. It is also likely that MSR is a victim of general weakness in tech and AIM stocks. 2006 could bring a re-rating for undervalued growth stocks - if so I think today's price will be a distant memory. Here's to a happier 2006!