Brad, Happy New Year.
As before I enjoyed your insightful analysis, in particular the illiquidity premium. I am working on a deal that involves oil and gas assets in the Canadian arctic, so your comments are particularly appropriate to this deal - bit of art and science involved - for example global warming or not, tankers in the arctic or not (in case an environmentalist is reading this please note that I am only the piano player), and so on.
Best wishes for 2015
Savio