"Its also convenient to still blame apartheid for the governments failings -- although that position is getting a little dated now."

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How should citi

Even before September 11, 2001, South Asian taxi drivers faced waves of abuse, prejudice and even violence from passengers, who were often in a deep stupor of alcohol.

To address the topic of Tom's piece directly, we do like power conversion devices as an industry, and we do hold and two other inverter makers, across portfolios. On the risk side, we agree that inverters, while critical, are not big value-add products and that manufacturers could suffer from competition as a result of relatively low barriers to entry. But the world will need more inverters (and lots of them), so for us this segment of the renewables story is about scale, or which firm is making these devices at lowest cost. The other key risk, and here we again agree with Tom, is that China may decide to add this piece to its repertoire and link together the entire renewable energy chain in-country. But this risk may also provide opportunity if the Chinese decide to make these firms available to foreign investors via ADRs, as has occurred with many of their renewable-related firms. I also see the possibility that the larger solar PV manufacturers will buy or build inverter making divisions in house, thus ensuring supply, prices, and some margin control, making their value propositions that much better in the long run. And acquired companies, of course, usually receive a premium above spot.?