We are a research-intensive manager of concentrated stock portfolios.  Our focus is on stocks of companies that pass our stringent test of quality and that are cheap in relation to their intrinsic value.  Shaw Group's research seeks to appraise the worth of a company by determining its acquisition value, or by estimating the collateral value of its assets and or cash flow.  The term intrinsic value may also be referred to as private market value, breakup value or liquidation value.  The process is more closely related to credit analysis; we are as concerned with the return of our capital as we are with the return on our capital.