8 - management of his investment without making him a new minority stockholder in your company. This approach can he particularly effective if it is necessary to reach a decision quickly. For example, we have found that an experienced mining company can reach a decision on a mining venture in short order, while those inexperienced in mining take longer to arrive at an answer, often because they spend time worrying about the wrong things. Another basic decision is determining whether you should seek debt financing or equity financing, and here again it depends upon the risks involved. It goes without saying that you should not borrow more than you are confident that you can repay under adverse circumstances. Except for this broad caution, borrowing is cheaper, has tax advantages, and is usually easier to arrange. Finally, you should decide before you approach those on the outside for financing, whether you are going to play it for the long pull or the short term, for this will determine in some measure where you go, how you conduct yourself, and how hard you will trade. If your outside financing is long-term in nature but limited to a one-shot effort, perhaps you are wise to make the deal as best you possibly can. However, most growing companies must anticipate frequent trips to the money market and should conduct themselves accordingly. You can outsmart yourself by making a deal that is too good for your company and bad for the outside investor. In our company we are convinced that it is most important to have the welcome mat out when we come to call and we want those who contribute to our prosperity to prosper with us. We try to play it accordingly and I commend this approach to you. For example, the banks are the most important single source