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Sly Ace:

4. SCMR -- even though a royalty play, I have to believe that this royalty game
will be going strong in 5 years. For reasons I cannot articulate (probably a bad
sign), I would pick this one over RBAK and if I were limited to five, I would not
pick two in the same game.

Could you explain why you believe that Sycamore and Redback are in the "same game"? I'm not saying that they aren't, but I just spent an hour on their website
and the only thing I could come up with is:

Is it your contention that this product competes with Redbacks SMS:

or with their Siara product:

As for Royalty, many are betting that Redback has a more simian nature.

Thanks, Tim

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