Last year when we had our first Investor Day the positive feedback we received was around the idea of not only the presentation but giving investors and analysts an idea of how we think about the world, how we think about our investments, how we think about our management and that’s what we will try to do with our presentation today as much as delivering information is to try to show you guys how we think about problems and problem solving and so that is one our purposes.
Also as I go through the presentation what I could be doing is talk about the replacement cost of our assets in the industry, valuations that have been achieved on hotel companies and past cycles and along the way I am to be doing the math of that is that if that same valuation occurred, our stock price would we X and I just wanted to mention that because you know sometimes some of them get the wrong idea and think that someone up here saying that our stock price will be X but I am just doing the math along the way and so please keep that in mind when I talk about some potential stock prices that might occur to our stock that is just. It's just extending if what happens in past cycles and the like happens this time around.
So let's get started here. Here's a few main points that I would like you to walk away from this presentation. First is that there's a still a significant upside in this lodging cycle. The lodging cycle goes through very long phases of five to seven to 10 years at a time and we are about a third of the way through this up cycle which means that there is a lot of room left in the cycle for an improvement in the fundamentals and likewise usually an increase in stock prices and valuations as well. So we think that the fundamentals for the industry are very strong and will remain strong for some time.
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