This is a unique company in a difficult business. It could be described as the "best house on a bad block.". At the right price, it is a great stock, but unfortunately, I would judge that the valuation given to Whistler/Blackcomb, or about ten times earnings is probably more appropriate. The industry growth over the last ten years has been 1% per annum. Vail's growth has been better, but as you would expect of a capital intensive, weather dependent business, it has been spotty. The stock is a buy below $20 and a sell over $30.