Overlooked in the focus on cheap steal prices, cheap boxes, etc., is a point that one of the TAL execs made on the conference call. Logistics is a very important aspect of the container business. Boxes can be bought cheaply, but the ability to position the boxes profitably is an equally important part of container leasing. The over-focus on the effects of cheap steel prices and the slowdown in Asia-Europe traffic probably account for most of the knee jerk reaction. If competitor boxes get stranded in far-away locations, a surplus of boxes won't mean much. Execution will produce winners and losers in this space, and I like TAL's savvy. They were smart enough to lock up long term leases in front of a cut-throat downturn and they are now well-positioned to wait for opportunities to pick off competitors that are in over their heads. TAL is a likely beneficiary of the current environment despite the stock price plummet.