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My talk from the World Conference on Ecological Restoration on 10/8/13 in Madison, WI. My argument is: efforts to concentrate on watershed needs and processes in ensuring greater ecological returns from restoration may not be so easily implemented when it comes to mitigation markets. Outcomes are likely to differ from region to region, however. PES promoters regularly call for spatially-explicit approaches to restoration, but on the ground their efforts run into resistance from the entrepreneurs at the heart of these markets. Their concerns are both economic and ecological. I make the argument by taking us through how restoration sites in the Oregon market are planned for, chosen, and evaluated, ending with a discussion of what the case may suggest for other markets.