how was your quarter?, page-45

DSD, the reasons the market slowly and painfully sold down mining equities are well understood:

• Even given massive commodity price gains of the boom, the industry broadly made few returns to investors, because costs increased in line with commodity prices and margins were relatively static.
• When commodity prices weakened, the exuberance of the boom finally left the collective psyche of investors, who quickly lost patience with miners.
• In a low interest rate environment, stocks with even modest yields experienced better capital returns than miners, and for lower comparative risk.
• As there was no single catalyst the decline since 2011 was a slow death, unlike most busts which historically have been much more short lived.

Do you actually believe the obvious is a façade? If the obvious is that BLY are running at a loss, is your logic that this is a façade, means that they're not? (LOL)​