oly and the gorm

Many months ago when BHP was rocketing towards $50 and RIO was heading to $150 odd, Oly stated that resources would collapse and that his plan was to pick up some BHP in the mid 20's or so for the up and coming resources super cycle.

I thought NO WAY, BHP was much more likely to see $100 than anything below $40.

Never the less I sold all my holdings in both and waited. I got impatient a couple of months back thinking that both were as cheap as they were ever going to get. I bought back 20% of my previous holding. Another month later and much cheaper I did the same with another 20%. Now both are even much lower and not showing any signs of bottoming out yet.

I have 60% cash left waiting to buy back in at the RIGHT time.

So how about an update Oli?

I wont be buying any more CMR having purchased at $5, $4 and $3. They are probably "cheap" but I have lost faith in management so much so that I will not throw more money at them.

Many thanks and appreciate the ideas and theories that seem to be much deeper and credible than one might expect.

Just as long as I don't have to pray to Zeus on a daily basis