tuesday slide, page-59

So Sally what is your outlook for BHP earnings and commodity prices? I would be interested in your thoughts, especially in the context of previous commodity cycles.

I think there is a significant disconnect between the reality of the current economic situation the globe finds itself in and the BHP share price.

You only have to look at the action in the oil market last night to show where the sentiment lies with respect to commodities.

The fed cut rates to zero, and declared they will print money to their hearts content. The USD dropped significantly and the market expects huge cuts from OPEC yet the oil price did nothing and if anything fell.

At the end of the day commodity based companies profits and share prices for that matter are primarily driven by commodity prices. As you are aware commodity prices have fallen savagely, and historic commodity price cycles suggest a rebound at least in the medium is very unlikely

Disconnects in markets always re-connect at some point, it's just a matter of the timing - i would suggest the timing is ripe!!