dharry,
I don't really have a clear view on this, probably because there's too many competing interests for a simple answer.
I wouldn't suggest that resource companies are a worthless investment but price and science are two different questions.
Price wise I think that the resource sector has topped for at least the next ten years.
Ultimately an investment is theoretically the net present value of all future dividends but keep in mind that todays price is no more than a perception value...
What will be perception of value in ten years time if the economy is halved because people are paying back their debts instead of borrowing to buy plasma tv's and the tax burden is shifted (in the form of a carbon tax?) to wealthy carbon intensive industries? Will the person that you want to sell your investment to share the perception that you currently hold? Will they perceive even greater future returns than that which you perceive?
Maybe they will... but not imo.
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