ASX may have made all time highs, but market participants are just flocking to large quality market cap stocks like CBA, IMO they are not buying value.
Resource sector is synonymous with China and Inflation, and both are down, so no love for this sector in the interim.
People who already bought and held with paper losses could have resigned to holding out for longer into the next cycle if they have not sold yet, only those who are enticed with 'cheap' stocks would be buying the beaten down stocks prematurely. Beaten down does not mean they provide value. And if they do, the value could materialise further down the time horizon. Some could go bust or make CR at heavily discounted prices (e.g GLN today).
