Cycles. The media, the experts, and all the hangers on, have been banging on about the end of resources, about Australia will have to learn to make a living doing something else, etc, etc, etc. History has shown time and time again that resources are cyclical, and how investors who say "it's different this time" end up getting burnt. Well, the media, the experts, and all the hangers on, and especially the shorts, have effectively been saying "it's different this time". So now it's their time to burn, and the ones that will burn most are the shorts. I am absolutely totally not sorry for them. Not one iota. They have got the market wrong, they can learn the hard way. It would be nice if there were a few prominent bankruptcies among the shorts so that people can get back to understanding how markets really work. My portfolio has had a terrible time over the last 2-3 years, but last month I started piling back into resources because everyone was so convinced that resources would never recover. History says that's exactly when they do recover. So now it's my turn in the sun, and the rest can just reap what they sow.
End of rant!
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