I'm not familiar with the expression used regarding the pig, but...

I'm not familiar with the expression used regarding the pig, but I take the point nonetheless. It all depends on the timeframe used.

BHP is a wonderful company. It's heavily skewed towards iron ore though -- the performance of which has surprised everyone given China's soft economy and housing sector woes.

Since listing, we've gone through periods of both outperformance and underperformance vs. BHP, but over the very long term the trajectory is up for both.



Here is another chart, but with BHP and FMG -- a pure play iron ore producer:




Here is a chart of the iron ore price showing a strong move upwards since early October.