"...which makes one wonder why people do the exact opposite of...

"...which makes one wonder why people do the exact opposite of it, as demonstrated by all the fawning and gushing on this forum at this stage of the cycle".

Madamswer, I would suggest that many of the posters on this thread that you describe as "fawning and gushing" and suggesting that most of us are buying at these prices, have already made serious money on this stock and we are just celebrating our success. A lot of us have held FMG for some time and have been through testing times with this stock, even quite recently. It was only about 8 months ago that FMG was trading near its 12 month low of $3.50, whilst Rio and BHP were trading near their 52 week highs. But most of us stuck with the stock, and we were "contrarian" investors to hold, when the media and broker houses were constantly suggesting FMG had no future with its low grade IO and the discount.

What you say makes sense, but most of us have sold down and have some or all of our capital back. Personally, I was selling too early (as EyesWideopen says in his post). I started selling at $6.50 and all the way up to $9. I have $80k still invested in the company which is all profit, and I plan to never sell this and collect nice dividends forever. If I hadn't of sold too early, I could of been sitting on $200k profit, but hey I am still happy. I know there are others on here with far bigger holdings in millions of dollars. And I am very happy for them, also.

I get the feeling that if you had of used your "contrarian" investment style and bought FMG at $3.50 before Xmas, you would be high-fiving, fawning and gushing with the rest of us. I know your a smart guy, but some of your recent posts have been a little condescending towards some of the FMG holders. I like to think that most of us FMG shareholders have a few brains, and you shouldn't feel to worried about our ability to make sound investment decisions.