is resource bubble like tech bubble, page-23

all investments are valued on the basis of earnings going forward

there should be a one to one relationship between market prices and the value of businesses

this phantom banking system has created extreme uncertainty at the moment

people are talking about trillions of dollars in credit deriviative swaps

most people don't even know what they are

this creates fear and uncertainity

as result people can't accurately forecast the future

people are nervous nellies when it comes to money and jump at shadows

They like to be safe than sorry so they sell

they have therefore sold thier shares at well below what they are worth.

we'll see if I'm right