Misunderstood your meaning there mate - I see what you are saying and tend to agree, but still believe (from a company prospective - not worldwide production prospective) that the reserves for all companies are the future and will ultimately be the gauge that they will be judged by.
It's funny - in a declining market exploration (or R&D in the case of industrial Cos) is the first thing to be chopped from the budget. I have personally never understood this, as I see the future as everything - look at Apple as a Co that never fell into this philosophy.
The tide is turning though, the old school are stepping back and a new breed of young CEOs are taking their place - let's hope they have the foresight of a Steve Jobs or other thinkers in the business community the see the future (planning) as the most important facet of business - longevity.
Bit of a ramble but hey - I am on holidays drinking!!
Cheers
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