further excerpts from Dox Coxe (thanks for providing that link, Slug!):

"...we're going to have more turbulence and the backdrop of bearish equity markets and disappointing ecominc numbers is not the stuff of big rallies.. oil is quite likely going to break $100..and that's going to be a big psychological effect on commodities generallly;

"...but if you accept that we are not going into a deep global recession, if you accept the fact that most (large) commodity companies have very powerful finances and are making lots of money and haven't done dumb things....and if you accept the fact that eveything that has occurred geopolitically in the world suggests that unhedged resources in the ground in politically secure areas of the world are actually growing in value as we speak.. " the long-term forecast actually gets better under this....our bottom line is that with any longer-term viewpoint (a year or more), the underlying value of these companies relative to their stock prices is better now that it's been for several years....I couldn't disagree more with those who say this proves that the commodity boom was a biubble, like the tech bubble, "and I don't know when the day will be that we'll look back at the prices of these stocks today and say, 'Why wasn't I backing up the truck?'