Good points, but should we not focus on buying today what the market will value highly tomorrow? Majors are close to fully valued IMO. I want to buy now what the market will revalue higher down the road.

yes, that is a good idea, and i think the exploration companies will have their day. by the end of this cycle, the ones that have good properties will be selling for at least ten times today's valuations. but right now the market seems to yawn every time a company proves up more resources. but their day will come when greed replaces fear in investor psychology. right now i still think the specter of last year's meltdown is seared into our collective memory, and it will take a while before investors trust and believe in junior exploration companies again.