OK, a few people saw a correction, but not many. As far as I know nobody saw such an earthquake correction in which many low risk PM (junior) companies lost 80, maybe 90% in market cap. If anyone had predicted such a massive correction, they would have been ridiculed or ignored. Both fundamentally and technically the correction was vastly overdone.

The reason was an unprecedented deleveraging of derivates and need for liquidity. I remember seeing trades going through at any price to try and raise capital, sometimes at 20-30%, or more below the previous trade price.

The tragedy is that many sound companies (like this one) are still suffering from this. Perhaps it´s better to look forward and hope that when the next correction comes there is not too much panic. Perhaps that´s another question to ask JP. Does he think that people who experienced last fall´s crash may act in such a way as to create another one, next time?

zykk