Are you insane?

Go and visit the Resources section of the FT. There is no good news there. Rio just released a statement about their capital position and used the phrase "Given...the unprecedented rate of deterioration of our markets"

Hardly sounds like "Demand is holding firm" does it.

Commodities may well present a long term opportunity, but don't try and suggest that all is well at the inn just now. It most certainly is not and there is great disagreement between major analysts and various international organisations as to precisely when we will start to see some recovery.

"Regardless of the Armageddon fears prevalent today, I would argue that this slump may turn out to be a fantastic buying opportunity for the patient, long-term investor."

'...patient, long-term investor'. So, in the long-term, Puru is saying that some stocks will go above their current levels.

Well wow.

I wonder if he got an economics degree just so that he could make fairly redundant statements like that. It is like saying that if you bought overpriced stocks in 1929, that if you held on to them for the long-term, you'd be just fine.

But...of course we must remember that this is just another factor of a bear market rally - new confidence.

(what I would like to see is Puru put his money where his mouth is)