It appears that PH's latest comment (that he had sold sometime prior to July) was made in the context of disappointing drilling before the regional extent of Cr was known. Since selling something is a reflex to redemptions, he has likely moved out of a wide variety of juniors that are out of favour short term. A better question to PH today might be "If you were investing your own long term capital in resources today, how would NOT compare to other candidates ?" Fund managers have the curse that the performance concept of "long term"is an average of 45 days.