That was a fine presentation. We don't get to hear his views that often. Thank Baires. I do consider his thoughts valuable.

The only reservation I have with long term cycles is that conditions have changed so much:

1. No country in the world is under currency restraints from a gold standard, though other countires are now beginning to see the need for such. Hard to tell how much that will factor in.

2. Peak oil may change people's outlook very fast and very permanently. Hopefully it won't lead to wasteful wars.

3. Many people are of the opinion we are in the "last days" foretold in the Bible. If so, and if I read the Bible right, this will result in profound changes which will dramatically alter people's perception of where the world is heading.

For these reasons I just try to indentify the current trend and stay with it. I agree with the two Jim's (agriculture, energy, metals/commodities, water) in no particular order except to say that water is for now the laggard.

P.