For the moment, real life has gotten ahead of me, hence my relative silence. I will be caught up shortly and be capering for your amusement in this spot shortly.
In the meantime, I would submit the natural gas market as a prime example of foolish, overly short term tunnel vision driving valuations. Natural gas has dropped from $6 per MCF to under $3 per MCF. A mild winter, soft industrial demand and the amazing success of modern drilling techniques (fracking) have resulted in a glut of natural gas and the price has dropped to the point that it is no longer economical to drill many wells. Look and listen and you can find many comentators claiming that the world has changed, "this time it is different" and natural gas prices will never recover. Equities in the sector have been under a lot of pressure, with many down a quarter or more in the last 6 to 12 months.
