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While some might question if the miners could be used as a proxy – or even a leveraged play on the overall space, we would strongly argue they would be ignoring how presciently they turned first and heavily underperformed spot prices throughout the most recent bear market. Just like the financials in the previous cycle, they became in fact a very leveraged short on the broader investment thesis over the past three years. From our perspective, it seems reasonable to expect that similar to the financials the inverse dynamic should materialize as the sector turns out of the bear market lows found last year.