OK, not pre boom, but have a look at what investment banks use as their long term prices (and these consultants would of used similar numbers). They've been upgrading them since 2004 but are still very very conservative from 2010+ These guys have all worked in the industry too long and think every boom is followed by a big supply response and massive price declines.
OK, not pre boom, but have a look at what investment banks use...
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