Ann: Third Quarter 2018 Results, page-5

Yeah but a lot boards are the same, overpaid and/or passive. I think management personnel of commodity related companies are in a risk free position generally, unfortunately for investors, because e.g. if BLY goes under they'll just blame the commodity prices and macros, whereas if BLY turns around they'll attribute the glory to their management. They are in a win-win situation. However in a lot of cases management is indeed to blame, notwithstanding unfavourable macros, but it's difficult to prove and the regulators don't care.

Good mining companies have been around a long time, and they navigate many era's of unfavourable macros. I'm unsure what drillers can do in downturns, miners can always hedge commodity prices for example. What BLY should have done is invest profits in a whole bunch of unrelated companies to build alternate revenue streams. Other companies do this. BLY would have had bumper profits in the boom. All squandered.