Mike,"That said [land and mines], these types of assets don't have the kind of wild swings that marketable securities do, and don't get constantly re-adjusted to whatever their current market value would be like marketable securities do anyway. Other than land, which is not depreciated, the assets gradually get amortized/depreciated over time. They might get marked down if there's a permanent impairment, but that's about it."What about their true value, however? Once a leasehold or property is known to be prospective, it's value changes a great deal Thinking oil here... A leasehold in the Gulf of Mexico can be had for chumpp-change in these guys' terms. But, a leasehold with proved reserves is worth considerably more, and a preforming well even more. Is land that has been proved prospective still carried at cost. That would make comps between companies more difficult, not less difficult. Mining seems to be a "different" area where some kind of mark to market calculation of ROE would actually be desireable, albeit difficult.Peter
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