Second, scientific advance tendsto have increasing returns to scale: adding more scientists to a community does not diminish individual marginal productivity but tendstoincreaseit.
Further, the fund tendsto remain in mining stocks even if the sector as a whole turns lower, although it might increase its cash position some in order to take advantage of shares that might become cheap.
It is not something that fits with the giant corporate mentality that tendsto grow more and more restrictive and ossified as companies increase in size.