The panelists discuss what it’s like to be in a resource bull market and what is required to start the next significant market upturn. They all agree that a massive catalyst is needed. Mike Beck says, “In a bull market, if you didn’t make a million dollar by lunchtime, it meant somebody didn’t like you. It means virtually unlimited capital for half-baked ideas. This doesn’t exist anymore due to a structural shift in capital markets.” Matt says, “Bull markets are times when people loosen their standards and get swept up in the euphoria.” Phil laments that juniors are competing against sovereign wealth funds and that millennials are not interested in resource equities.