High prices boosted supply in the United States from unconventional plays in North Dakota, Texas, Oklahoma, Colorado, and Canada. Then the bottom fell out -- not only for shale and bitumen, but globally.

Use of precious metals in consumer electronics and future battlefield systems depend entirely on recycling the cellphones and desktop computers that we already threw in the trash.

Rear view mirrors are nice, but the real deal is to make accurate assessments of the future. Deutsche Bank got my attention as a red flag. But I acted on a wider view of world debt, growing entitlement burdens, and something we refer to as Hell.