All of us accept the assertion, the life and market is full of vicissitude and all of us tend to react over optimistically and depressingly. How could you be happy when the storm beats all down outside? How could you be depressed when you are in a party you really enjoy? When we reply what happened in history, do you wonder how wide the life and market can be? How could image the vicissitudes in price of a excellent Australia enterprise, BHP or FMG in little more than a single decade. *** When you read the old news how could we stop the wonder that what miscalculations and excesses of optimism and pessimism the crow has valued its shares. In 2000 or before 2003, all of Aussie Resource companies were really being given away, with no takers; in 2007 the crowd was clamoring for the shares at a ridiculously high price. After peak in 2007, it came a quick loss of 1/3 of the market value, we got so called V-shape recovery a few months later. 2011 started with the euphoria and then we got substantial further decline. *** With the vicissitudes the company was to turn from outstanding money making machine to mediocre earnings performers; When the profit or profit expectation shot up in the boom-year, the things become worse. The price became too high and then the yield were unacceptable low. Bull pushed the economies into full capability or over used. Once the trend or crowd was hit big enough, all of market players have to choose to run away or hold defensive position. Yes some companies are still excellent business but could not run, not as profitable, and not as attractive. *** There are two chief morals. 1. the stock market often goes far wrong, and sometimes an alert and courageous market players can take advantage of its patent errors. 2. Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. We should not see any companies with the template we have made. We need not to check companies’ performance just based on what happened; We should give them good and hard look from time to time. The bust and bull change everything and generate the elements for black swans for them.