We were somewhat surprised to see a tag line in the FT today denoting the shale industry as being “Fed Resistant”. What a sad commentary on responsible Central Banking. The tried and true market adage used to be ” Don’t fight the Fed”. That might have to be amended however to ” Don’t let the Fed fight you”. Central Bank activity has become so aggressive and pro-active over the past several years, that a simple unwinding of this hap hazard strategy will virtually ensure that those on the other side of this mis-pricing will feel the brunt of this realignment. We have been very upfront about those areas of the market that we feel, and still feel, are “Fed resistant”- Hard Assets. Join the resistance movement: Buy Stuff.