Guidance for 2006 and the long-term is likely to temper expectations, while potentially setting a base for upside.

There's a history of investors jumping into asset classes at their peak, so it's better to temper expectations and not to expect recent returns will continue forever. Will investors be as excited about the diversification benefits when oil is falling, and stick with it?

If anything, these last two years have taught us that we should temper our expectations.

Today's drop is because of missed earnings expectations for the fourth quarter and also that the guidance for the 2006 production was slightly underwhelming.

Tiffany reported earnings above our expectations ... first-quarter guidance appears light.

The guidance is going up and the numbers were above expectations across the board, particularly on the integration of Allied. It's pretty good news all round.