James Kirby

more than a billion, not a million, a billion liters of diesel a year, most of it in the Pilbara.

They're actually gaining in this crisis because of economies of scale.

Just tell us, take us back to what you were covering on that one, Eric.

And you would have thought their share prices would, you would have thought they were struggling, right?

But it turns out they're not.

They're making more money, which actually, if you look, folks, you'll see that they're really going very well just now.

I mean, Rio's up about 20% this year so far.

This is against a flat market.

So it's one of those situations where you might assume

as an investor, certain repercussions of oil, but it doesn't actually work the way you might think.

It's worth actually really digging in sometimes like Eric has here.

And I think it's really interesting.

It explains to some extent why BHP and why Rio having such a very good year in the context of what is not a great year, certainly on the ASX has been going nowhere.

The ASX is going nowhere.

And the Wall Street is really starting to chug again.

I mean, it's up about 4% this year so far.

We're up about 1%.

But behind those numbers, the recovery on Wall Street is quite amazing.

We'll talk about that in a moment.

I just want to get back to some of these issues that will challenge your assumptions, folks.