Resources companies were one of the biggest victims when animal spirits were at their worst, could they be among the biggest gainers now that fund managers have a spring in their step?
Too much overcapacity, sluggish growth, debt piles, reduced dividends … Yes we've all heard it before, but 2016 has been another transition year for the sector as mining companies tackled poor balance sheets by selling assets, putting projects on ice and slashing capital expenditure as producers continued to drain the sink after years of increased capacity.
Traders reveled in the bounce in basic resources stocks off their lows this year while many investors eyed it suspiciously.
As 2016 closes out investors are split about the potential for the sector. Some remain nervous about China's economic growth and negative implications for commodities demand, there are genuine fears about a pullback given how much basic resources have already gained and the U.S. dollar's strength looms large as it makes commodities more expensive.
But there is also a subtle shift in the way some investment houses are becoming more open to the idea of a commodities rebound, reflected in a willingness to recommend the sector to clients - the opposite to their calls at the start of the year.