The resource sector is structured around cycle, earnings, capex and returns, but long- and short-term sentiment could be the real drivers. Commodity prices, capex and returns are not yet at peak cycle. De-carbonisation, company management and ESG scrutiny are all emerging themes, diminishing the favoured influence of commodity prices on sector alpha generation. Is this an evolution of value drivers for the resource sector, or are investors just a little late to the drawing board? If long term sentiment begins to turn, then there is significantly more value to be found in the resources se...