The Globe and Mail reports in its Tuesday edition last week, Walter Energy filed for bankruptcy protection. The Globe's Tim Kiladze writes metallurgical coal sells for roughly $100 a tonne, less than a third of its $330 price in 2011 when it bought Western Coal for $3.3-billion (all figures U.S.). Many more deals fit this mould. In 2012, Cliffs Natural paid $4.9-billion to buy Consolidated Thompson, assuming China would have insatiable demand for iron ore. Two years later, the buyer put its acquired Bloom Lake assets in bankruptcy protection. Barrick paid $7.3-billion (Canadian) in cash to acquire Equinox Minerals, and when it looked like China's demand for copper was insatiable. China's state-owned giants went gung-ho on Canadian oil and gas assets, scooping up everything they could easily buy. These deals hardly look good in hindsight. Mr. Kiladze wonders why we keep falling for the same old ruse, especially when we have been burned before. The financial crisis was supposed to teach us about falling for resource boom hype. These days, the hype is around non-resource industries. In the last year, virtually all the top performing stocks in Canada are non-resource names. Perhaps history is repeating itself.