Every once in a while, words cannot express the madness of markets. Only a good old-fashioned table of numbers can do the job. So feast your eyes upon exhibit A in the case against resources stocks (below).

It’s from Robert Davies, who manages a fund I’ve written about before in this column: the Munro fund. This is a FTSE 100 tracker fund with a difference. Davies’ approach is classic value investing, in that he biases his selection of top blue-chip stocks according to their anticipated dividend payout. His number crunching recently threw up this table.