RE:RE:RE:RE:BSW Clearly you're diversified w/ divi'sWolf , my friend , I love to laugh which has sustained me through a lot of very tough days and times . You're right , this is not rocket science , its the ability to see through the smoke screen and the BS that has been heaped on the North America's middle class .
You mentioned the long term impact of Capex decline , I have been at the pointed end of that spear regarding Capex decline . I have seen good people starved out of the trade they specialized in because of it , I saw my year end totals cut 40% over a 5 year period . Although I always had work when I wanted it , I also turned down jobs so some of the younger guys could get a pay cheque . It has all squeezed production but more important , it has depleted the workforce . When I say you can't just flip a switch and rev things back up , I mean it because I have lived it .
Not only do I appreciate you saying you feel there is more upside , I'm telling you I know there is more upside . In my trade you cannot find people to fill all the jobs we have and that is the same with every company in this business . The work is there , the people have either have moved on or just have had enough .
Currently there is central bank/government policy causing a selloff where the banks are taking all that stimulous out of the system . O&G stocks are being held back but the FCF , debt reduction and valuation curtail a massive selloff in those very stocks . The doorman is yelling fire but shareholders of O&G know its a false alarm and just order another round . 2 or 3 years ago stocks like BTE would have been road kill on a day like today but these are different times .
In short , there is blue sky to the horizon for us and it drives some people crazy . This will resonate with you when I say being awake is different than being woke ! I know as sure as I am sitting here , we are only taxi-ing TO the runway , we haven't even started winding up the engines let alone cleared for takeoff or reaching V1 or V2 .
Enjoy your weekend and make your wife feel special on Sunday (that's her day) and I will see you on Monday . Cheers Wolf