Why long-term investors have nothing to worry aboutJust my opinion, but this sell-off is completely disconnected from the fundamentals of supply and demand. ARX gets stronger with each passing quarter (debt, hedges and share count all shrinking while its FCF yieild strengthens). Recessions are a completely normal part of the economic cycle. They should be expected and in fact welcomed to help vaporize the froth and nonsense (i.e. tech names trading at 50X sales and JPEGs of apes selling for $250K). I say bring it on because nothing has changed with respect to the underlying thesis for those who are balanced, diversified and patient. Cheers and GLTA ARX longs.
In today's FP