in a rallying sector there's no need for what many see as a reach
that's where I part ways with the many. Why would I chase a leveraged high cost producer in North America that needs $50 or $60 crude to keep the bankers from the door when I can own a PXT with a fortress B/S that can generate CF and decent returns in almost any scenario? Especially if don't have to pay a premium. The world is an uncertain and volatile place and volatility cuts both ways.