Survival of the Fittest, page-32

ORG has the utilities piece as well so they r not in such a racy position in terms of balance sheet & debt funding should be easier for them as POO improves. The BG writedown was because BG has its own problems, selling pipelines due to poor book values & basically noone believes their book values so they r trying to cover off the less racy ones that were nowhere near FV to get their books looking closer to FV. BG's board wants their SP to improve depending on Gladstone, its US interests, the price (as connected to POO) & ofcourse O&G's relative strength in the FTSE as alpha funds tend to dominate the LSE market IMHO but pls DYOR.

SXY still safe & having passed inflexion point with POO at $50, SXY looks well placed to recover the best of the mid-caps. Quite a strong position, surprised the shorters have lasted for so long. Shows that T/A sometimes has its weak points & markets r inefficient & overreact (even when price is in contango) & speculative price drops such as the one we saw with the POO.