$50-60 New Normal or U.S Shale Bubble?, page-795

Just needs a really long answer or none, to understand you would need to look at the conditions which lead to that historical ROE.

Say that's a number you can calculate and that STO had an ROE of 15%, if it's selling at half the price on assets relative to peers your ROE is 30%.

To me as a contrarian everything comes down to price and value I don't "like" STO or ORG but for almost every stock there's a time and a price at which I may be interested.

ROE is quite a subtle concept (though I just took to it with a sledgehammer) and misunderstood in conventional analysis.

You would have to ask one of those really long term holders, we've discussed at length the various poor decisions made.

You have to pick the right dog, that's amazingly important some are simply no good - for everything else there's a price to buy and sell.