Kip, I have said it before, about the only time the market gets...

Kip, I have said it before, about the only time the market gets it right is under t/o. The accountants for both side determine an equitable price and the market more or less conforms to that value. The rest of the time the value of the stock is either under or over stated.

One thing I have observed over the years is that with each successive market crash since 1987 there is less speculators coming back or new replacements turning up. By 2008 premium pricing had all but disappeared and price volatility had reduced heavily in spec stocks.

Today we very rarely see the market adding a healthy premium to a speccie oiler, rather, heavy discounts seem to prevail.

Pure puzzlement on my part but I am wondering if younger generations are much less interested in shares so we have very few replacements coming through for the burnt speculators. The other thing is oil is falling out of fashion so again new investors maybe avoiding this sector, especially the younger ones who seem more interested in new tech than traditional industries. I don't know if any of this is true but the appetite for speculation in the oil sector has changed considerably in the last 20 years from my observations.