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The Non-Consensus View on Energy Stocks
The Financial Times ran a cover story on the front page of their newspaper called The Death of Gold in 1997. That was the piece of proof that you needed, that gold was the buy of a lifetime. Consensus is clearly, demand is going to stay depressed, and supplies are easily going to come back online when the economy recovers. We disagree with this; we've done a huge amount of work that looks at various points of GDP. It turns out that for example, in the OECD world and the developed world, we have reached a point where we're going to see very, very little oil growth going forward.