ESV - Travelers On A Road To Nowhere
Imagine a contest between two horses. History suggests one of the animals, having lost the majority of its races against this competitor, is the slower of the two. You are given even odds. Would you bet on the slower horse?
The answer, of course, is no. Only a glutton for punishment would take even odds on a horse that is reasonably expected to lose.
Now imagine an opportunity to invest or work in one of two segments of the oil and gas industry. One segment, the longtime laggard, has the same chance of outperforming the–terms