Over the past decade, few industries have incinerated as much shareholder capital as the US shale oil and gas (O&G) sector. Attracted by the substantial technology-driven structural growth opportunity the sector promised, and its putatively low costs and attractive well-level IRRs much-touted by management, investors initially flocked to the sector, but have since been badly burned, as losses have mounted; debt levels skyrocketed; and share prices plummeted.
Saturday, 29 February 2020
Thursday, 6 February 2020
Afterpay Touch (APT AU) is a stock that has acquired a cult following in recent years. The shares have risen spectacularly, and catapulted the company's market capitalisation to an astonishing A$10bn - almost 40 times trailing revenues (there are no earnings - the company lost about A$40m last year on revenue of $260m).*