I believe there is a huge difference between business model and valuation. One - obviously - is how you make the money and the other is how investors perceive your long term prospects. Over the past 6 months, we have talked at length about Tesla, which, last I checked, is still a car company that trades at north of 13x revenue and whose profitability comes from selling carbon offset credits. Hey - maybe they will solve the battery problem...

Happy days are here again if you are a natural gas producer! They might not last very long, but you have to take advantage of the moment. This morning, AR, RRC and SWN all announced multi hundred million dollar placements for new debt, the proceeds of which will be used to pay off near term maturities. Reducing bankruptcy risk, even by shuffling deck chairs, is always smart. It’s been a volatile year and so, when the getting is good and the...