Chapter 8. Formula for Success: Rise Early, Work Hard, Strike Oil

The chapter’s title contains a quote from oil tycoon J. Paul Getty. This formula for success is as true today as it was in the early to mid-twentieth century, when Getty made his billions as an oilman. During late 2008 and early 2009, however, oil and energy stocks were relegated to a sideshow in the deflationary aftermath of the financial crisis and ensuing global recession. Mostly attributable to myopic behavior and analysis, mainstream investors saw little opportunity in energy and oil after the substantial crash in oil prices from $145 per barrel in July 2008 to $31 per barrel in December 2008. The consensus response to the 78% decline in the West Texas Intermediate benchmark ...

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