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Hi Paul,
What a great observation you got! Are you in the O&G gas sector? If yes, have you studied the historical development of it, ie the boom and bust of oil?  I have not personally analysed the counters you mentioned, so I wouldn’t be commenting much on them. But if you’re keen on the industry, my take is that find companies that rode through the cycle successfully in the past and study their past behaviours. While quality is important, it is equally important to check the quantitative aspect of the biz. And should the down cycle prolongs, which companies are likely to survive (liquidity and net debt are the best indicator)?