Bottom of the barrel dating
40%) were the leaders for September, while Exco (-25%) and Approach, Comstock, Mid-Con and Resolute (all negative or essentially unchanged) were the laggards.
The XOP ETF was 20%, right in line with the overall performance of the BOTB Club members ( 21%) and slightly ahead of the Sweet Crude Club ( 15%).
For this version of the chart, I also have included data on prices for oil (both WTI and Brent) and natural gas for each date for which stock prices are included, and I have also included the XOP ETF for those who wish to compare how an unmanaged investment would have performed during these periods.
I have noted in recent articles that the charts of BOTB performance had a “survivorship bias” in that I excluded companies which were originally members, but have gone bankrupt in the interim.
I realized how significant this has been in reviewing recent results, so I have added those companies back in to show the overall results since inception, both with and without the bankrupt companies (or X-11 Club members).
Rather, it was intended as a watchlist of companies who had been most punished by the market during the period from the cycle peak until the inception date.
The idea was that individual companies might be identified from within the group that had been “unfairly” grouped with other companies with poorer prospects…