1962 AIME Annual Meeting, Los Angeles, CA, October 7–10, 1962
In recent years much has been written in the trade journals of oil about the upheaval that has beset this industry, its causes and its correction. And it is likely that considerable more has been written by stockholders in oil to corporate managements that has not been published, as these stockholders witnessed a progressive decline in the relative ranking of the industry's securities by investors during the past five years. Words dear and intriguing to the market letter writers, such as glamour, growth, compound rate of gain, new products, obsolescence arising from research, etc., have largely escaped application to the securities of this basic industry. Even the phrase "relatively attractive" has appeared infrequently and then usually only after a significant decline in prices of the industry's equities.
We shall not pause to examine the causes of oil's decline from its previous place of esteem nor to prescribe remedial measures nor even to guess as to the future.