Interesante comentario del gran David Williams (su fondo UMBIX es uno de los grandes values de los EEUU):
Did you see ConocoPhillips as an oil company that was having trouble competing when you invested in it? I had a little bit of Conoco -- but I actually owned Burlington Resources, which was bought by Conoco, and I just decided to keep Conoco. It's really hard to sell ConocoPhillips when it's trading at only six and a half or seven times earnings.
There must be a reason ConocoPhillips is so cheap. Yes, there is always a reason, and it's good to understand the reason. Conoco's profit margins are not as high as Exxon's, and Conoco's profitability does not compare to Chevron's, either. But the guys who run Conoco are getting paid to perform as well as their competitors and will make the changes necessary, including restructuring, to get to the point that their company is as profitable.
En cambio, se mantiene muy negativo en big pharmas, lo cual me sorprende, Martin
