### Comment:
That is correct, rather than buy companies that have to increase their P/E and use share buybacks to push share price up. I would buy energy and gold, which have compressing P/E and will increase in share price naturally.

### REPLY:
Instead of buying companies with brands that allow their products to generate healthy margins with relatively low capital expenditures, you want to buy companies that require tremendous capital expenditures to produce commodities? XOP is really beat up, but still basically a gamble on the global economy remaining strong.

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