### Comment:
I think there is an undervalued defensive intrinsic value to the actual companies though, like ET. How much higher can consumer staples, utilities and precious metals go + how much lower can the high yield/hard asset distributors go before something like it is looked at in a similar way?

### REPLY:
To me there is too much risk on betting on what the market thinks intrinsic value is at any given time.. rather just bet on the commodity itself.

### END.