well and truly burn and bleeding., page-16

I don't know why anyone would suggest to buy $10K of NCM shares (given it's lacklustre performance & state) when you could purchase 10000 NST or 3000 RRL, for example, at the same price.

IMO both examples are far safer bets in any environment due to their higher margins and strong balance sheets.

If you bought 1000 NCM at $30.30 then I agree much of the downside is already factored in.
However if I didn't have a spare $10K to invest then I'd rather take the loss on NCM now & switch over to peers that are at least making healthy profits and have rosier outlooks.

I look at it this way, if the POG goes north then the best stocks in the sector will outperform and grow faster.
If the POG goes south then the best stocks in the sector will not only outperform (by surviving ;)), they will also most likely prosper from other's misfortunes IMO.

Note: my opinion is mine only and in no way am I offering advice of any kind. Please DYOR.