"Which as I pointed out was categorically untrue if you bought...

"Which as I pointed out was categorically untrue if you bought as a long term investment anywhere between 2002 & 2020."

Yes, it was the mother of all bond market rallies.
APA is a bond proxy.

Totally different investment proposition to being a long-term investment

"If it's 'APA is one of the closest things to a fixed income security one will find.'
Then why would expect it to out performance inflation which is variable?"

I own APA because the economy is creaking and so monetary policy will have to ease at some point. In other words, I envisage a reversal of the externalities that caused the stock to underperform so dramatically over the past 3 years.


"I don't agree with that statement either by the way because that implies that APA is a non growth, cash cow which it is not.
The opportunity in front of APA with regard to renewables makes it very much a growth share that just happens to be going through an investment phase."

Yet you don't know what the financial return is going to be on the shareholder capital that gets invested in pursuit of growth?

If you owned a restaurant and your restaurant manager told you he was going to use the cash flow from the restaurant to open a clothing store at the local shopping mall, would you not like to know what the return on your investment is going to be?

This is not low-risk stuff: the company is heavily indebted, to the tune of $12bn.

That's a lot of liability that needs to be serviced.

They can't afford to misallocate capital
.