I agree with you. There is no point averaging-down too much...

I agree with you. There is no point averaging-down too much because you'll burn through your saved cash without much averaging benefit. Also, there's no guarantee we've hit the bottom. WPL might go to $10 for all I know. I want to have money (and the willingness) remaining to buy more in a year's time if necessary. Your figures of $22 buy-in and $19.90 average purchase price are eerily similar to mine.

I also think we've got a strong ten year run of oil and that talk of a renewable future is an unrealistic fantasy. We don't have the technology and infrastructure to simply flick a switch and be on mostly renewable energy in anything less than the medium-to-long term. The fact is, we cannot recover from COVID without energy. That energy is oil and gas. An argument can be made that gas should/will surpass oil but we win either way with WPL. I don't for a moment buy the theory that we recover from COVID through renewables. One of my clients is on the board of a Chinese energy company and she offered me the same view last week.

I wonder if fund managers and retail investors are believing the renewables media hype, the same way we were sold WMD, UK Remain, Hillary 2016, Hands up don't shoot, Russia collusion, the Brett Kavanaugh allegations, Shorten 2019, etc. I'm not offering a political opinion on these issues. Only pointing out that much of what is promoted by the media and accepted as fact or inevitable, is often proven to be either wishful thinking or incorrect analysis as time progresses. It quickly goes away when the opposite happens and the media move on to another topic. I wouldn't be surprised if there's a vaccine in six months and the media and financial analysts quickly forget its negativity on energy and, with no shame or explanation, tell us straight-faced how it's the next hot sector.

As Warren Buffet says, the stock market is a popularity contest in the short term, but a weighing machine in the long term. The truth will manifest itself in due course. He also says that the stock market transfers wealth from the impatient to the patient. I think both quotes are relevant here.