Replies to post #10238 on The Rising Influence of Rising Affluence

[oldberkeley]

Sold my long-held PBR position last year. Did a quick scalp in January but don't plan on revisiting it.

If nationalization ever does happen, aren't the bondholders basically toast?

[biotech_researcher]

"Critics were quick to question the logic of investing in a 100-year bond ahead of US rate hikes, especially one issued by an oil company racked by controversy and whose proven reserves last just 17 years. Nor did many bankers understand why the world's most indebted issuer would raise long-term money when cheaper funding options were available elsewhere along its [yield] curve."

I thought there was an enormous oil discovery somewhat recently off the coast of Brazil that should add tremendously to reserves?