Should You Buy in to Oil’s Secular Bear Market?

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This has important implications for value investors. Normally a substantial price drop and insider buying would get us interested in a sector of the S&P 500 Index which has been drubbed like the oil sector has. However, we are very conscious that value traps exist based on being years early investing in a sector that may have not yet had its darkest hour in the eyes of investors. In our view, we are still early in the energy sector as it moves from sheer excitement and enthusiasm to contentiousness and utter distaste. We will continue to wait for better prices and the day when most professional investors see no future success in the arena.

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https://smeadcap.com/smead-strategies/smead-blog/entries/2015/03/17/should-you-buy-into-oils-secular-bear-market/