In short: Named for the first time in this archive — "a little bit of Noble drilling" — the offshore driller held beside Transocean in the small services sleeve.
Noble owns and operates offshore drilling rigs, which it leases to oil companies on multi-year contracts. It appears in this archive for the first time here, as "a little bit of Noble drilling" inside the small services sleeve.
Offshore drilling is the most cyclical corner of energy: rig day-rates collapse when producers stop spending and soar when they resume. Sizing it small is the point — it's exposure to a potential upswing that can't hurt the portfolio if the recession risk he flags actually arrives.
43:18We own Schlumberger, a little bit of Noble drilling and Transocean, so we're a full-line mix on energy. — And obviously energy is also dependent on a strong economy, you need energy demand to maintain that. What would you say is the biggest risk to the macroeconomy that perhaps investors are missing or overlooking? — Well, it's just like you said Michelle, if you go into a major recession, you don't use as much.
In short: "I have no opinion on Noble." Asked in the same breath as Transocean, which he owns — the difference is disclosed as a limit on his own oilfield-services analysis, not a judgement on Noble.
32:24Okay. Eric wants to know, would like to know your assessment and ranking for Noble Corp. and Transocean. I have no opinion on Noble. I have no ranking on Transocean although I own it. I believe — and the reason I have no ranking on it is because I've been involved as an analyst in oil field services for 40 years and as a consequence of watching my own analytical skills in oil field services for 40 years,
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