Sometimes I sit back and I think, is it possible that Deere (DE) could trade down to be a $10 billion dollar company? Why not? It is only a $16 billion dollar company now

Ingersoll-Rand (IR) is only an $8 billion company. That's incredible, given its earnings power and its de-cyclicalizaton.

Parker-Hannifin (PH), $8 billion.

Eaton (ETN), $8 billion.

These are just midsized companies now, profitable, well-run, midsized companies with lots of cash, doing very well. McDermott (MDR) and Foster Wheeler (FWLT) are $4 billion companies. Fluor's (FLR) only $8 billion. How can this be? How can it be? These are not the same companies they were when they were last this size. They are better, smarter, faster. They have great global businesses.

These are just midsized companies now, profitable, well-run, midsized companies with lots of cash, doing very well. McDermott (MDR) and Foster Wheeler (FWLT) are $4 billion companies. Fluor's (FLR) only $8 billion. How can this be? How can it be? These are not the same companies they were when they were last this size. They are better, smarter, faster. They have great global businesses.

These are just midsized companies now, profitable, well-run, midsized companies with lots of cash, doing very well. McDermott (MDR) and Foster Wheeler (FWLT) are $4 billion companies. Fluor's (FLR) only $8 billion. How can this be? How can it be? These are not the same companies they were when they were last this size. They are better, smarter, faster. They have great global businesses.

Yet Chesapeake (CHK) is now back to where it was three years ago with natural gas at the same price, but with CHK having found far more natural gas than it had then. CHK has come down harder than the others, and If you look at a three-year chart, you will see that the others look like they have further to fall.