From about 1979 to 1983 Cliff Hoover, the newly appointed portfolio manager of the Dreman International Value Fund, worked on an offshore drilling rig in the Gulf of Mexico for a company called Otis Engineering.

Part of his job was to advise engineers on how to set drilling equipment at the bottom of a well, so the company could eventually collect the oil. That experience comes close to giving Hoover an insider’s perspective on British Petroleum’s position in the market and its worth as a stock.

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