The richest people BUY MORE in bear markets than they do in BULL markets...
They're smart enough to understand the theory of buying low and selling high... and generally have been around long enough to have lived thru the PAIN of down markets... and the thrill of then seeing what they bought gain (the opposite of pain) in bull markets.
To categorically state "oil will come back - it has to".... is wishful thinking. We just don't know that. We'd LIKE that to be the case - but we can't make a statement like that. There are too many variables -- mostly boiling down to SUPPLY and DEMAND. The supply has increased - and currently - the demand is down. When that corrects is anyone's guess.
That <above> is why people are urged to DIVERSIFY.... lest their big "bet" doesn't materialize.
I currently have about 2.4 million invested in "oil" - pipes - gas.... APU - BPT - COP - KMI - ETP.... combined the dividend stream annually is $185,000 from those... and like most everyone - I'm underwater on a few (I've held most things far longer than many on here). I just bought MORE COP.... and last month bought more APU... but I also own LOTS more stocks outside the oil patch - as well as commercial real estate. My point?? I have to believe that I'm getting a decent return on my investment while being patient and "hoping" they stop falling at some point - and turn around.... but it's the $185,000 annual dividend income from them that helps to bolster my psyche in the meantime.