Chesapeake Energy's (CHK) stock price has been hammered over the past few months due to the bursting of the energy and commodities bubble. Also, some investors have voiced concern over CHK's high debt level. However, we see this sell-off as a great buying opportunity for patient investors. CHK has hedged itself to offer some protection against the recent slide in natural gas prices and has assets significant enough (including rights in the Marcellus Shale field in Appalachia) to give it a book value in excess of its current market value. To Ockham, these considerations make CHK a stock worthy of the attention of long-term investors.