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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Sharp_End_Of_Drill who wrote (19686)	3/5/2003 9:02:32 AM
From: jim_p	Read Replies (1) of 206266

Sharp, I realize that oil and gas stocks will most likely go higher, but they are not cheap by historical standards for cyclical companies in the fourth year of a bear market. I was a major player (even used margin) back in 1999 and 2000 when no one wanted the PTEN's of the world selling below $3. Today I see the same opportunity in the Utes and IPP's. Power consumption is still going up in a down economy and most of these companies are selling for about 20% of their replacement cost. We're in the stage now were all the "experts" are saying we have a glut that will last for the next 5-6 years. With cyclicals, it's never as bad as it appears at the bottom, and it's never as good as it appears at the top. We are at the bottom as far as the stock prices go and we are already over a year into a cycle that will most likely turn out to be 2-3 years. Buy and ute and hold it like you wish you had done with PTEN when it sold for $2.81 back in 2/99 for a 10-20 banger. Dreams can come true for the patient investors with foresight. If the sun ever comes lets hop of the bikes for a ride? Jim

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