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

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To: Malcolm Winfield who wrote (20154)	3/12/2003 5:58:23 PM
From: Sharp_End_Of_Drill	of 206150

>>>So can we say once and for all that it's "not the price of oil stupid". <<< Malcolm, let me weigh in on the side of "no you can't". It is the price of oil & gas that matters. What's happening here is the valuations placed on equities is going down, as would be expected in a bear market. Most people around these parts are used to the multiples applied to energy companies in the midst of the bubble. Not that many folks were around in '93 when the gulf was called the Dead Sea, and lots of our favs were selling for 20% of where they are now. Even fewer in the mid-80's when you could buy an oil supply house with money you got from returning aluminum cans. I was around in the early 90's, although I wasn't very active back then. I remember buying GLM for less than $3. For years RB (part of RIG now) was around $4-$5. That was the norm for many years. I for one don't think things will get that bad. I'm kind of getting bullish on some things, like DRQ at less than $12. If RDC gets back to $11 I'll be a buyer. Ditto for RIG in the mid-teens. Sharp

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