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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (30396)	3/25/2008 11:08:30 AM
From: Jurgis Bekepuris	of 78669

I added to PBR yesterday. My thesis right now is to add to oil and gas producers with high existing and future reserves, including tar sands, but to avoid refiners. I am not sure about the drillers and such, I think I will mostly avoid them too. I still believe that oil prices will rise from here. I sold MDC. Although it seems that all hommies are now going with option reprising, at least TOL did the reprising on much less favorable terms to the employees and excluded CEO plus couple of top executives from reprising. MDC just reprised options for everyone. I voted against it and then voted again by selling my shares. I am getting outraged again by executive compensation and the hollow rhetoric of self-serving BODs that talk about option repricing as a way to retain employees during one of the worst downturns in the hommie history. Where would those employees go? To other companies that are firing their own staff left and right? Of course, they also reprise their own - director - options too, shareholders be damned.

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