Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: rz who wrote (62432)	4/22/2005 1:03:07 AM
From: Elroy Jetson	Read Replies (1) of 74559

Regarding Australia's current account deficit - I think John Howard is barking to be spending his time in China to obtain a Free Trade agreement. I just don't see how that's going to work in Australia's favour. So you own shares in the Caltex stub? Only about 18% of the shares are traded publicly. ChevronTexaco owns 50% and other investors own 32%. caltex.com Caltex has used the rise in petrol pricing to reduce their debt, something their parent ChevronTexaco has never had. This will be a big plus going forward. They have gained a huge advantage in the retail market by marketing petrol through Woolworths. The biggest risk for Caltex is the fact that such a large percentage of their profits have come from refining. Refinery profit margins in a recession fall further and more quickly than do oil prices. I think we a getting close to that recession which is why I sold my ChevronTexaco last month. They're a great company, and I loved working there, but as an investor you have to realize how cyclical the industry is. .

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