pz - <<Only a FOOL would sell their oil service holdings at this point imho.>>
You give me a guarantee that any oil service stock I buy today won't go back and test even its latest lows, and I'll load up the boat and hold until the cows come home. Some of us old FOOLS have tire tracks across our backs, and NO tolerance for further risk. Or perhaps you'd like to buy some of my FGI which I still hold at an average cost north of $40, or perhaps some of my "can't lose" PTEN shares that I believe I paid around 22 for? No? Didn't think so. Yes sir, I guess I wasn't a FOOL because I held those shares come hell or high water. And guess what, both HELL and HIGH WATER came, and this FOOL got burned and drowned.
I love this sector, but you'll excuse me if I use some "buy low, sell high" common sense, and maybe do it a couple of times as prices cycle up and down. Its all about making money, and that's real hard to do when 50-60% of your capital FOOLISHLY disappears.
Excuse my impassioned response, but it was precisely this sentiment expressed in your post that was rampant back in late '97, early '98, that led to a year of pain that I'd rather not have lived through. Yes, the sector has been beaten to a pulp and its prospects look fantastic. I'm overjoyed to be back in the oil patch, and even happier with the gain I made on my RIG shares last week, and the gain I anticipate on my NE shares when I sell them next week. And I look forward to repeating this magic on the next cycle.
There's a lot of new investors joining us that haven't had the pleasure of watching their life savings go poof, so lets not start calling people FOOLS who wisely choose to follow the old maxim of "Never going broke taking a profit."
We now return you to your regular programming...
Alex
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