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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: edward miller who wrote (76491)10/17/2000 10:39:28 AM
From: Sharp_End_Of_Drill  Read Replies (2) of 95453
 
Edward, your post is so spot-on I felt I just had to reply.

Not many people are aware of how great the damage done in late '97 was to the smaller guys. I lived through it and saw many people who ramped up in '96 and early '97 get hurt very badly. A number also disappeared in bankruptcy, while most just barely made it by the skin of their teeth.

In this latest cycle the majors still have not uncorked the capex genie, and are quite late in doing so in my opinion. This most recent quarter will see some balance sheets get cleaned up to the extent these companies are swimming in cash. It remains to be seen how long it will take for that cash to find it's way down the food chain to the drillers & other OSX guys.

Sharp
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