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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: c.hinton who wrote (89033)3/21/2001 6:47:03 PM
From: isopatch  Read Replies (2) of 95453
 
Inves biz really no more or less rigged

or crooked than any other business IMHO.

Capitalism has always had its dark side. It's just part of life...human nature or however you want to characterize it.

You ought to see some of the dishonest stuff that's been gone on in the oil biz over the years.

A famous trick of promoters was to sell more than 100% of the proposed well before it was drilled, and pocket the extra cash. "Dad" Joyner, the guy who leased and drilled Spindletop, was notorious for doing that.

Other promotors would take investors dough, drill the well only part way to the targeted depth, declare it a dry hole, and just pocket the $ saved from not drilling to total depth. I could go on and on.

Wall Street is supposed to have what's know as the "Chinese Wall" that separates each firms investment banking division from their in house trading dept, retail brokerage, etc. Probably a better image is a Chinese Sieve or osmotic membrane, lol.

One of the tricks to this game is knowing as many of the twists and turns in the markets little maze of winks and nods as you can pick up 1st hand from various mentors, or figure out on your own (which of course takes a lot longer). Doubt even the best players ever sees the entire picture because there's aways a new gimmick or makeover of an old one designed to separate you and your money.

A fav of mine is, "Ever since Moses came down from the mountain, the world has been run by salesmen."

Isopatch
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