Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: isopatch who wrote (92364)	7/17/2001 10:09:17 AM
From: Art Bechhoefer	Read Replies (2) of 95453

Isopatch, we differ only in what we believe is the optimum holding period for an investment. I look at a five to ten year horizon. You prefer one year or less. It's a difference in style, but I take the long approach because I believe it's almost impossible to predict shorter term fluctuations with sufficient accuracy to make the effort of being glued to a computer screen almost continuously worth while. My father also preferred long term investments. After careful study, he bought what looked like quite a mediocre investment in Newmont Mining, back in 1949. It took almost 40 years for that stock to take off. In 1987, just after the October crash, Newmont paid a $33 dividend (to defeat a takeover attempt by T. Boone Pickens), which provided my father with the largest dividend check he had ever received in his life, and more than compensated for losses in the rest of his portfolio. My father also made a small investment in a modest company called Minnesota Mining and Manufacturing, back in 1934, when it came out with something called Scotch Tape. It did well for him, but for both 3M and Newmont, predicting near term gains was almost impossible. Art

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