Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who wrote (3719)	11/7/2001 5:30:19 PM
From: isopatch	Read Replies (2) of 36161

Frank <....or I've completely misread the market>. Don't think anyone could have foreseen this Enron thing. Uncertainty over how much damage is yet to surface looks like it has a lot of traders pulling in their horns till the dust clears. It's certainly put a lid on the XNG vs the OS companies. That's understandable because OS outfits aren't involved with Enron's NG trading subsidiary. Without any information about the condition of the ENE trading book, all any of us can do is trust our instincts. Only have one E&P sitting with a moderate paper loss since the summer. So, I'll continue to be patient with that one and look for some Ka Ching noises <g> to come from my remaining OS stocks. NSS cranked nicely today. But TESOF was a little disappointing. But it's like we've been saying. This is a tricky, challenging market. I've been taking fewer risks ever since 1st going to over 50% cash, 13 months ago. Since 9/11, been easing a large chunk of that cash into a diversified mix of solid long maturity corporate fixed income securities, with excellent yields. No junk. They provide very good, "low sweat equity"<g>returns via dividend income, PLUS - during the falling prices and interest rates characteristic of deflations - they generate moderate but lower risk capital gains than other investment categories. And risk management is a lot more important in today's market that at any time in recent years. Capital preservation plus a good rate of return make sense in an economic environment characterized by rapidly contracting economic activity and falling prices almost everywhere you look. JMVVHO, of course. Isopatch

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