| Michael--I don't disagree at all. I have been anticipating more OS decline this Spring and even into summer. But one must start to re-accumulate at some point and I have been steadily adding those names which I believe show the least downside risk while sporting significant upside potential----my main holdings today are PGO, VTS, HC, HAL, NR, MVK. Any or all could drop again but I see the risk/reward scenario as very attractive for these and several others--KEG, OLOG, HOFF, NSS, GW. My macro view is that -(1) the political situation is too volatile to be totally out of energy, (2) NG production did not respond isomorphically to record drilling, (3) increases in demand are inevitable and may make short work of the 'surplus" and (4) deepdrilling , seismic , tubulars and compression companies will do very well in next cycle. But this is the macro view and I realize ST and micro issues may push us down from here. Thus, I am maintaining a substantial position in cash and a solid position in gold. I can wait , hence my comment time is on our side--good luck and thank you for thoughtful comments--Frank |
