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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: Lorne Larson who wrote (3437)6/13/2002 11:48:24 PM
From: Peter W. Panchyshyn  Read Replies (1) of 11633
 
Most people did not expect NG prices to remain at $8.00, nor oil to remain above $30.00. Yet that is the level at which many of the trusts were buying like crazy.

----------- Truth of the matter is that these trusts each and every year according to their annual reports both buy and sell holdings irregardless of the then price. As I said it averages itself out in the longer term ----------

In fact many people immediately criticized PWI at the time of the Cypress acquisition as having overpaid.

---------- Now I recall that at one time PWI got whacked as a result of management concerns. The unit price fell sharply to below $6. Many bailed and took real losses. What happened prices just as quickly recovered. Making taking the loss doing the wrong thing at the wrong time for the wrong reasons. Because had they held or accumulated at the lower levels they would have been no worse off and perhaps even better off. Thats what the daily trading numbers show -------

The market in fact agrees with this, as shown by the discount still given to PWI's unit price. I think PWI's good hedges come off over the next 3-6 months. We'll see what happens to the distributions. Right now the market appears to be discounting a drop in distributions. PWI is paying the same distribution as VKR but trades about .70 less per unit. Bad management does have consequences, even in the oil and gas trust sector

-------- Its all a matter of perception. Perceived bad management caused the fall. What caused the rebound? Was the perception, real or not? ------------------
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