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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (14974)	8/1/2002 10:44:48 AM
From: Bob Rudd	Read Replies (1) of 78626

DYN: Closed position today averaging ~3.40 for about a 20% loss that would have been FAR greater had I not bought some more during the recent collapse to average cost down. The initial thesis on this: That DYN inherits Enrons trading positon, has long since evaporated. CVX isn't providing any support...why wouldn't they be buyers before it got to <$1 prices if there were value? Management? Who knows? Accounting? Analysts that proclaimed it undervalued in the 20's now can't see it as a buy <1. Maybe it rebounds, but clearly I don't understand these energy businesses well enough to invest in them as the price excursions so far exceeded my expectations. The DYN bounce on Buffett's loan to Williams [probably at terms far more favorable to Buffett, than to Williams] seems a slender reed to justify the rally.

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