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Strategies & Market Trends : Value Investing

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To: Brendan W who wrote (15621)	10/23/2002 3:57:22 PM
From: Paul Senior	Read Replies (2) of 78507

Refineries: generally have been lousy businesses for the past 20 years or so. For investors in the sector, they have always been wrong (it seems to me) if they bought because they believed rising demand finally caught up with a limited but overhanging supply of refining capacity. I find the sector attractive at current price. In addition to small positions in HOC and TSO, I have a little VLO. Brendan Watt, as you likely know about VLO, after you mentioned it here two weeks ago it's moved up a good percentage (up 33%, from about 24 to 32), but is still a distance from where it was trading earlier this year. At current price, I've decided to buy ASH. The new CEO seems to talk strongly about focusing on core business and on stockholder returns. The stock has sold at higher levels than current every year in the past decade. There's a $1.10 sh. dividend (4%+) that's been in place for the last 8 or 9 years. I started a tiny position; I'll add more if stock will drop with no accompanying adverse news. finance.yahoo.com

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