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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Raymond Duray who wrote (20833)	3/26/2003 3:44:46 AM
From: energyplay	Read Replies (1) of 206131

"Does morality ever into your calculation?" Yes. Sold the Invesco Energy Fund FSTEX because they had loads of Talisman oil, which was pumping money into Sudan, which was supporting slavery and a rather nasty war. I don't buy tobbacco stocks. I will not make horrible after hour 'stink bids' trying rip off some newbie. Example Stock closes at $20.00 After hours Bid $1.25 Ask $49.00 ******* My job is to buy low and sell high. Many things are cyclical, and there's a time to get on and a time to get off the train. Most of the stock market is a zero sum game, with high frictional costs. One of the ways it adds value to society is by correctly pricing stocks. Stocks become the guideposts for the allocation of capital. During the dot com boom, Inktomi had a market cap of 40 Billion. Many oil companies were selling for 6 to 8 times earnings (not cash flow) Too much money went into dot coms. Not enough into energy. California got an energy crisis out of this, and massive wealth destruction and unemployment. Buying oil company stocks and shorting Inktomi helps correct that imbalance. Net, I don't think that speculative equity markets add that much to society, especially considering their cost. Non-speculative markets usually don't have much liquidity, which makes it hard to move capital to new uses, however.

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