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

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To: quehubo who wrote (26511)	10/20/2003 10:16:01 PM
From: jim_p	Read Replies (2) of 206085

Que, I'm waiting for you tell me that there is no end in sight and the downturn will last forever. At this point everyone close to the sector will have given up, the up-turn will be very near and it will be time to mortgage the house. CPN finally gets downgraded today. Maybe it takes the sector lower or maybe it takes money out of CPN and into RRI?? CPN has been living off of the liquidation value of it’s long term contracts it was wise enough to sign during the end of the cycle. Looks like the only value to Cogentrix was in its contracts?? RRI was not wise enough to enter into many long term contracts near the top, but the contracts will run their course and it will become clear that the RRI's have the better assets and the better liquidity to survive the cycle (just need a few more changes in management). It's like buying service stocks in 2000, just need to make sure you buy the PTEN's under 3 instead of the Friede Goldman and PeeGoo's of the sector. Pick a survivor and keep buying the dips until the institutional money decides it time for the next ride up. Jim

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