My view, I suppose, is expressed by my positions.
I own, and am, now, 80% short against the box, NBR.
I own WG naked.
I own a modest amount of HC while (waiting for Goudot).
My interest in this sector waned a while ago. I departed early and haven't been back. Surely, I left some change on the "energy table" but, I have not regrets.
Putting entitlements on vacant land in Arizona has my interest, these days. I sold my sixteen lot subdivision in Scottsdale and am, now, working on re-zoning a 40 acre corner to commercial, as well as building a waterfront spec house in my own town.
However, I have far too much cash but, am at a loss as to where to put it so, I have a slug of UST 1.50% of 3/31/06 (3.4%)and NJ munis while awaiting another stroke of genius or merely good luck.
I'm looking hard at some distressed names in the auto parts sector (DRRA, DPH, TWR, etc.) but, I haven't gotten totally comfortable that the sector will ever get truly competitive. I'll let them fester for a while longer.
I imagine that whatever hurts the energy sector might help these names to some degree. Yet, the big issues are pension liabilities and high union labor costs Sorta like the airlines, huh?. |
