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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (28762)	11/13/2007 7:04:21 PM
From: Paul Senior	Read Replies (3) of 78742

Cutting my positions in integrated oils today with a small sale of some OXY, a smaller sell of some COP, and just a little trimming of CVN, SU, PBR. Closed a full XOM position and remaining PBRa shares. These all in my Etrade account, the account balance of which I am trying to reduce. I'm playing this theory: Integrated are or will have a harder time replacing all of the oil reserves they use. Geopolitical issues and lack of big oil finds are issues. Smaller e&p companies are more nimble and seem more able to replace or increase their reserves. So maybe a focus there is better (Or maybe not. Integrates have money/resources and can support stock with buybacks and div. increases.) Deepwater oil exploration will continue to be in strong demand by the big, well-funded integrateds or governments with off-shore reserves. I cut back NBR (Etrade again) substantially today with a view to add back later. Meanwhile in another account I upped my small positions in Transocean and Seadrill (My bet continuing to be on billionaire entrepreneur Mr. Fredriksen, Chairman). finance.yahoo.com

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