OK, nobody has said BP didn't screw up. I agree with the criticism myself.
It has got to the point now, where the British Government is going to say enough is enough. The British PM has an obligation to his people. They are getting tired of the US beating down a company which means a lot to their country and its economic future. I have always thought the British pensioners would come into play and stated so here several days ago.
Nobody, and I mean nobody, has said the damages will approach $100 billion, yet that much market cap had been taken away.
I made the decision to stick with BP as a shareowner. I don't think they will go bankrupt, although I may be wrong, won't be the first time.
I'm looking long term and 5-6 years from now, this will be a big blip in the scheme of things. I believe they recover, maybe as a different company, but I think they recover.
We'll see.
I'm not suggesting others buy or hold, I'm merely sharing my thoughts at this time. I'm leaving emotion out of my decision making process, expect to be patient and if I'm wrong, the losses to my portfolio will be cut at 4%. BP has to go to zero to do that! |
