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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (44269)	9/7/2011 6:19:34 PM
From: Difco	Read Replies (2) of 78627

Paul, I share your bewilderment about the refineries - VLO is the one that still jumps out at me with economies of scale. My only position in the field being Sunoco announced yesterday that they are exiting the refining business and I don't know where it will go from here. All along I have liked it for management's focused approach to downsizing and liquidating assets, I guess I looked at it as a liquidation operation but I never thought it will get to this. I like your approach to target at the lows - I don't know any other way with the cyclicals. I will be tracking Western Refining as it approaches lows - mostly for the spread benefits of the article I sent you earlier. A word that stuck with me from a previous post of yours was stagflation - do you know how refineries performed back in the 70s?

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