Imperial Metals (IPM.T) Message Board

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Gold/Mining/Energy : Imperial Metals (IPM.T)

IPM 1.920

-2.0%

Nov 6 3:59 PM EST

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To: Paul Senior who wrote (1141)	8/4/2012 10:54:11 AM
From: Italian Investor	Read Replies (2) of 1366

Latest from Bruce his positions in AIG and MBI are massive. fairholmefunds.com With Devon you get a very well run company @ a good price. Insiders buy time to time and they are not afraid to buyback shares like Buffet. They actually spent a good chunk of change buying back shares over the last few years taking out @ least 10% of there outstanding shares. Wish they waited until now would of got much more bang, but it is good to see them buying up there stock when they feel it is cheap. I don’t know of anyone who expected NG to fall off the cliff like it did so I don’t fault them for paying higher prices. There assets are mainly in North America the last few years they sold there international assets and is the main reason why they hold all that cash. They plan on out spending there cash flow going forward growing there oil assets like XCO and NFX but that cash cushion should allow them to do it more smoothly. They plan on growing there oil @ a 20% rate yoy going forward and becoming less dependant on NG. It is one of the safest names you can own in the Natural gas space IMO. It is not the cheapest but it is a step up in quality. IMO MCF a (Refugee recommendation) a few years ago and DVN are the best run NG companies and it is rare you can buy one of them @ book. I don’t think I ever owned MCF always waiting for that name to come down, but it never happens, so still waiting. I have never seen DVN trade for 1X book as it is right now I guess it takes a NG depression to make it happen. I have no idea what needs to happen to have MCF trade @ book. Only turnoff with DVN is they are pretty much unhedged on NG so if we get another leg down well there share price will suffer even more, but there rock solid balance sheet and there oil hedges should hold them up much better than most of there competitors. If you know of any NG companies with good hedges looking out past 2012 let me know because I can’t find any. Prices need to go higher because not many companies can turn a profit @ current levels when hedges run off so I expect this time next year NG prices to be much higher. Looking out over the next 6 months to year I think it is better to be like Refugee and hold the highest of quality because there are significant headwinds in the coming months. Nobody knows what is going to happen looking out most likely if you are holding less in quality you will get shaken out of your boots if we have a blow up. We are not in normal times, so even though NG looks like a sure bet to be much higher a year out who the hell really knows in this environment.

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