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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (55626)	7/13/2015 6:55:09 PM
From: Graham Osborn	Read Replies (1) of 79011

I decided against NOV.. not really any slam-dunk reason except I like HP better. Seems like NOV is still working a bit to digest the RBN acquisition cash flow wise. Paradoxically, I also like that HP is more purely focused on E&P customers. Logic: lag of impact of change in oil prices increases the farther downstream you are. I think NOV might be a bit green yet. Another consideration: NOV has more direct exposure to the frackers, and the frackers are, as the saying goes, fracked. Hopefully NOV is sufficiently diversified this won't be a big problem. By the way, wrt BNKJF: any insight on the Albanian banking situation? From my reading 16% of Albanian banks are Greek chains and have higher reserve requirements than their Greek counterparts. Given that many IOCs operate in 3rd or 4th-world countries this doesn't greatly disturb me off hand; however the stickiness of BNKJF the past week or so relative to Brent has me searching for additional detail. Good luck to all, Graham

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