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Gold/Mining/Energy : Ensco International Inc. (ESV)
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To: Douglas V. Fant who wrote (962)3/31/1998 12:54:00 AM
From: Chuzzlewit  Read Replies (2) of 2005
 
Doug, I respectfully disagree with your comments. These are capital intensive businesses, which is precisely why they are attractive to me. With a new rig costing upwards of $300MM to build, and a lead time of 1-2 years these factors provide pretty substantial barriers to entry, and those barriers to entry are preventing this business from suffering a glut of rigs. That's another reason why this sector is attractive.

My guess is that the fund managers are just as susceptible to fads as my teenage daughter.

Regards,

Paul
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