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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (28440)8/27/1998 11:15:00 AM
From: marc chatman  Read Replies (2) of 95453
 
While I know nobody could talk you out of mortgaging everything to buy this sector, perhaps it will help someone else to comment.

If you compare this to any of those other great value plays of the past, you will realize that turnarounds take considerable time. Short term, things can go against you. The people who buy the quality companies at these prices with a multi-year horizon should do well. The people who borrow in order to bet against the trend will, more often than not, have their heads handed to them long before any turn can take place.

As for bargains, certainly the stocks here are at bargain levels, but I think the big money has its eyes elsewhere. Look at stocks like TRV, for example. No, it hasn't come down anywhere near as far as the stocks in this sector. And, no, it isn't trading at single digit PE's. But it has come down to levels where the big money will look at it long before it flows into the FGII's, etc.

Good luck with your bet, though.
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