Ensco International Inc. (ESV) Message Board

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Gold/Mining/Energy : Ensco International Inc. (ESV)

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To: David Lawrence who wrote (1477)	9/12/1998 4:16:00 PM
From: Dave Chanoux	Read Replies (1) of 2005

I hope you are keeping dry. Saw pictures in the newspapers here of the new Texas Ocean. Could some of those newly idled jackups in the Gulf be put to work in the former Houston suburbs? On a less serious note, I have found a contrarian strategy to work well for the cyclic stocks like the oil services (ESV, HP, SII, etc) and semi equipments (AMAT, Novellus etc). When the analysts are increasing estimates and issuing buy signals, the contrarian sells. Buy when the opposite occurs. If one were to believe this and assume that the prospects would be better at some time in the future, one would be a buyer today, holding until that time comes. This approach needs much mental energy to overcome the emotional urge to do the opposite. On the other hand, the guy who runs the AIM program on the Oil Driller News page bought all the way down until he ran out of cash. Regards, Dave Chanoux

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