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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: pz who wrote (30817)10/16/1998 8:02:00 PM
From: RGinPG  Read Replies (1) of 95453
 
Yeah, that is a real problem with these stocks. Not only that, but now everyone knows that their earnings are dependent on the price of oil, making them much less reliable money makers than previously thought. So in the future, even in the best of times, I doubt these stocks will command the P/E's they used to. The market rewards consistent and dependable earnings.

I think we are having a time of deflation due to global financial events which will not last forever. The price of oil will eventually get up to its historical norm (at least). The problem is, if you want to guess at a bottom in these stocks, you have to know when that will be 6 mths ahead of time.
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