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To: Ed Ajootian who wrote (62788)	3/23/2000 10:51:00 PM
From: ItsAllCyclical	Respond to of 95453

Ed, Pana Ok, maybe I should have said upside vs fundamentals. But with a 20 mil market cap company how much can you really trust the numbers anyway. Too little coverage for me. I'd say an XTO at 2x cash flow was far cheaper on a valuation basis than PANA trading at 1x. You have to account for liquidity, coverage, fund inflows, safety etc. Big caps don't trade for a premium for the hell of it. PGO has 50% upside short term. BSNX and FST probably have 50-75%. I feel much more comfortable margining those and getting the same if not better return than PANA's during the next 2 months. Or do what I do and buy in the money calls in a big cap for a potential 3 bagger. Going into the OPEC meeting I'm about 20% calls, but at least 1/3 of those are in HRC (bought in the low 5's). The most I'd ever put in a company like PANA would be 1-2% of my portfolio. No need to respond back we've hashed out the small cap vs large cap argument many times here. Let's just say we agree to disagree. I hope it works for you, but it's definately not my style anymore.