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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (64818)	4/17/2000 4:37:00 PM
From: Telemarker	Read Replies (1) \| Respond to of 95453

This E&P/OS discussion seems to have a hint of the well worn debate of tech/value. OS stocks not burdened by expectations of immediate earnings, investors will sell the fact of actual earnings while wanting to buy the prospect of further out OS earnings, etc. IMO, some of the differences of opinions may be explained by considering the differences between an investor and a trader. A trader may often look to play expected emotions of other market participants - shorter term phenomena. An "old fashioned" investor is often happy to hold a stock while the company makes money for him over the longer term. In any event, it appears to me that OS can only prosper to the extent that their customers (E&P's) do. If the marketplace does not appreciate the increased production and earnings of an E&P, I would hope that management sits and thinks for some time before rushing to devote all of their free cash flow towards exploration and drilling. From my viewpoint, most OS stocks look quite expensive given the present lack of earnings visibility. Regards to all.