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

To: Wowzer who wrote (70880)	8/14/2000 2:02:45 PM
From: jim_p	Read Replies (2) \| Respond to of 95453

Rory, If the rally continues for a few quarters longer, it may have a lot of upside. The downside is that it's not very liquid if you need to get out, and the leverage is still very high. The good and bad news is that 60% of the production is hedged for a long time due to the leverage, which takes some of the downside and upside out. I sold all my E & P's that had leverage over 55% and weren't liquid, since we are now three quarters into record commodity prices. It probably is a great buy at $8.00, but at this stage in the game I'm getting more conservative. Good luck Jim