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To: Gary M. Reed who wrote (16229)	9/6/2000 12:18:33 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Gary, that sure is true...the cyclical nature of the oil&gas business is acknowledged by everybody, whereas the cyclical nature of the chips business is regularly forgotten, usually right at the top of the cycle. of course the same might happen to oil again (it did, in the late 70's...$100 oil was a 'sure thing' back then), if it continues to go higher. and there are some oil stocks out there that do look cheap, especially compared to the crazy valuations that are a matter of course in tech land. i'm only taken aback a bit by the unanimity of analysts when it comes to energy right now,...they were similarly unanimous at the bottom. we must not forget that if the economy were to indeed slow down, demand for oil would falter at the margin, and that's all it takes to bring prices down. rest assured that the oil stocks even though they haven't really followed oil up to the extent the oil rally would have suggested, they sure will follow it down...