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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (7663)	10/2/2000 3:10:52 PM
From: kingfisher	Respond to of 24899

Bidding on Oil, Passing on Tech By James J. Cramer 10/2/00 2:38 PM ET Buying some oil stocks here. They have come down and we know what awaits us: good numbers. Let's not confuse the issue. There are two things happening in the tech world: 1) Some of the numbers aren't coming through, and 2) we are not willing to pay as much as we used to for those numbers. The former is because expectations got too high. The latter is because the multiples-to-earnings got too pricey for some funds -- and the other funds, the momentum funds, aren't getting enough money in to sustain these heights. If the multiples were lower, we would see buyers. Or if these momentum funds were doing a little better, they would get more money in to keep up the Siebels and the I2s. But right now, we are in no man's land for tech. No new buyers. Lots of bears pressing bets. Contrast that with the oil stocks. They have run up and then sold off. They are not expensive. When they report, they will say good things, not iffy things, about next year. They are backed up by good in-the-ground assets that are appreciating. And they are boring, preciously and invariably boring. So we watch the decline in the techs and we do nothing. And we watch the decline in the oils and we bid, just as we used to for tech. Good microcosm for what's happening right now. Random musings:On Saturday, Oct. 21, I will be speaking at the Philadelphia Inquirer Intelligent Investing Conference about which mutual funds and common stocks are right for you. Want to go? Please register at money.philly.com. See you there! -------------------------------------------------------------------------------- James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks