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To: upanddown who wrote (85819)	1/31/2001 7:07:45 PM
From: Tommaso	Read Replies (3) \| Respond to of 95453

They are still out of their minds in California. quote.bloomberg.com So the state will issue bonds to buy power so that people can go on wasting power and pay lower rates, so that the utilities will have to supply more power to be wasted, so that they can run out of power again, so that the money will run out, so that people can go on lighting their yard ornaments and running inefficient refrigerators and air conditioning units, so the taxes will go up to pay for more wasted power, so that then the state will borrow more momney to buy more power, so that they get to the point where they can't pay the interest on the bonds, so the state government goes bankrupt, so people go on wasting power, so the generators out of state refuse to sell any more to them, so everyone gets a lot of good nights' sleep because there is no power.

To: upanddown who wrote (85819)	1/31/2001 7:31:13 PM
From: diana g	Read Replies (2) \| Respond to of 95453

Relativity ---- Hi Mr Clark, ---I am inclined to believe that the NG E&P situation is fundamentally strong. ---But at this point in time I am standing aside from them because my perception is that tech, etc, are seen by the market as leaders in the (assumed) forthcoming recovery. The NG E&Ps are seen, imho, as having much less potential upside, and that potential upside is seen as uncertain due to possible supply increases between now & next winter. The NG producers are burdened by this uncertainty and will not draw money to them as will the stocks perceived to be recovery leaders, imho. IOWs, the NG E&Ps look good, but not as good, relatively. imho. Assuming we don't fall off the cliff, I think the place to be now is in the stocks which the market believes will prosper first from fed rate cuts. After some time has passed and NG supply/demand balance is more immediately compelling, & currently more attractive sectors have run up, it will be time to move back into NG E&Ps, imho. I do also believe that sticking with the NG E&Ps thru this current weakness is a perfectly reasonable choice. I decided to step aside when the first 2 digit NG draw came out, but it was a difficult choice and only time will tell if it was correct. After all, Heisenberg was uncertain. Who am I to be so sure I'm right? <G> regards, diana

To: upanddown who wrote (85819)	1/31/2001 9:55:48 PM
From: Think4Yourself	Respond to of 95453

Regarding declining earnings comps, what you say makes sense but I agree that prior quarter comparisons are not appropriate (that's as nicely as I can put it). I pretty much did the same thing you did. took a look at some E&P's this evening. First looked at last 4 quarter's earnings, last year of NG prices, and hedges. Then I looked at futures strip and projected forward earnings. No person with brain activity could conclude YOY comparisons would be declining until at least Q4. Then, just for grins, I looked at debt levels and shares outstanding then and now. Very pleasing results.