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To: smallcapmaven who wrote (81073)	3/15/2001 4:57:33 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

that alone can't be the reason. especially as consolidation is more talk than reality so far. there IS one reason that has little to do with the current PoG: most of the majors surprised with better-than -expected earnings lately...they all have successfully rationalized their operations. look at HM...earnings per share are nothing to write home about, but that is largely due to non-cash write-offs. cash flow has been strongly positive in the last qu., surprisingly so. and with rates falling, the present value of future earnings streams rises. the South Africans ex Anglo (which disappointed...imagine that, with their huge hedge book) all had record earnings last qu. they are poised to profit greatly from even modest upswings in the PoG.