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

To: Tomas who wrote (91600)	6/18/2001 12:38:54 AM
From: rails99	Respond to of 95453

Hi Thomas: Whats up with things for you? Just finished a long discussion with my 2nd Cousin form near Tulsa. We met for about four hours today, for the first time in years. He has been investing and speculating for 30 years or more. Got started as a driller in Oklahoma way back. Owned a pipe & supplies company for years, till '91. Sold drill pipe all over the place. He still has the company, never opened it back up, been closed for nearly ten years now. Says it is stocked full of pipe ready to go. Then he spoke of the markets, nearly all of em. Bought gold bullion two years ago. Bought more two months ago. Has held preferred stocks of nearly every oil company you can think of; likes Conoco, says they make good deals and do not make many mistakes, have more oil in storage than ... they wanted could nearly make or break the market price, all from Ponca/Tulsa. ("They love to show off their Houston office") Said to buy after the next shakeout, on a big dip. Suggests high yield bonds/notes of select local/state governmental agencies, etc (like turnpikes, college housing, city infrastructures, etc) or good corporate notes. Says once the private investor finds out the market is actually bad and getting worse, look for fair to good price moves in the notes/bonds/income trusts, etc. He likes anything in cost from 95.00 to 100.00 per unit, because it will most likely be safe. He watches for price improvement before he buys them. He likes new debt issues cause he can usually get em without commissions, just as long as they pay 5 to 9%. My point: He has bought bullion; he is 79 years old with enough cash and income to live life as he may wish. He used to trade daily in securities and made some Tulsa broker enough to retire "twice over". He said, "Why should I be left out of a gold boom, when I can make some money with it. You may have too much in gold there, but it might do you some good". Basically: Told me to buy only what I would want to hold for a long while; then hold it for a long while. He also said he would not pass on a good deal when he saw one. That he made a lot of money on marginal oil wells in his time, but it was a lot of work. He said most of the money in low volume wells stayed with the owners, most all the time. Hope you enjoyed your weekend. Rails