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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (20833)	3/26/2003 3:44:46 AM
From: energyplay	Read Replies (1) \| Respond to of 206131

"Does morality ever into your calculation?" Yes. Sold the Invesco Energy Fund FSTEX because they had loads of Talisman oil, which was pumping money into Sudan, which was supporting slavery and a rather nasty war. I don't buy tobbacco stocks. I will not make horrible after hour 'stink bids' trying rip off some newbie. Example Stock closes at $20.00 After hours Bid $1.25 Ask $49.00 ******* My job is to buy low and sell high. Many things are cyclical, and there's a time to get on and a time to get off the train. Most of the stock market is a zero sum game, with high frictional costs. One of the ways it adds value to society is by correctly pricing stocks. Stocks become the guideposts for the allocation of capital. During the dot com boom, Inktomi had a market cap of 40 Billion. Many oil companies were selling for 6 to 8 times earnings (not cash flow) Too much money went into dot coms. Not enough into energy. California got an energy crisis out of this, and massive wealth destruction and unemployment. Buying oil company stocks and shorting Inktomi helps correct that imbalance. Net, I don't think that speculative equity markets add that much to society, especially considering their cost. Non-speculative markets usually don't have much liquidity, which makes it hard to move capital to new uses, however.

To: Raymond Duray who wrote (20833)	3/26/2003 6:52:39 AM
From: russwinter	Read Replies (1) \| Respond to of 206131

No end in sight to Nigerian oil disruptions Wednesday March 26, 5:54 am ET LAGOS, March 26 (Reuters) - Oil multinationals in Nigeria said on Wednesday they saw no quick return to their operations in the western Niger Delta after ethnic unrest forced them to shut in more than 800,000 barrels per day of crude production. U.S. major ChevronTexaco (NYSE:CVX - News), which had to suspend production of 440,000 barrels of crude per day (bpd), said the past few days had been quiet around its Escravos export terminal, but the situation remained tense. "We're not going to restart production until it's safe for people to return. We have to think about our workers," a company spokesman said. Officials at Royal Dutch/Shell (Amsterdam:RD.AS - News; London:SHEL.L - News), forced to shut in 320,000 bpd in the western Niger delta and 50,000 bpd in the east, said they were unsure when the area might be calm enough for them to return to work. "We cannot tell what is happening. I have no idea how long this will last," said one Shell official in the western oil industry hub of Warri, also at the centre of ethnic disturbances that have cost scores of lives. Shell officials say output hikes from parts of the eastern Niger Delta might compensate for some of their loss but could not possibly make up for all the shut-ins in the west. Ethnic Ijaws, the biggest tribe in the Niger delta, have clashed repeatedly with Itsekiri rivals and with security forces sent to keep order. The Ijaws have warned that if troops attack their villages they will vandalise oil installations and turn their uprising into an insurrection that would spread across a region producing most of Nigeria's usual output of over 2.2 million bpd. Oil company officials said there was no sign yet that unrest had spread east. If it did, it could affect Shell's Bonny Light, ENI's (Milan:ENI.MI - News) Brass River and ChevronTexaco's Pennington crude streams. Oil company chiefs are due to hold a regular meeting in Abuja on Wednesday with state-owned Nigerian National Petroleum Corp., the biggest partner in the oil-producing joint ventures. The problems in the Niger Delta will be near the top of the agenda, company officials said.