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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (17574)	8/15/2003 8:11:59 PM
From: Madharry	Read Replies (1) \| Respond to of 79050

thanks. be interested in knowing why you think ceo might be incompetent. I just purchased this as there was a little recent insider buying. and I think this might be the period where refiners finally start to make money. I also dont mind the leverage since i think the dollar has to continue to devalue. I was leafing through a copy of Graham's intelligent investor coupled with a commentary by someone and an appendix by WEB that talks about 4 different people that he knows all value investors who have been successfull over long periods of time. Makes for interesting reading.

To: Paul Senior who wrote (17574)	12/17/2003 6:44:10 PM
From: Paul Senior	Respond to of 79050

Oil Refiners: I still like VLO, but rather than add more shares, I decided I would just diversify yet further among the sector with a very small buy of PCO. From Dec. 4 DJ Business news: "Bill Greehey, chairman and chief executive of Valero Energy Corp. (NYSE:VLO - News), and Tom O'Malley, chief executive of Premcor Inc. (NYSE:PCO - News) , have said cleaner fuel standards that go into effect next month will limit imports of refined products and help margins for U.S. refiners. O'Malley predicted more volatility for margins with higher highs and higher lows. A consultant for a prominent oil industry consulting firm is also bullish on refining. 'It looks like we're going to have several years through this transition period (to cleaner fuels) when margins should be quite good, but volatile,' said Kenneth Miller, a vice president with Purvin & Gertz Inc. in Houston." The stocks in this sector are already up quite a bit. I'll make a small bet that there's further price appreciation and that PCO will tag along as well. (Although from the numbers I see, and my unsupported gut feelings, VLO still remains a better buy.) finance.yahoo.com