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

To: Thean who wrote (2483)	10/24/1997 4:09:00 PM
From: bw	Read Replies (1) \| Respond to of 95453

Thean...Back into cash for the weekend. As for a learning experience this week that I don't mind sharing..Bought into EGAS on good fundamentals and after talking directly with the CEO. On a down day yesterday, and suddenly realizing that without volume there is no liquidity [overlooked this factor in the equation]..sold for a loss and will chalk it up to experience. Moral...even if a stock looks good [and EGAS may be a winner], try to avoid "no volume" stocks if your goals are short term. Anyway, thanks for your consistently informative posts.... and to all a good weekend!

To: Thean who wrote (2483)	10/24/1997 6:17:00 PM
From: Bob A Louie	Read Replies (1) \| Respond to of 95453

Another bullish plug for the drillers from The Street.com Wrong! Tactics and Strategies: Cramer Really Likes The Drillers By James J. Cramer 10/24/97 11:24 AM ET Why do I keep going back to the drillers? Simple: they have the numbers. They are not expensive on next year's earnings. They have defied all conventional wisdom, by staying up during a massive decline in the commodity that used to regularly bring them down. And day rates are going higher. Do you need more? Thursday we found another good reason to love them. They don't go down on 186-point drop days. They rally. And with good reason. As my brain's program manager sifted through all of its files yesterday, the only one that seemed immune to the Hong Kong virus was the drilling file. No exposure to East Asia at all. No wonder they shrugged off the world's vicious decline. What gave me the conviction to continue to go back to the drilling well, despite what looks to be overownership of this group by the mo-mo guys? Actually it was something I picked up when I was in Williamsburg with CNBC interviewing those business chieftains. One of the most salient moments for me that morning was Chevron President Kenneth Derr's incredibly nonchalant attitude about drilling day rates versus the profits from new finds. He basically said that drilling costs, even at $150,000 a day for offshore rigs, amounted to pennies and he was worried about dollars. He's got a ton of places to drill and he doesn't give a hoot how much it costs him to explore. I take that thinking, plus all of the finds that the major and minor oil companies have been talking about in their quarterly reports, and it tells me that this drilling move hasn't yet run its course. Again, don't get me wrong. I wish nobody owned these. I wish they weren't discovered yet. But I believe this is a multi-year secular move and I am not deterred by the fact that the Louis Navallier's of this world (total extreme momentum) like them, too. There's enough points to go around for everybody. Ah hah, you say, which ones am I buying? Why don't you figure out your own stocks and get comfortable with them yourselves. Earlier this week Fidelity paid out $10 million to people who were angry that Jeff Vinik touted Micron but was also selling it at the same time for Magellan. At any given time I am swapping out of some of the drillers into others. I don't want to have to pay you because I sold a share of Schlumberger today to buy some other driller. Oh, and don't e-mail for a list either. I won't even acknowledge it. Remember, as I will tell you over and over again, individual stocks and discussions with individuals about stocks are not what I am about. I don't want to tout. I want to teach. Don't ask me to give you my buy list. I won't. My goal is to get you to understand the inner workings of a high performance money manager, not to move the stock of National Giftwrap & Drilling Company. I think the next big wave in investing is do-it-yourself now that you have the same tools as the professionals, down to your own ticker and newswire (www.thestreet.com). I'm happy running a Home Depot of investment tools. But don't ask me to come and fix your plumbing. <Picture> <Picture> James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Mr. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he welcomes your feedback, emailed to Jjc@Jjcramerco.com. <Picture> <Picture><Picture>See Also TOP STORIES Oil Sector Hangs Tough 10/23/97 4 PM WRONG! TACTICS AND STRATEGIES ARCHIVE <Picture> <Picture><Picture><Picture><Picture> c 1997 TheStreet.com, All Rights Reserved.

To: Thean who wrote (2483)	10/24/1997 9:51:00 PM
From: Bob A Louie	Read Replies (2) \| Respond to of 95453

In an ugly week of trading the drillers held their own and then some. Here's a rundown: CHANGE Uti Energy Corp UTI 19.7% Patterson Engy PTEN 16.2% Cliffs Drilling CDG 9.4% Nabors Ind NBR 8.5% Noble Drilling NE 7.6% Grey Wolf Inc GW 7.5% Diamond Offshor DO 7.4% Schlumberger Lt SLB 5.3% Ensco Intl Inc ESV 4.9% Reading & Bates RB 4.4% Rowan Cos Inc RDC 4.3% Atwood Oceanics ATW 3.7% Tidewater Inc TDW 3.4% Callon Pete-del CLNP 3.1% Falcon Drilling FLC 3.1% Global Marine GLM 3.0% Marine Drilling MDCO 2.8% Parker Drilling PKD 0.3% Transocean Offs RIG 0.0%