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

To: Redman who wrote (2933)	11/13/1997 8:27:00 PM
From: Stephen Adnan	Read Replies (1) \| Respond to of 95453

Red, I too am in GIFI - but presplit - any thoughts on the secondary. I really liked GIFI's small float. The 2nd does not chang it substantially; however, I don't like it when large shareholders sell. But profits are profits. Stephen

To: Redman who wrote (2933)	11/13/1997 9:05:00 PM
From: CrabDaddy	Respond to of 95453

I also hold GIFI as well as several others - today was gut wrenching - A selloff just doesn't make a lot of sense to me. The outlook is too good for the entire sector. The industry is not driven by oil demand as much as it is driven by the lack of inventory (rigs, services, boats, parts, etc.). Mike Simmons has written about this as well. Whether or not oil consumption continues to grow at an anemic (3%) or not is not really a HUGE concern. The fact is that the shortage is in the stuff used to get the oil out of the ground. Listening to "pro" commentators speak about today's selloff is very frustrating and pointless. You here a lot of "Apparently...", "It seems that...", etc. No one knows what is going on. IMHO, fund managers/institutions are trying to lock in gains in order to lock in their performance bonus for 1997. NE (personal favorite) is a tremendous buy at current levels. When some big funds start stocking up for 1998 and realize that the most predictable, solid, and positive earnings will be coming out of this sector, you'll see stocks in this industry going up 30% or so in a matter of days or weeks. This whole industry has a good chance of doubling by next fall. I'm in for the long haul. (I also believe that the earnings for this industry are almost immune to anything that happens in the Asian or South American markets.) And I think a lot of folks on this thread are with me. Good Investing, Crabdaddy