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

To: Stonehenge who wrote (6077)	12/24/1997 11:50:00 AM
From: Swede	Read Replies (3) \| Respond to of 95453

Stoney, FWIW: I went into 73-'74 fully margined. That was like trying to carry a tomcat home by the tail: you can learn some things that way you just can't learn any other way. A few of them: * You need deeper pockets than I had to ride out a bad downturn * When you are margined, you are at the mercy of every irrational move, macro or micro, that slams markets/groups/stocks lower * If you're not into nausea, don't be around when margin calls come * Short-term strategies are fun going up; they're hell going down (thanks to a series of brilliant moves on my part, I went from $104,000 to $21,000 in a few weeks-- but they seemed like years!) This isn't '73-74. But you can get spooked out of a great group, like oil service, if not hurt, in a shake-out like we've got going on now... unless you've got more cash, courage, or conviction than a Mississippi riverboat gambler if things get painful. Anyhow, like I said, it's just FWIW. ( I'm long FGII and every deepwater driller you ever heard of.) Good luck to all, and thanks for all your helpful insights!