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

To: Lee Fredrickson who wrote (24072)	6/14/1998 3:25:00 PM
From: XOsDaWAY2GO	Respond to of 95453

Lee, Here are a couple of snipits from an interesting fund manager's contrarion fund. I found it while searching for the article you mentioned. (Still looking...) >>>He has also waded into oil, buying shares of Amoco and Texaco despite a selloff caused by the current oil glut and tapering growth in demand. His bet is that the new oil coming from Iraq and the warmer temperatures created by El Ni¤o are temporary setbacks for the industry. "We are taking a major play, and as always, the value manager is early," Mr. Dreman said. His other big contrarian play is oil. His largest holding in the sector, Amoco, traded as low as $35 when he started buying it in August 1995. The shares closed on Friday at $41.6875. Amoco has a price-to-earnings ratio of 16.6, a price-to-book ratio of 2.5, a price-to-cash-flow ratio of 8.8 and a yield of 3.6 percent. He also declined to set a price target for Amoco but said that he expected all of the stocks in his portfolio to increase 50 percent to 100 percent over three years. The fund holds just 52 stocks. And surprisingly for a contrarian, Mr. Dreman has about 30 percent of the portfolio exposed to the price of the S.&ÿP. 500 through futures contracts. He holds onto these futures until a stock he is considering sinks to his target levels. (His current list includes technology stocks and oil service companies, like the Noble Drilling Corporation and Tidewater Inc.) The article in its entirety>>> nytimes.com Barbara