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

To: Elmer who wrote (25839)	7/16/1998 2:34:00 AM
From: Chuzzlewit	Respond to of 95453

Welcome to the club Elmer. I used to feel quite lonely here, counseling an investing rather than trading strategy. I even challenged the thread to prove it could outperform with market timing. I got a lot of indignant responses but no takers. Not that my succes has been much to write home about. I've been in the drillers for a little over a year. I'm up about 15% on VRC (I originally bought at $12 and continued to buy on what I thought were dips). I'm down too much on GLM (average cost around $24. And I don't want to discuss ESV. Nevertheless, I continue to believe that the long term outlook for the group is excellent. I believe that short-term stock market fluctuations in response to pricing as a result of OPEC production cuts is meaningless, and that the true story to be told is the days' consumption on hand, and the days consumption in developed wells. For this reason I believe that the key to the group is demand. I don't have a feeling for the timing of the Asian recovery, but when it begins this group will soar. I believe that those companies that are deferring exploration are making a major tactical blunder -- typical of myopic companies worried about earnings for the next quarter or two and ignoring the long run, because when Asian demand steps up there will be a shortage of rigs and those in operation will command huge day rates. But I digress. I concur with your point about it being nice to see the thread populated by more investors. TTFN, CTC