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

To: marc chatman who wrote (26113)	7/21/1998 1:58:00 PM
From: Flan	Read Replies (1) \| Respond to of 95453

The craziness of this market never ceases to amaze me. Every day the oil service sector moves lower and lower and yes every one knows the industry is slowing and that earnings will need to come down a little but look today at two groups that are flying Semi-equipment internet Semi equipment co like amat,kla - have stated for the record that their industry is falling off a cliff and is in the worst condition since the early 80s - The comnpany's have said that it is getting even worse and many see profitable companies like AMAT soon becoming unprofitable - yet today their are people in buying these stocks at lofty p/e, p/s Internet - Hype!!! need i say more - Who knows if Amazon will ever make money - i say yes but trading at 50x sales is outrageous So lets say our drillers and service companies lose 30% of their profitabilty this year - they would still be trading at low double digit p/e with much improved balance sheets yet no one will touch them - We need to see Warren Buffet take a stake in one. Although that will not happen as he recently said he is wary of oil/gas plays.....