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

To: VLAD who wrote (27063)	8/5/1998 2:08:00 AM
From: waverider	Read Replies (2) \| Respond to of 95453

>>There was a time when if you did your homework and made your stock picks based on fundamentals you could do well. Seems like the past year stock prices have ignored fundamentals and momentum investing has reaped the highest returns.<< Exactly, but add large caps + internet stocks to the criteria. I threw up my hands back in April/May for the same reason. This last rally in June was enough to make me forget the whole investment business...but then reality set in and what do you know, the press is saying the same thing about overpriced large caps as many of us have been saying all year. About the oils, you make excellent points and I would hazard to guess that you're right concerning the cash hoards and the solid fundamentals. But the market don't think the same and is punishing anyone who dares question it. Maybe fundamentals will return as important, but not today. Look at Lucent and Cisco. Great companies but ridiculous valuations. Cisco may be fixed tomorrow since the earnings only beat by a penny and they warned of Asian problems. The market does eventually return to the baseline, but this has been a painful process for most of us. Adios, <H>