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To: upanddown who wrote (30403)	10/6/1998 1:12:00 PM
From: Mike from La.	Respond to of 95453

"Bull markets climb walls of worry." by someone smarter than me. If you are going to make money, you sometimes have to take a position that does not have the comfort of being supported by the market. Keep the faith, and watch the fundamentals, which are very well covered on this thread.

To: upanddown who wrote (30403)	10/6/1998 10:12:00 PM
From: RGinPG	Read Replies (1) \| Respond to of 95453

I don't think it's so much that analysts are withholding information until insiders get a chance to get out. I think they honestly try to predict what the companies earnings are going to be. It's just that "the market" is so much more accurate, timely, and smarter than they are. Another thing, I think that now it has become well known and proven by experience that these companies' real earnings are tied to the price of oil. That fact causes their earnings predictability to be poor. The market pays for predictable earnings growth, that's why the darling blue chips rate such high P/E's. Therefore, these stocks will never command P/E's in the 20's to 30's like they do. However, the big oils (reflected in the chart of the XOI) have predictable earnings even during wide swings in the price of oil. osxstocks.com